According to Reuters, foreign investment in property – coupled with the country’s increasing economic reliance on tourism – has priced many people out of the housing market.
Prime minister Antonio Costa on Thursday (16 February) confirmed the Portuguese government would pledge nearly €1 billion in measures to tackle the issue, starting next month.
These include offering landlords tax incentives to convert tourism properties into houses and accommodation for people to rent, and restricting new licences for tourist lets such as Airbnbs.