Successful applicants can apply to obtain a passport after five years. Portugal will end its golden visa programme, which offers residency rights to non-EU nationals in return for investments including in real estate and has been criticised for boosting house prices and rents. To address the housing shortage, Costa said the state would rent vacant houses direct from landlords for a period of five years and put them on the rental market. The Social Democrats said the measures were an "attack" on the rights of property owners and businesses. New licenses for tourism accommodations, such as Airbnbs, will be prohibited - except in less populated rural areas. Left Bloc party MP Mariana Mortagua criticised the measures, saying the government was giving tax breaks to landlords who have already "benefited from (housing) speculation". Costa said some would be approved next month and others will be voted on by lawmakers.Ī mechanism would be introduced to regulate rent increases, he added, and the government will offer tax incentives to landlords who convert tourism properties into houses for locals to rent. It is not clear when the measures, worth at least 900 million euros ($962.19 million), will come into effect.
Prime Minister Antonio Costa said the crisis was now affecting all families, not just the most vulnerable. Portugal's 8.3% inflation rate has exacerbated the problem.
Low salaries, a red-hot property market, policies encouraging wealthy foreigners to invest and a tourism-dependent economy have for years made it hard for locals to rent or buy, housing groups have said. Last year, more than 50% of workers earned less than 1,000 euros per month while in Lisbon alone, rents jumped 37% in 2022. Rents and house prices have skyrocketed in Portugal, which is among the poorest countries in Western Europe. Portugal announced on Thursday a hefty package of measures to tackle a housing crisis, including the end of its controversial "Golden Visa" scheme and a ban on new licenses for Airbnbs and other short-term holiday rentals. 16 story has been corrected to make clear that the scheme offers residency rights, not an EU passport, which golden visa-holders can apply for after five years, in paragraphs 9 and 11)
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