German industry portal Holidu, featuring staff from the Institute for Economic Research, based on Euromonitor data International, compiled a ranking of the cities most crowded with tourists in Europe. It is based on the ratio of local residents to visiting guests for the year.
Croatian Dubrovnik is in first place. Here, there are 27 tourists for every resident, who are attracted by the beaches, the excellent climate and the beauty of the old city, where "Game of Thrones" was filmed.
In second place is the Greek island of Rhodes (26 tourists per inhabitant). The influx of tourists caused a 30% increase in hotel prices.
The top three closes Venice (21 tourists per inhabitant). At the beginning of the year, the city authorities decided to make money from travelers and introduced a fee to visit the city center for 4 months. Next year, the measure may become permanent.
Next: Heraklion, Greece; Florence, Italy; Reykjavik, Iceland; Amsterdam, Netherlands; Lisbon, Portugal; Porto, Portugal and Dublin, Ireland.
The rating does not include popular tourist destinations Barcelona, London, Paris and Rome. But this is explained by their dense population.
When it comes to cities that are overcrowded with tourists, especially in Europe, there are two things to expect:
1. Housing prices (hotels and apartments/houses) will rise. Even despite the opposite trends (e.g. substitute locations), the number of tourists in the most popular cities is increasing. And this is a reason for investors to take a closer look at local markets.
2. The other side of the coin is the discontent of the residents and the attempts of the authorities to cope with the influx of travelers. Often in the form of a ban on short-term housing rentals (such as in New York).
When choosing a place to invest, it is important to consider the likelihood of restrictions. Before making a purchase, check with local brokers in case there are any prohibitions already in place.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE