Baku: Globalization is deepening the housing crisis in island states, Jesus Manuel Gonzalez Perez, professor at the University of the Balearic Islands, said during the special session titled 'Inclusive Urban Resilience, Blue Economy and Sustainable Tourism in Small Island Developing States' held within the framework of WUF13, APA-Economics reports.

According to Azeri-Press News Agency, the professor stated that island territories highly dependent on tourism are becoming socially vulnerable, environmentally fragile, and economically attractive areas. He highlighted that tourism, the real estate market, and urban planning processes are closely interconnected, with the effects of globalization first impacting local residents' access to housing.

Jesus Manuel Gonzalez Perez noted that the rapid development of tourism intensifies gentrification in cities, causes the emergence of informal settlements, and reduces housing affordability. He emphasized that protecting access to housing for the local population is one of the main challenges facing island states.