The Valencia region in Spain is to impose fines of up to €600,000 on unlicensed and black-market short-term rentals and Airbnb-style apartments. This is in an attempt to stop overtourism in the area, which has also been putting added pressure on local public facilities and driving rental prices up in key European tourist destinations. According to Airbtics, an Airbnb analysis company, the average Airbnb or short-term rental accommodation in Valencia has a median occupancy rate of 79%, being booked for 288 nights annually. With a daily rate of €93 on average, in 2023, hosts saw a typical revenu…