Portugal's residents struggling with rising rents | DW News
2023 ж. 2 Мам.
494 874 Рет қаралды
An overheated real-estate market is pricing out some households in Portugal. In Lisbon rents are rising exponentially, and it's getting increasingly difficult for the residents to make ends meet.
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I visited Lisbon in 2018 and rented an Airbnb. After speaking to some shop owners nearby, I was shocked to hear that the majority of apts in this neighborhood (Alfama) were rented to tourists and locals could not longer afford to live there. Airbnb is killing neighborhoods and authentic city life. and I decided to boycott Airbnb after that. Cities should be stricter and tourists more conscious.
the problems isnt tourism is the government
@@tomaws8 Tourism also plays a big role, it seems you want Portugal to become the next Havana. We are already starting to look like it tbh
@@tomaws8 because they work to sell the country to tourism and foreign luxury housing investments
@@rir75 I would rather those buildings be at least enlivened with tourism and allow for some revenue to enter the country, then have them crumble to the ground because of inefficient government bureaucracy in places like Portugal or Italy, that stifle home ownership in city centers or choke small businesses or hoteliers with regulations and fees and taxes. It also doesn’t help that any young prospective buyers usually leave Lisbon or Portugal outright, as they find value and stability in rural or foreign contexts. Finally, a general decline in quality of life and increased average age of Portugal, is likely making it less attractive to buy.
@@sergpie I want Portugal to be a place to live, not a place that is just a place for visiting like Cuba has become so that doctors in Cuba or other professionals always need to go elsewhere to make a decent living. Is it worth that now even Russians and Bulgarians are visiting Portugal because even they are able to pay for stuff Portuguese people are not able to afford? Think about that deeply. Portugal is becoming a joke of a place and especially to those who are unfortunate to have Portugal in their passport by birth. It is like a curse to be born here, tbh.
It seems Portugal suffers from a problem that afflicts places such as Hawaii. Many of the foreigners who buy up property, only used them as vacation homes or rent them out. Authorities need to tackle this problem before it gets a lot worse.
That's precisely what is happenning in Portugal. It's not the tourists. We've always had many tourists before the pandemic but wages didn't grow the same over those years and now with high inflaccion it shows...
"Alojamento local" has become a major issue. So many houses/apartments in my region are rental or holiday homes.
Its the "authorities" that got Portugal in the dire straits its in. Well, also the people who voted for the ones in Power are also to blame.
@@jannguerrero it is more an "indictment of liberal democratic policies" that you (wherever you are from) are free to go on the internet and express your opinion (no matter how false)
@@mariacheebandidos7183 the irony is that todays left is the first one to persecute, and cancel anyone that doesn't agree with their own beliefs no matter how wrong and deluded they are.
It is disheartening for me as a Portuguese citizen to witness how the absence of government regulations has enabled both local and international investors to exploit the housing market for tourism purposes, thereby depriving regular renters of suitable accommodations... During my recent visit to Lisbon, I spoke with an elderly woman who has owned a local shop for over 20 years. She told me that most of the houses in the area, which were once rented or owned by locals, have now been turned into Airbnb properties. What used to be a vibrant neighborhood full of locals who knew each other has now become a ghost town for tourists.
If you didn't vote or voted for the ones in power, you have nobody to blame but yourself.
It’s the same all over Europe’s most attractive cities.
That's what capitalism is all about making the rich even richer, the poor poorer, and consuming all natural resources until nothing is left
Someone from your government came up with the idea to scam foreigners, instead they got scammed themselves. Apart from that, you must also know that Portuguese are benefiting the most by welcoming wealthy foreigners otherwise the country has very low population with almost zero innovation.
@@Manuel-oe4gv Spare me the narrative of, its capitalism... this isnt capitalism. But corruption, greed and social engineering in a massive scale, mass migrations as well... its poor planning as always . This is what you get, when you have a country that chooses to rely on one singular industry like tourism, and still expects to have economic growth on par with the rest of EU .... the delusion...
