Part 6/10:
Throughout the early 2000s, Spain’s economy flourished fueled by accessible credit and a booming construction sector that was now focused more on housing as an investment rather than for living. This instability eventually led to a catastrophic market crash, resulting in soaring unemployment rates, particularly in construction, as demand plummeted.
In the aftermath, the Spanish government sought stabilization by reinvesting in tourism, further deregulating short-term rental markets which allowed platforms like Airbnb to flourish. Consequently, tourism numbers soared, overtaking the United States in 2017 to become the second most visited country globally, yet this increase contributed to skyrocketing housing costs without delivering equivalent job quality or security.