Where is it really worth having a tourist property in 2026? We compare the major markets around the world by demand, regulation, bureaucracy, risk, and real ease for the owner, with data, context, and the Gatavia Headache Index.
Choosing a country to invest in short-term rentals by only looking at how many tourists it receives is a pretty efficient way to get into trouble.
Because one thing is having a property in a place that half the planet wants to travel to, and quite another is being able to legally rent it out, charge well, pay reasonable taxes, and sleep without wondering what new regulation the city council published while you were having dinner.
That’s why at Gatavia we’ve made this comparison differently.
We’re not just looking for the country with the most tourists. We compare tourist demand, short-term rental regulation, mandatory registrations, bureaucracy, regulatory risk, and real difficulty for an owner.
And we’ve added our own metric:
Gatavia Headache Index™.
It doesn’t appear in any official bulletin. It probably should.
The higher it is, the more advisable it is to have coffee, a digital certificate, and a certain emotional tolerance for public administration.
Quick Summary: Which Country Seems Most Attractive for Short-Term Rentals in 2026?
| Country | Tourist Demand | Bureaucracy | Regulatory Risk | Ease of Starting | Gatavia Headache |
|---|---|---|---|---|---|
| Spain | Very High | Very High | Very High | Medium-Low | 9/10 |
| Italy | Very High | High | High | Medium | 8/10 |
| France | Very High | Very High | Very High | Low in Major Cities | 9/10 |
| Portugal | High | Medium | Medium-High | Medium | 6.5/10 |
| Greece | Very High | Medium-High | High | Medium | 7/10 |
| Croatia | Very High in Season | High | High | Medium-Low | 8/10 |
| Turkey | Enormous | High | Medium-High | Medium-Low | 8/10 |
The Gatavia Headache Index is an editorial assessment based on the number of regulatory layers, registrations, authorizations, periodic obligations, and exposure to local restrictions. It is not an official index or a measure of financial profitability.
1. Spain: Tons of Tourists and an Extraordinary Ability to Turn Them into Paperwork
Spain received around 94 million international visitors in 2024 and generated approximately 126 billion euros in international tourism revenue.
It’s hard to argue against the demand.
Sun, beaches, cities, gastronomy, islands, heritage, international flights, and a season that lasts almost all year in certain destinations.
So far, so wonderful.
Now comes Spain.
Since July 1, 2025, the Single Rental Registry for short-term rentals marketed through online platforms has been fully operational.
But this national registry does not necessarily replace regional or municipal obligations.
So you could have:
- state regulations;
- regional regulations;
- municipal planning;
- tourist registrations;
- urban limitations;
- traveler information obligations;
- taxation;
- and additional rules related to the building or community.
In other words: Spain has spectacular tourist demand and a regulation that can change radically from one street to another.
Spain can fill your calendar. It can also fill a folder with documentation with admirable efficiency.
The Best of Spain
- Huge international demand.
- Urban, vacation, rural, coastal, and island markets.
- Great air connectivity.
- Possibility to operate almost year-round in certain areas.
The Worst
- Regulatory fragmentation.
- Municipalities increasingly active in limiting tourist housing.
- Need to always check the exact regulations for the property.
- High risk that a good investment on Excel may not look so good when urban planning enters the conversation.
Gatavia Headache Index: 9/10.
2. Italy: Record Tourism, Mandatory CIN, and Several Administrations Invited to the Party
Italy has a hard-to-copy advantage: everyone wants to go to Italy.
In 2024, it recorded approximately 466 million overnight stays in tourist accommodations, a historic high according to definitive data from ISTAT.
Moreover, more than half of the demand already comes from foreign travelers.
Rome, Milan, Florence, Venice, Naples, Sicily, Sardinia, Tuscany, the lakes, the coast...
The problem in Italy has never been convincing someone to go.
The challenge is understanding exactly what your property needs to accommodate them.
Italy implemented the National Identification Code (CIN), mandatory for properties intended for short-term rental and vacation rental.
The CIN must appear in advertisements and coexist, when applicable, with existing regional or local codes and obligations.
Thus, the national code has helped to organize the system.
It has not miraculously turned Italy into a country with a single regulation.
Italy has created a national code to simplify things. Regions, provinces, and municipalities still have the right to remind you that they exist too.
The Best of Italy
- Gigantic tourist demand.
- Many cities with year-round tourism.
- Wide variety of markets.
- Non-hotel rentals continue to have a huge weight.
