Portugal: Housing crisis follows Lisbon's tourist boom (Contacto, 12 September 2019)

• After the tourist boom in Lisbon, the housing crisis

• Original headline in Portuguese: Depois do "boom" turístico em Lisboa, a crise na habitação

• Published in Contacto, 12 September 2019

• https://www.wort.lu/pt/portugal/depois-do-boom-tur-stico-em-lisboa-a-crise-na-habitac-o-5d79fef0da2cc1784e34b617

• Summary from Google Translate:

  • Owners and tenants say that one of the main factors responsible for the increase in rent and housing prices in the Portuguese capital is the foreign investment into the real estate market, mainly through Gold Visas

  • To obtain such a visa, the foreign citizens would need to invest 500 thousand euros, which caused a rise in real estate investments - and fewer apartments available for local renters.

  • In 2018, there was a 20% drop in lease contracts in Lisbon, and a similar drop - resulting in even higher rents - was likely to happen in 2019

  • The article notes that rents in Lisbon reach 20 euros per square meter, resulting in values ​​of 2,000 euros for houses of 100 square meters.

• Keywords: Portugal, Lisbon, short-term rentals,, affordability, tourism, tourist accommodation, Golden visas, foreign investment