Portugal ends ‘Golden Visa’ over housing crisis

Portugal has announced a heavy package of measures to deal with the housing crisis in the country.

Accordingly, the controversial ‘Golden Visa’ application was terminated, while new license purchases in Airbnb and other short-term rental applications were banned.

Housing experts believe the country’s low salaries, policies that encourage wealthy foreigners to invest, and a tourism-based economy have made it difficult for locals to rent or buy housing for years. Stating that the 8.3 percent inflation rate in Portugal worsened the housing problem, experts said that only in Lisbon in 2022, rents increased by 37 percent.

Portuguese Prime Minister Antonio Costa announced at a news conference after a cabinet meeting in Lisbon on Thursday that he would “eliminate the issuance of new golden visas” to combat real estate speculation.

In his speech, Costa said that the crisis now affects not only the most vulnerable but also all families, adding that it is not clear when the measures worth at least 900 million euros ($962.19 million) will come into effect.