I loved Lisbon from 2011 to 2017, it was perfect. The rich completely ignored it and it was full of locals, artists and foreigner's who think independently. Roll on the new major about 2017 and he opened up the property market and completely destroyed the city. It was unique in Europe now it's like everywhere else. Greed has completely engulfed the city 😢
Absolutely.
So true
Move out from Portugal to Philippines
True. His party mates also profited out from the local accommodation boost. But they all make way more than € 3500 per month.
This is who people need to blame. Politicians not foreigners.
When you allow investors and foreigners to purchase properties to turn them into Airbnb type of investments what do you expect?
Capitalism, isn't it dandy? It will take a completely destroyed society and ecosystem for people to understand that this economic system only benefits a few individuals. For them, of course it works. For the 98%, not really.
@@argiberico It's by design. Rather than making long term investments, politicians invest and reinvest in tourism and attracting retirees for short term profit. It might look good on the economical data for a few years, but it's more than obvious that's not economical nor socially viable long term.
Very good point. The rich just keep doing better, the poor keep on struggling.
@@talkinghand4839 but it's rare to find ppl who want to better themselves here. They're looking for someone to scratch there backs on
@@argiberico the Portuguese have been migrating in droves to richer countries for decades. How does that not count as looking for a better life and improving themselves?
Airbnb needs to be outlaw. It has had a disastrous effect all over the world on the price of real estate for locals. A lot of those units are owned by corporations.
hotels are also owned by corporations, airbnb should be regulating that
@@donwalks Airbnb takes housing out of the market. Hotels don't.
I agree. Punta Cana, Dominican Republic is full of empty houses, condos just for Airbnb. No sidewalks or infra structures are put in place.
@@redMaple_QC And hotels also create jobs for the local economy.
@@redMaple_QC No , Look at Thailand, The house prices and rents are beyond the reach for local people ...
I'm portuguese, born and raised in the capital city of Lisbon. Left my beloved country over 5 years ago, and left behind my family, friends, and everything that was dear to me, to search for a better life. All because there was no way that me, holder of a master's degree, would be able to move out of my parent's house in the foreseeable future. Even highly educated couples in my generation struggle HARD to make ends meet. I don't know what the solution is, but I can clearly see a HUGE problem in the cost of housing, specially in Lisbon. It deeply saddens me to see the state of my country and my generation, with little hope for a comfortable living standard, even for those who have invested highly in their own education. I don't know about the future, but the present surely is bleak.
Do trades jobs pay well in Portugal? I know in Spain often construction workers make a good living.
pois, e pessoas como tu são a razão porque as coisas não melhoram... Portugal é só Lisboa?! crianças mimadas que se não vivem na grande cidade não sabem o que fazer... Portugal NÃO É SÓ Lisboa, Porto e o "Algarve dos Turistas"! Eu, um idiota sem curso ou doutorado, vivo confortavelmente em Portugal.. mas como idiota que sou, nunca escolhi morar nesses antros urbanos! :)
Well the solution is certainly not keeping voting for the same political parties lol
The problem with Portogal is there is barely any regulations and they are not enforced. In Denmark for example we have this rule that you cant rent your apartment for more than 90days/year which is the only reason airbnb didnt kill the hotels and rents are somewhat alright. But also taxation is huge problem, Me as foreigner, living in Porto, working for a foreign company pay 0tax but my friends who are portuguese working for local companies pay 35% min. some of them pay up to 50%. This is simply crazy! And now that the conservative party has more votes they will make it even worse.
Devolvam o ouro dos brasileiros
The thing is, that Portugal had always received tourists, but mainly from Europe and former colonies. The English descending upon Algarve for the summer was always expected, but recently the Americans which used to go everywhere in Europe, suddenly realised that Portugal was there, becoming their new hotspot, and voila the increase in prices. Regardless of the circumstances, Portugal is still my favourite country in Europe. ❤🇨🇭
for Americans it is still very cheap compare to LA rents
So as long as tourists only affected the Algarve, it was ok for everyone else huh. Lovely.
