The Horse of Troy: a contemporary reflection

In the shadow of Greek myths rests the story of the Trojan Horse, a symbol of unexpected attacks, shrewd strategies and overcoming the unexpected. Today, this metaphor finds surprising resonance in the world of flat and studio rentals. 

Driven by an unprecedented boom in the supply of holiday accommodation, we find ourselves in a reality that contrasts sharply with the recent past. Where once traditional real estate agencies ruled with rentals by the week or fortnight, the stage is now taken by an army of key companies. These companies offer a service that mimics hotel offerings - rentals by the night, including bedding, cleaning and extras such as breakfast boxes and massages. Cases of investors buying up entire flat blocks and plunging into the rental market are the rule rather than the exception.

However, unlike hotels, these new players in the flat and studio market hardly bear any responsibilities in terms of permits, security standards or taxes. An unfair competition that threatens the hotel sector, with supply tripling in cities like Ostend in just two years. 

This evolution, encouraged by platforms such as Booking.com, not only puts hotels at risk, but also creates an unprecedented competitor offering the same services. It is a phenomenon that cannot be ignored, especially given the impact of increasing supply on local communities. It drives up property prices, makes cities unaffordable for local residents, and threatens to erode local anchoring.

Fortunately, some cities are starting to take countermeasures, such as imposing domiciliation requirements and restrictions on the number of units that can be rented out. These steps can help turn the tide. It is essential not to close our eyes to these developments. Otherwise, this modern-day Trojan Horse could well have devastating consequences for our beloved hotel sector.

Xavier Vercaemst
CEO FLOW HOSPITALITY GROUP