This article quantifies the impact of Airbnb’s short-term rentals on housing affordability in Portugal. We find that on average a 1pp increase in a municipality Airbnb share results in a 3.7% increase in house prices. When zooming our analysis to the main cities of Lisbon and Porto, we find that a 1pp increase in a civil parish Airbnb share leads to a 3.2% price increase. Finally, exploring the spatial heterogeneity of the impact of Airbnb within the two cities we find strong effects localized in the historical centers and areas attractive to tourists. Compared to a low touristy parish, house prices in a high touristy parish increased by 24.3% in 2015 and 32.3% in the 1st quarter of 2016, relatively to pre-Airbnb expansion period (pre-2014Q2).

本文量化了Airbnb的短期租金对葡萄牙住房负担能力的影响。我们发现，市政上的Airbnb份额平均上涨1个百分点，导致房价上涨3.7％。将我们的分析扩大到里斯本和波尔图等主要城市时，我们发现Airbnb的民事教区份额增加1个百分点，导致价格上涨3.2％。最后，通过探索Airbnb在两个城市内影响的空间异质性，我们发现在历史中心和吸引游客的区域中产生了强烈的影响。与较低的旅游区相比，较高的旅游区的房价在2015年和2016年第一季度分别增长了24.3％和32.3％，相对于Airbnb扩张前的时期（2014年第二季度之前）。