@@Hilariusgamer We don't care. Stay away.
It was hollywood who exposed it to Americans.🙃
@@Hilariusgamer Then give me your wage, stocks and other revenue streams! I also want to live cheap in my own country! Thanks!
So minimum wage is €760 and rents are €800 ? Looks like Rich tourists are using Portugal just as a vacation homes.😓
With the government's permission and approval.
To put it very short, yes, that's it.
The thing is, around 70% of the population receives minimal wage
@@JoseSantos-wb3ow 70% of the population ? That would have made Portugal a lower middle income country, which is not the case.
@@manikkalore1630 sorry, I was wrong, I read that but it was talking about people under 30 years old
This problem will continue as long as houses are considered a commodity, investment, instead of a right of the population and an obligation of the state.
Great point. 👏👏👏👏👏
housing wasnt so great in the DDR, was it?
this problem will continue as long as fools think housing is some kind of obligation on the state.
Totally agreed. Speculating with so much greed is just so wrong.
@@shanon72327 why? why is speculating with houses so wrong? or is all speculating (buying low with the hope of selling high) wrong?
This is easy to solve. Impose requirements such as being a Portuguese citizen prior to buying the real state, or having lived in Portugal for at least 5 years. Furthermore, certain areas must not have empty apartments. Denmark does a great job controlling speculation in the real state market. There’s plenty of inspiration in the Nordic countries.
That's because the Nordic countries suck geography wise all their advantages have literally been because no one wants to live there. There's still only 25 million in all of Scandinavia because it's literally the worse place to live in Europe from an agricultural standpoint. Even historically the Vikings were essentially looking for better places to live once they found them they moved in an assimilated with local culture. It's insane people don't realize that the Nordics are so developed because they're in an area that no one has ever wanted. Even Ukraine has More people then the Nordics
@@seanthe100 True lol
Jersey has the same residence requirements but it’s not enough. Because the rich investors continue to buy to let
That would violate EU law. The law you mentioned would only be possible if it included all EU citizens.
You are right there might be inspiration in the northern countries, but the thing is our government is not trying to make the people's life better, they are trying to stay in power and get short-term gains which translates to them in more money for themselves
A doctor i know owns several homes in the us and is now talking about moving to lisbon. People buy up property and drive up prices until they can no longer buy more, then start buying it all up elsewhere
Greed
@@snsn7251 maybe they are buying it becos they can and becos the market is too cheap not to buy. To others its expensive but to a Doctor, its an investment.
There are 750,000+ Brits in Portugal and 60,000+ Americans, according to SEF....
@@DS-vx3wf apparently there are far more Americans in Portugal only, than all Europeans in the US.
Is good he can afford it (he’s probably old), if he’d be a doctor in EU, he couldn’t afford much.
I lived in Lisbon 2012-2013. Was a bustling city, had plenty of tourists, but nothing too crazy. Since then, every time I go there I've noticed it get progressively worse. So many things seemed centered around international tourists and expatriates, at the expense of locals. Tourism is definitely an important sector, there's absolutely no denying that, but I hate how in Lisbon (as well as my home region of Algarve) Portuguese nationals (and immigrants from less economically developed nations) are a second thought these days.
This is happening here in Dominican Republic. Foreign tourists have been buying up all the houses and apartments. This has pushed the locals out.
No son solo los extranjeros que hacen esto, los locales compran las habitaciones y otras ventas comerciales para hacer dinero, haciendo que las personas cambién sus casas. Es la gentrificación
@@marcusviniciusdoprado7508 Sí, pero los fundos de inversión inmobiliarios se marchan trás lo dinero de esas personas.
