The impact of mass tourism on prices in historic districts

When short-term rentals like Airbnb enter historic city centers, long-term residents are pushed to the outskirts. Tenement houses become de facto decentralized hotels, and prices of apartments and local services rise to tourist levels. From an investor's perspective, this is a high-margin business, but the market becomes highly competitive. For such an investment to maintain a reasonable Return on Investment (ROI), it is crucial to buy the property directly, because high intermediary commissions can ruin the profitability of the project right from the start.