2024-03-07 11:15:31
Frantic Airbnb investors will probably not appreciate the joke that the city of Lille is preparing for them for April 1st. On this date, a new regulation will come into force concerning the issuance of change of use authorizations of residential premises. If the scope of the text is quite broad, it nevertheless particularly targets the creation of furnished tourist accommodation, and this is not an April fool’s joke.
The price for the growing attractiveness of Lille, and not only because of the Olympic Games, is the constant increase in requests to change the use of residential premises into furnished tourist accommodation. In other words, the transformation of accommodation into Airbnb.
Since 2019, this represents 83% of change of use requests received by the city. The direct consequence is the worsening of an already endemic housing shortage and an increase in the price of old housing.
An Airbnb = family accommodation
In short, as Lille’s land is not expandable and the construction of new housing does not compensate, the city has found a solution to prevent its center from being transformed into an Airbnb branch.
From now on, for accommodation to be transformed into furnished tourist accommodation, its owner will have to offer compensation which “consists of the concomitant transformation into housing of premises having a use other than housing”. For example, if you buy a student studio to turn it into a 100% Airbnb, you will also need to buy commercial space to transform it into normal accommodation.
And be careful, the “premises offered as compensation must be of quality and surface area at least equivalent to those subject to the change of use”, specifies the new regulation.
They must also be located in the same area: there is no question of setting up your Airbnb in the center and compensating for it with accommodation in a popular area. So given the price of real estate in Lille, almost 5,000 euros per m2 in the city center, this means that small investors will have to change their plans.
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