Same in luxembourg, bug this year in here the house market in crashing real deal
@@marcusviniciusdoprado7508 si pero los locales deben hacer algo al respecto para detenerlo
I kinda hope locals start squatting
I studied a year in Lisbon back in 2008 and paid 175€ for my room. Today most university students have been priced out of the city. Most of the city was in ruinous state; no developers tried to rebuild building in the lower part of the city, and what housing remained was in a great extent taken up by inmigrants, students and squatters. Then Airb&b arrived and some people began fixing up their old houses downtown to rent to tourists while they lived in more modern housing in the new quarters. It seemed like a win-win; the city gets fixed and the locals make money... That was 2012. Come 2022 and everything seems a theme park for north Europeans. The only lisboetas one meets having breakfast in Chiado or Alfama seem to be elderly citizens that can't be priced out; but no children, no young families. Lisboetas have been kicked out of their city which I recognise less and less every time I visit.The last two times I visited I had the impression of not being an old student visiting his Alma Mater, but an invader taking up space in the electric tram from the locals. It's a shame what Lisbon is becoming.
No locals were making money, not true. Only locals that inherited property from the family, grand parents etc... that's a minority but yes, those were the privileged one and want things to stay as they are.
@@limoncr5205 Well, I expect those locals taht had a ruinious flat downtown but had moved off to a modern home would make money. At least at first. Then I'm sure foreign investors came in, bought entire buildings and a discount and then made themselves the money to send off back overseas.
So true. Last time I went downtown I could not hear another single person speaking portuguese and that is just sad.
@@margaridaferreira8029 I live in Lisbon since 2018, and oh boy, everytime I leave my house I think about that. 5 years ago the city was so different. It has lost its identity, gets more expensive every day and more chaotic.
I went to Lisbon last year and I was shocked, the tourist guide saying he basically has to work 7days to survive. That no young porteguese person can afford to live in Lisbon and they have to live 30 minutes outside. 'Lisbon is for the tourist,' he said.
he is correct, as a young portuguese from lisbon i can confirm, being able to live in the city is definitely impossible with a normal salary, even if you only rent out a room. Most of us have to live with our parents until we are 30 or move to another country. btw i dont know when you went to lisbon, but even 30 minutes away is unaffordable lol
I had the privilege of living in Porto for 2,5 years for university. I shared a T2 flat with a roommate in the city centre. We paid 600€ per month and that was considered a significant amount. This was less than 4 years ago. 2 years since and he and his new roommate were kicked out when the landlord chose not to renew the lease. She now rents the flat on airbnb charging 700€ per week. It is really sad what the corrupt ruling party is allowing be done to their people
Omg 700€ per week? Uff
Oh yeah? Funny that, since, government intervention is kind of what opposition parties try to avoid
O Airbnb não é o principal problema, o principal problema é a imigração caótica, os apartamentos estão todos a ser alugados aos quartos por imigrantes, e isso é por todo o lado, inclusive subúrbios. É óbvio que isso também está ligado ao turismo, afinal de contas toda a indústria do alojamento local, limpezas, restauração, tuk tuks alimenta-se dessa imigração, que se sujeita a salários baixos, precariedade e condições de vida indignas.
All of these jerks and "investors." Who want to make easy money. By getting rich people to buy their rentals. But there's only so many rich people in this world. -And besides, there's no law saying they can't do it. So, they fully exploit it.
Free market bro. You don't get to live in the city centre just because you want to. Move to the outskirts and commute.
Paying over 2k AND having a roommate is insane.
The #1 priority for everyone right now should be investing in non-government alternative income sources. specifically in light of the present global economic crisis. Nowadays, investments in stocks, oil, and virtual currencies are still appealing.
@@Florencecoxx I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more.
@@bjoe631 That won't bother you if you trade with a professional like *Mr Gary Mason Brooks* my coach, you may have come across him on interviews relating to bitcoin and stocks. He trades, manage trading account and offer mentorship program for clients who wish to become professional investors.
@@Florencecoxx You allow people to trade for you? that's interesting, I would love to learn, hope it’s safe.?
@Queen OF Love This is the Fourth time I'm seeing someone talking about Mr Gary as there are lot of testimonies about him, do you know him ? if yes , did you invest with him?
