Hundreds of people protest in Portugal over the housing crisis
Real Estate

Hundreds of people protest in Portugal over the housing crisis

In a time when high inflation is making it even harder for individuals to make ends meet, thousands of people protested against rising rents and home prices in Lisbon and other towns around Portugal.

“There is a huge housing crisis today,” Rita Silva, from the Habita housing group, said at the Lisbon protest. “This is a social emergency.”

According to government statistics, more than 50% of workers in Portugal, one of Western Europe's poorest nations, earned less than $1,000 ($1,084) per month in 2017. The minimum pay is 760 euros ($826) per month.

According to data from Confidencial Imobiliario, a company that gathers property information, rents in Lisbon, a popular tourist destination, have increased by 65% since 2015 while sale prices have increased by 137% over that time. According to Casafari, a different provider of real estate information, rents jumped by 37% last year alone, more than in Barcelona or Paris.

The kids are most impacted by the circumstance.

According to a study by the housing portal Imovirtual, a one-bedroom apartment in Lisbon costs about 1,350 euros per month to rent.

The Socialist administration unveiled a housing package last month that, among other things, restricted new permits for Airbnb rentals and stopped the contentious "Golden Visa" program, but detractors claim it is insufficient to immediately cut costs. The rally, which was organized by the "Home to Live" movement and other organizations, was attended by 35-year-old illustrator Diogo Guerra, who said he regularly hears tales of individuals having trouble finding home.

“People who… work and are homeless, people are evicted because their house is turned into short-term accommodations (for tourists),” he said.

According to a report by insurance brokers CIA Landlords, Lisbon is the third-least viable city in the world to reside in because to low salaries and high rent. The issue has worsened as a result of Portugal's current inflation rate of 8.2%.

“With my salary, which is higher than the average salary in Lisbon, I cannot afford renting a flat because it’s too expensive,” said Nuncio Renzi, a sales executive from Italy living in the capital.

See also:
Nearly 89% of slumdwellers outside ambit of PMAY-U
Bengal Shapoorji gets Rs 200 cr loan, resumes work in Sukhobrishti project


In a time when high inflation is making it even harder for individuals to make ends meet, thousands of people protested against rising rents and home prices in Lisbon and other towns around Portugal. “There is a huge housing crisis today,” Rita Silva, from the Habita housing group, said at the Lisbon protest. “This is a social emergency.” According to government statistics, more than 50% of workers in Portugal, one of Western Europe's poorest nations, earned less than $1,000 ($1,084) per month in 2017. The minimum pay is 760 euros ($826) per month. According to data from Confidencial Imobiliario, a company that gathers property information, rents in Lisbon, a popular tourist destination, have increased by 65% since 2015 while sale prices have increased by 137% over that time. According to Casafari, a different provider of real estate information, rents jumped by 37% last year alone, more than in Barcelona or Paris. The kids are most impacted by the circumstance. According to a study by the housing portal Imovirtual, a one-bedroom apartment in Lisbon costs about 1,350 euros per month to rent. The Socialist administration unveiled a housing package last month that, among other things, restricted new permits for Airbnb rentals and stopped the contentious Golden Visa program, but detractors claim it is insufficient to immediately cut costs. The rally, which was organized by the Home to Live movement and other organizations, was attended by 35-year-old illustrator Diogo Guerra, who said he regularly hears tales of individuals having trouble finding home. “People who… work and are homeless, people are evicted because their house is turned into short-term accommodations (for tourists),” he said. According to a report by insurance brokers CIA Landlords, Lisbon is the third-least viable city in the world to reside in because to low salaries and high rent. The issue has worsened as a result of Portugal's current inflation rate of 8.2%. “With my salary, which is higher than the average salary in Lisbon, I cannot afford renting a flat because it’s too expensive,” said Nuncio Renzi, a sales executive from Italy living in the capital. See also: Nearly 89% of slumdwellers outside ambit of PMAY-U Bengal Shapoorji gets Rs 200 cr loan, resumes work in Sukhobrishti project

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?