Portugal to Stop 'Golden Visas' and New Airbnbs
Portugal has announced new rules to tackle the country's housing crisis and make it easier for locals to rent or buy property.
The rules include a ban on new licenses for short-term rentals, including Airbnbs, in cities and busy areas.
The government will also end Portugal's "golden visa" program, Prime Minister António Costa announced.
Since 2012, the program has allowed non-European Union residents to live in Portugal for five years, with the possibility of becoming a citizen, if they invest large amounts of money in the country — such as by buying property.
Over $7 billion has been invested in the country since the program started, Reuters reports. But it's also believed to have caused an increase in housing prices that has left many local people unable to buy or rent property, especially in big cities like Lisbon and Porto.
The cost of property in Portugal increased by nearly 19% between 2021 and 2022, according to Bloomberg — the biggest increase in over 30 years.
And 64% of participants in a 2022 survey by Portuguese newspaper Expresso said they believed the golden visa program was affecting the market.
People who already have golden visas will not lose them, according to the Financial Times. But the visas can only be renewed if property is used as a permanent home by the owner or a family member, or if it is offered for rent.
According to Reuters, Costa also said the government would rent empty properties from their owners for five years and put them on the rental market.
In January 2022, a Lisbon city councilor said there were nearly 48,000 empty homes in Lisbon.