*This not only happening in Portugal but in all major cities around the world. People (especially the rich) are now realizing what a commodity owning & renting houses can be and it's driving locals out of their own hometowns. If you include rising inflation, it's just a recipe for disaster and increasing homelessness*
Yep, the rich and wealthy move inflation from place to place. Real estate market should prioritize locals, especially homes.
But in portugal the salary minimum is 750 euros not liquid. After 21% you stay with 592 euros , can you eat and pay the rent ?
In order to optimize urban planning and enhance residents' quality of life, it would be prudent to exclusively allocate downtown areas for hotels and hostels, catering primarily to tourists. Simultaneously, it would be advantageous to offer affordable housing options for individuals employed in the city center. This approach would reduce the heavy reliance on extensive public or private transportation for daily commuting. Moreover, individuals who possess the financial means and do not necessarily require proximity to the downtown area should consider residing outside the city center, utilizing platforms like Airbnb and other accommodations available within a 20-kilometer radius. The current situation is perplexing, as individuals with lower incomes often dwell on the outskirts of the city while enduring lengthy commutes ranging from 30 to 50 minutes to reach their downtown workplaces. Unfortunately, their earnings often fall below expected levels, necessitating shared living arrangements or cohabitation with their parents. Conversely, those who are affluent tend to luxuriate in upscale residences within the bustling city center. By reevaluating and restructuring urban residential patterns, we can effectively address these disparities, fostering a more equitable and efficient environment that benefits all residents.
do people in all the major cities around the world have minimum wages lower than rent prices? do those people have one of the lowest average wages in europe? do they have one of the highest taxes in europe at around 56% of their income? I don't think so.
@Dill China doesn't have the world's largest population anymore. That's India now,
I am Portuguese, in the military (Air Force), work as an Official, have a masters degree and work experience. My salary is around 1250 euros and I live at the military dorm, cause I can´t support rent all by myself. If I were in any other country, I would earn way more and be able to be independent.
Not really…people in the Us military couldn’t be able to live independently without all the subsidies and special programs for service members. Only the highest ranked officers… the majority of Americans can barely afford rent or anything….I’m sure this is not just a Portuguese issue. It’s happening all over the world…
Even to me in the US with a good education and I believe Im a gentrifier immigrant that is being pushed to the situation of moving to worst standards of living while the richer got richer during the pandemic and the poor poor perished.
would you earn more? Yes. Would you be more independent?? Probably not friend. This problem is all over the world and it has nothing to do with the money you're making. There are people who have so much money and they need that money to grow. So they look for something cheap to invest in. That's what is happening to your cities in Portugal.
No br o ex da jojo ganhava 11 k facil dira vc
@@htgfrrhhtfffg5000 confesso que não percebi o comentário e não faço ideia de quem seja a jojo haha
It's not just in Lisbon! This is it's all over the country. Change the tax structure on all the empty buildings all over the country! Walk in the historic area of Porto, there are streets with all abandoned buildings just rotting. The solution is not constructing more housing, raise the property taxes on all the abandoned buildings. You will see how fast they will want to be sold. Those dwellings can be renovated and used for housing.
All over the world
True. In my little street in central Lisbon there are 3 empty buildings with probably about 20 to 25 flats between them. I don’t understand why the owners are not forced to renovate them
Good thing is your country is small enough that enacting changes in legislation is easier. I don’t know politics in Portugal, but wishing the best for you all
@@MrThelovechannel thanks actually enacting legislation is quite tough because we have a typical coalition government with lots of partners and conflicting views. There are said to be 7000 empty buildings in Lisbon alone. Hopefully the day will come when we see them all occupied 😄
@@MrThelovechannel You would think it would be easier but not the case as @nicholashall4625 has mentioned. It has been this way for a long time. The solution sees simple. It's frustrating when the Government doesn't see things the same way.
This is so sad...I used to live in Lisbon for the low cost of living than other European cities. It's very hard especially for the working class people who would be the short end of this inflation.