The Worst
- National regulation plus regional and local regulations.
- Mandatory CIN.
- Additional requirements depending on territory and modality.
- Need to distinguish occasional tourist rentals from business activity.
Gatavia Headache Index: 8/10.
3. France: You Can Rent, As Long As the City Hall Doesn’t Have Other Plans
France remains one of the world’s giants in tourism.
And precisely because of that, short-term rentals are under increasing regulatory pressure.
The French reform approved at the end of 2024 significantly strengthened the capacity of municipalities to act.
Among the important changes:
- national registry of tourist accommodations;
- more municipal capacity to limit new accommodations;
- possibility to reduce short-term rentals of certain primary residences to 90 days per year;
- new tax rules;
- greater presence of requirements related to energy efficiency.
Additionally, the French system differentiates between primary residence, secondary residence, change of use, and local regulations.
This means that asking:
“Can you have an Airbnb in France?”
is more or less like asking:
“Is it cold in Europe?”
It depends a lot on where.
In France, knowing the exact address of the apartment may be legally more important than knowing its profitability.
Gatavia Headache Index: 9/10.
4. Portugal: Alojamento Local is Still Alive, but Buying, Publishing, and Waiting for Reservations No Longer Works
Portugal remains one of the most interesting markets in Europe for tourist accommodation.
Lisbon, Porto, Algarve, Madeira, and the Azores have extraordinary international demand.
To operate an Alojamento Local (AL), it is necessary to register it.
The procedure can be done electronically and is linked to the municipality where the accommodation is located.
After registration, the corresponding liability insurance must also be presented.
The municipal administration can intervene in the procedure, and certain areas may be subject to specific rules.
Portugal is particularly interesting because over the last few years it has demonstrated something important:
the regulation of short-term rentals can change much faster than the mortgage with which you bought the property.
The Best
- Great international demand.
- Consolidated tourist markets.
- Relatively understandable national procedure.
- Good international positioning as a destination.
What Makes You Look Twice
- Municipal rules.
- Areas with limitations.
- Mandatory insurance.
- Recent history of significant regulatory changes.
Gatavia Headache Index: 6.5/10.
5. Greece: The Place Where Looking at the Sea May Be Optional, but Watching AADE Is Not
Greece has many ingredients that appeal to the short-term rental investor:
- international demand;
- islands;
- Athens;
- vacation stays;
- high price seasons;
- and a very varied real estate product.
But short-term rentals are formally taxed.
The property must be registered in the Short-Term Rental Property Registry and obtain its corresponding registration number, which must be used in marketing.
Additionally, stays must be declared to the tax administration.
The general rule requires the short-stay declaration to be submitted before the 20th of the month following the guest's departure.
Since 2025, Greece has also introduced new specifications applicable to properties intended for short-term rental.
Getting the booking is just the first part. Then you have to report it to the tax office. Greece, just in case, has set a deadline.
Gatavia Headache Index: 7/10.
6. Croatia: When Your Neighbors Can Also End Up Being Part of the Business Plan
Croatia has been a European powerhouse in private accommodation for years.
The Adriatic coast has brutal demand during the high season.
But reforms introduced since 2025 have increased control over short-term rentals in residential buildings.
One of the most relevant issues is the need for consent from co-owners for certain short-term rentals developed within residential buildings.
Additionally, Croatia maintains its guest registration system through eVisitor.
Guests must register within 24 hours of arrival and check out within the corresponding timeframe after departure.
Conclusion:
the view of the Adriatic can be exceptional.
Meeting with the community to obtain authorizations may be somewhat less so.
Buying a property is a transaction between buyer and seller. Exploiting it touristically may be the moment you discover that you’ve also invested in neighborhood relations.
Gatavia Headache Index: 8/10.
7. Turkey: 60 Million Tourists and a Permit Before You Start
Turkey is the surprise that has actually stopped being a surprise for a while now.
In 2024, it received approximately 60.6 million international tourists and ranked as the fourth largest tourist power in the world by international arrivals according to data collected by Turkish authorities from UN Tourism.
Istanbul and Antalya are among the most visited cities in the world.
The demand exists.
And a lot of it.
But Turkey specifically regulates short-term rental of properties for periods of 100 days or less.
Owners wishing to start this activity must first obtain the corresponding tourist rental permit.
Applications are processed electronically, and authorized accommodations must also meet the identification requirements established by the regulations.
