Portugal has announced a ban on new licences for Airbnb accommodation and other short-term holiday rentals and an end to its Golden Visa scheme, which grants non-EU nationals passports in return for investment in property and other areas of the national economy.
The moves – announced as part of a wide-range of measures – are aimed at tackling Portugal’s chronic housing crisis.
The Golden Visa programme has been blamed for boosting house prices and rental costs. Portugal’s house prices are currently booming and national inflation is currently at 8.3%.
Overseas property investment and tourists renting homes have been seen as additional pressures on housing needs.
Low salaries are also a problem, with Portugal currently one of the poorest countries in western Europe. In the capital, Lisbon, alone, rents rose nearly 40% last year, while over half of the working population took home less than €1,000 a month.
Portugal’s prime minister Antonio Costa said the housing crisis is not affecting all families, no matter what income level.
The new measures – said to be worth at least €900m – should be formally approved by government next month before being introduced.
As part of the plan, Portugal will rent vacant houses direct from landlords for 5 years and then place them on the rental market.
