Amid high inflation that is making it difficult for people to make ends meet, thousands of individuals marched through Lisbon and other cities in Portugal on Saturday to protest against the escalating housing crisis, marked by surging rents and home prices.
During the protest in Lisbon, Rita Silva, a member of the Habita housing group, emphasized the gravity of the situation, referring to it as a "social emergency." Portugal, which is among Western Europe's poorest countries, had over 50% of its workforce earning less than €1,000 per month in 2022, according to government data. The monthly minimum wage is €760.
Tourist hub Lisbon has seen rents soar by 65% and sale prices increase by 137% since 2015, based on data from Confidencial Imobiliario, a real estate data collector. Meanwhile, rents increased by 37% in 2022 alone, surpassing those in Barcelona or Paris, according to another real estate data firm, Casafari. The youth are among the most affected, with the average monthly rent for a one-bedroom apartment in Lisbon standing at approximately €1,350, according to a study by housing platform Imovirtual.
Last month, the Socialist government of Portugal unveiled a housing package that abolished the "Golden Visa" program and prohibited new permits for Airbnb properties, among other measures. However, critics argue that these measures are insufficient to bring down housing costs in the near future.
During the demonstration, which was led by the "Home to Live" movement and other organizations, 35-year-old illustrator Diogo Guerra revealed that he hears stories about people struggling to find housing on a daily basis. He cited examples of individuals who work but are homeless or those who have been evicted because their residences have been turned into short-term rentals for tourists. A study by insurance brokers CIA Landlords reported that low wages and high rents have made Lisbon the third-least affordable city to live in globally. The country's current inflation rate of 8.2% has further worsened the situation.
Nuncio Renzi, an Italian sales executive residing in the capital, stated that even with his above-average salary in Lisbon, he is unable to afford renting an apartment because it is too costly.