Retired Americans are now moving Portugal 🇵🇹 too
With free healthcare to which they didn't contribute a penny... And then you hear the US retoric on immigration, and your brain explodes.
@@nunoalmeida2646 They are not entitled to free healthcare immediately. It takes 5 years.
In Porto, rental rooms for college students start mostly at 350€. A room, not an apartment. Most of them in poor conditions. New buildings for students near the main campus of University of Porto have small T1 flats for 1150€ 😂 for STUDENTS. Minimum wage is 760€. Average wage is about 1000€ after taxes, or less. A T2 apartament is going for at least 700/750€. Construction still roars and hotels appear everywhere. Also “premium” apartaments and small houses near the beach and Douro river with prices only the very rich can afford. While destroying completely the scenere for everyone else.
Lovely living in Portugal as a Portuguese isn't it? Can't wait to have an opportunity to work abroad. Will never be able to buy a house with the pt wage, let alone start a family.
I feel that universities should have to provide accommodation, on campus and at cost, for all of their students. They shouldn't be adding to local housing-pressure.
There's construction in Portugal, but so much of it is luxury accommodation. I'm in the Algarve and you see plenty of luxury housing being built and nothing else.
Are those 300€ rooms true? Considering a masters programme at Uporto. Accommodation/living costs are really a concern. Are student jobs a possiblity to assuage these? Thanks.
@Itsme Alex School arrangements should be based on all programs total quota, not a guess. They know the total available spots available for admission so admitted students numbers are never a surprise.
Well, It is not a Portugal issue, but something very peculiar about big cities. The rental prices are incredibly high in Berlin (where I live), in London, Paris, and everywhere. Of course, foreigners, investors, etc, are part of the reasons, but also NOBODY wants to live in small towns anymore. I drove from Germany to Portugal, and along 2700km I saw uncountable ghost villages, hundreds, maybe thousands of destroyed houses waiting for a second chance to receive another family, I would suggest a government plan to bring people back to the small town using some tax incentive, improving internet and public service. Maybe it is time to do the movement back and quiet big cities! I am preparing myself to make this move.
You hit the proverbial nail on the head. If the State divests like crazy - and has been doing so for decades - in hinterland Portugal, why would the people be interested in it?
@@mariannasoares2388, It is the same everywhere and understandable. No jobs for the youth and they migrate to big cities looking for better opportunities. Maybe now, with the internet and the possibility to work from wherever you like, maybe, and just maybe, people will be interested to come back to the "origins". Particularly, I would love to live in a small town in Portugal, such a lovely country and lovely people.
Fully agree, areas outside the cities could be made so attractive with a well balanced infrastructure and incentives for companies to invest there for jobs. Just please don’t build any square eyesore high rise buildings like in the 70s… humans like to spend time in historical neighborhoods, respect the Portuguese architecture.
@@mariannasoares2388 Judging from your name, I must assume that you're portuguese. If so, you can only be blind if you think no one is interested in the more remote parts of the country. 😅 Sorry to break it to you, but you don't know the country for sure.
@@fabiofcferreira It may be starting to change, yes. But it's very recent.
It’s true! I’m Portuguese 28y and still living with my parents… i work as a welder in a factory and i get 760€ per month. Most friends are in the same situation…
Born in Lisbon here, now im living in Bulgaria... don't need to say more
😂🤣😂🤣😂🤣🤣😂😂😂
Bulgaria? The one country that is soon to be unhabitated?
@@nbgoodiscore1303 yes most probably 😆
Wait what 😂😳
@Marko Nikolić Yoop. In Bulgaria at least can afford an apartment.
First of all, this problem is not just in Lisbon. It' s all over the country. I live in the Algarve and it has become increasingly difficult for normal Portuguese families to rent here. The shortage of affordable housing is unbelievable. Second, the influx of Americans and other nationalities, who pay FAR too much for properties (and don't realize it) is driving up housing prices. Of course, the other side of this is Portuguese greed. This is an incredibly serious problem, multi-facted, and it doesn't appear to me that the government is acting quickly enough to solve it. (as usual.) In addition, Portugal has GOT to limit the number of immigrants moving here.. They all seem to have dollar signs/euro signs in their eyes, but the Portuguese population is suffering because of it.