Turkey demonstrates a pretty useful maxim: just because there are 60 million tourists doesn’t mean you can put the keys in a box tomorrow and call yourself a tourism entrepreneur.
Gatavia Headache Index: 8/10.
The Real Gatavia Ranking: Where Would We Prefer to Be Property Owners?
Now comes the interesting part.
If we forget about Instagram rankings for five minutes and think like property owners, the classification changes.
🏆 Best Balance Between Demand and Operational Ease: Portugal
It’s not the country with the least regulation, but it continues to offer an interesting balance between international demand, a known structure of Alojamento Local, and a bureaucracy that, comparatively, can be more manageable than that of other major European markets.
🌍 Greatest Tourist Muscle: Spain and Italy
If you’re looking for volume of demand, both play in another league.
The problem is that the profitability of a property is not calculated by counting tourists at the airport.
📚 Award for “You’re Going to Learn Administrative Law”: Spain and France
Technical tie.
In both countries, the exact location can profoundly modify what you can do with the property.
🏢 Award for “It’s Better to Get Along with Neighbors”: Croatia
When consent in a building can be part of the process, profitability stops depending solely on ADR, occupancy, and purchase price.
🚀 Market with Giant Demand That Many Europeans Still Ignore: Turkey
More than 60 million international tourists justify keeping an eye on this market.
That said: first permission. Then tourists.
So, What’s the Best Country to Invest in Airbnb in 2026?
There isn’t one.
And anyone who gives you one without asking what you want to buy, how much you want to invest, and how you plan to exploit it is probably trying to sell you something.
A country can be magnificent for a property worth €150,000 and horrible for one worth €700,000.
A city may allow new tourist accommodations while another, within the same country, restricts them.
A gross profitability of 12% may seem spectacular until you start subtracting:
- commissions;
- cleaning;
- utilities;
- management;
- maintenance;
- taxes;
- insurance;
- licenses;
- vacant periods;
- financing;
- and that appliance that decided to retire just when guests were arriving.
That’s why at Gatavia we prefer another question:
In which market is there more money left and less risk after applying reality?
That’s the comparison that matters.
Airbnb and Short-Term Rentals by Country: Frequently Asked Questions
What’s the best country to have an Airbnb?
It depends on the combination of purchase price, demand, regulation, taxation, operating costs, and local restrictions. Spain, Italy, Portugal, Greece, Croatia, and Turkey have very high tourist demand but present very different levels of regulatory complexity.
Which European country receives the most tourist demand?
Spain, France, and Italy are among the largest tourist powers in the world. Spain received around 94 million international visitors in 2024, while Italy surpassed 466 million overnight stays in tourist accommodations.
Where is it hardest to open a short-term rental?
The major cities in Spain and France may be among the most complex markets due to the combination of national, regional, and municipal regulations, changes of use, registrations, and specific restrictions.
Does Portugal allow Airbnb?
Yes, but the operation of tourist accommodation is subject to the Alojamento Local regime, registration, and specific requirements. Municipalities may also apply particular rules.
Does Greece require registration for short-term rentals?
Yes. The owner must register the property in the corresponding system of the Greek tax administration and comply with the obligations for declaring stays.
Does Italy require a registration number for tourist rentals?
Yes. Italy requires the National Identification Code (CIN) for properties intended for tourist rental and short-term rental within the scope provided by the regulations.
Can you rent a tourist property in Turkey?
Yes, but for short-term rentals of 100 days or less, there is a specific regime, and authorization is required before starting the activity.
The Conclusion That No “Best Countries for Airbnb” Ranking Usually Tells
The country with the most tourists doesn’t have to be the best country for a property owner.
Neither does the one with the highest ADR.
Not even the one with the cheapest properties.
The best investment is the one that continues to work when you put everything that is usually left out of the sales ad into the calculator.
Demand.
Price.
Occupancy.
Taxation.
Regulation.
Financing.
Costs.
Regulatory risk.
And yes, also guests.
Because a tourist property is not a pretty picture with a pool.
It’s a business with a house inside.
Compare Before Investing
At Gatavia, we analyze tourist housing from the perspective that really matters to the owner: legal, tax, financial, and operational.
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Methodology and Sources: editorial comparison prepared by Gatavia based on official information from national tourism bodies, tax administrations, accommodation registries, and current legislation consulted until August 2026. The Gatavia Headache Index is an editorial assessment and does not constitute legal, tax, or financial advice.