Thousands of people took to the streets in Lisbon and other cities across Portugal on September 28, 2024, to protest against skyrocketing rents and house prices. The demonstration highlighted the growing frustration over a housing crisis that has left many unable to afford a home.
The housing crisis in Portugal has deep roots, stemming from a chronic shortage of affordable and social housing. This situation has been worsened by the arrival of wealthy foreigners attracted by residency rights and tax incentives. The tourism boom has also led to a surge in short-term holiday rentals, further squeezing the housing market for locals.
Between 2020 and 2021, house prices in Portugal skyrocketed by 157%, while rents increased by 112% from 2015 to 2021, according to Eurostat. This has made it increasingly difficult for many residents, especially young people, to find affordable housing.
The housing crisis in Portugal is not just a local issue; it reflects broader trends affecting many Western European countries. As housing prices soar, the risk of increased poverty and social inequality grows. Many protesters argue that the government must prioritize the needs of residents over the interests of real estate investors.