Don't you have a left/socialist coalition government in this moment in Portugal? It is ridicolous that these things happen in a coutry led by people who should do the poors' interests.. and tells a lot about the government
@David when did socialist communists care about people?? They just take and share all the goods between then. Exploitation
760 euros minimum wage is ridiculous PT needs to raise that. I was looking at property in Lisbon online recently and the prices are more expensive than many cities in U.K. now
it's ridiculous I agree, but I also think it's ridiculous the way people get jobs in Portugal due to its social characteristics and culture
@@RuiCBGLima Wages will never increase, Portugal rather give residence permits to Brazilians, Angolans, Cape Verdians and so on who will work for cheap.
@@Fleetfoot The minimum wage has actually gone up quite a lot recently. 5 years ago it was just 550€ a month. Still need to be higher though. But saying that it never increases is uneducated bullocks. The main reason why the incumbent prime minister has been reelected twice is largely due to him raising the minimum wage.
The productivity in Portugal hardly allows wages any higher than this. There’s a big education and skills gap compared with the rest of Europe, meaning that companies do not have the resources or the knowledge, or the skilled staff to earn more. Many Company owners look things at a short term and rather use profits to get personal luxury goods than to reinvest their money in the company’s assets, including their employees. The best and brightest often leave the country, and are often successful abroad. Profits, wages and productivity is low, but people often seem hesitant to do small steps that could bring a bit more (the tomorrow or why bother mentality). But they demand a lot from the state, who, just like the people, is not very efficient either. Because resources are few and the asks many, taxation is high - hence people try to underpay their taxes, thus the public budget gets strained. All connected, you have the poorest country in Western Europe.
@@Eddieteddy965 Productivity is low because most employers are greedy and incompetent. If you don't pay workers well, they'll do the bare minimum and rightfully so. Taxes are similar to most countries in Europe.
The problem is that Americans just discovered that Portugal exists and the tourists, expatriates, and digital nomads landing there are what is pushing the extreme costs of living higher. Americans make everything more expensive and more Americanized wherever they journey. It’s so sad.
Very simplified worldview. Ask any American (and there are many in cities like LA and Miami) paying $5,000 in rent for a 3bdr apartment, $2,000 for health insurance, and thousands for safe private schools while being confronted with broken infrastructure, crime, and violence how they feel. They don't consider moving to Portugal necessarily because of greed but because for them it's a solution to an existential problem. Of course, it doesn't seem right if you're a local, but it's truly a global phenomenon happening at different tiers of income.
This is nonsense. It isn't foreigners who are making these prices go up. Read my other comment and educate yourself.
@@wolframluchner5316 At least we agree they are raising the prices for rent when they relocate. All good.
@@JesusChrist2000BC Likewise.
The rent is too damned high....
people's qualifications just as much 💁🏻♂
@@argiberico Yet the salary is too damn low!
I love Portugal,and Lisbon in particular. I will continue to visit and support local as much as I can. God bless and protect this wonderful country and it's very strong people.
The problem here is that foreigners, rich people, real estate companies and construction companies are out competing the Portuguese on the housing market, because we as a population have been strategically engineered to be "low cost very high skill workers". Someone who finishes college most likely will struggle to find a job that pays barely above minimum wage, even as engineers and medical professionals. It's no surprise that many of us are being driven out of the country, because the country treats highly educated nationals as cheap high productivity labour. Most of the houses I see being built or renovated are being done so for the high end, luxury or even high luxury levels. Regardless of the constructions costs, the profit margin for high end housing and above are much appetising! I know of boomers who own several houses, and either rent them to students or tourists. Every time a student or tourist leaves, they take the opportunity to raise the rent. This can happen once every three years, or as little as once every month. Also, some home owners who have tenants with low rents are being pressured by real estate companies to sell their property. Once the homes are sold, the real estate companies do all kinds of shady tactics to blatantly raise the rent to drive off the tenants that reside in the buildings. A building without tenants will fetch a higher price, because tenants are seen as an investment liability!!! Then there's also the rich who buy out a lot of buildings just to work as investments, not really preoccupied to live or have someone living in the facility. The only purpose is to avoid inflation, while cashing out on some extra profit once the opportunity arrives to sell their property to an even richer shark. No mater how much you look at it, the real estate sector in Portugal is riddled with sharks, and the Portuguese, especially the young, are too small a fish to survive in this wild ocean!
