Lisbon’s rent is €2,000+. The minimum wage is €760. There are more houses than people, but prices don't go down. Comedian Diogo Faro posted a social media video about high rent. His inbox was flooded with messages like divorced couples who can't afford to move out, the elderly choosing between paying rent or buying medication; shortening their lives to have a roof. Lisbon's mayor said that housing is the biggest crisis in our lifetime. 1/3 of Lisbon's historical centre is unoccupied due to ‘touristification’ - holiday rentals diverting homes from residential use to tourism. Foreign investors with Golden Visas can reside in Portugal, renovate a house, and then allow it to remain empty. Houses are being sold over and over again, creating a distortion in the housing market.
Portugal: Housing crisis
Written by Super User 02 Jun 2023Additional Info
- Pray: for the Portuguese Government to successfully put a stop to Golden Visas and short-term rental permits and also keep its promise to limit rent increases to 2%. (Isaiah 32:18)
- More: https://www.bbc.co.uk/news/world-europe-65485908
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