Your comment was spot on!! I would like add that our government has promoted the competitiveness of Portugal through the "low cheap labor" label for the last 30 years!! Now, guess what?! The Portuguese citizen can see how far away he is and can't compete with citizens who came abroad and from countries who have a lot stronger economies!!
Spot on.
Acho que as pessoas aqui estão com uma visão bem limitada da realidade. Acha mesmo que a realidade do seu país é muito diferente de outros países como Brasil ou até mesmo, até certo ponto, Estados Unidos? A educação ficou acessível durante várias décadas, onde até faculdade passou a ser como demanda ao invés de diferencial. É isso que o mercado liberal demandou, profissionais e, como a demanda aumentou, houveram diversos profissionais formados e estão sendo formados. Ótimo para uma economia, mas pode ser desastroso para o indivíduo onde precisa cada vez mais competir e se tornar muito mais qualificado, demandando dinheiro e tempo. Os países precisam tomar linhas duras contra empregos que paguem pouco
Homelessness is becoming a major issue in America, as property taxes continue to soar and retired homeowners are unable to afford them due to the increasing value of their homes.
@@urgirlswidme then fix it, don’t go live in Portugal
This exactly what happened in Canada all these Chinese people came into the Vancouver area and bought up and over paid by a lot , artificially raising the value of property making it impossible for the average Canadian to pay these exorbitant prices. Many Canadians are living in vans or are homeless because of this fiasco. Canada has started imposing an TAX of out of country buyers ( who often leave their properties vacant for months even years) SO these Chinese buyers started moving down to the US IN Washington state again starting the process over artificially raising property values
I lived in Lisbon for more than 15 years, I finally left the city and bought my first apartment in the country side. it is completely impossible to buy or rent in Lisbon.
I moved to Lisbon back in 2014 to start university and what I pay now for a beedroom rent was considered a high price back then but nowadays I'm extremely lucky to have my room for the price it is. It's sad to see our contry depend this much on tourism and being detroyed by it when we have so much local talent to boost different parts of the economy, we love the social dinamic we have here but are unable to grow out of it resulting on an extreme political split with a growing social hatred
Tourist should be in a Hotel not a apartment.
The average person lives to 75yrs old. Only x amount jobs for only X amount workers. How many hospitals does city need? How many fire stations does city need? How many supermarkets does city need? There's limits of creating jobs but humas keep having babies. People need place live and job . Making those homes and jobs unavailable for younger generations. Live longer but that creates problems.
This is the result of it being a socialist country, the only one in Europe.... what a pride!
@@mikatu No it's not, it has nothing to do with socialism, in fact, o Partido Socialista is just as socialist as the Nassi's were. All their policies are neoliberal. All of this is a fruit of Capitalism and living under a neoliberal flag such as the E.U., and of course, bailing out the most Capitalist corporations such as BES with the Portuguese tax payers money, and of course, paying capitalist corporations such as FMI most of our monthly gains.
@@mikatu If we'd be a real socialist country we wouldn't have every industry privatized so the profits can go into the hands of we know who. We wouldn't be using ameriken platforms, we'd create our own. There would be incentives for that, but the only incentives is to develop private businesses that will then align with the capital interests. You should understand politics and the system you live in before talking. Painting the worst of Capitalism and its effects which create very unequal societies as Socialism is very desingenious. In fact, one of the best economies in the world with the best infrastructure is using Socialist practices. China.
Airbnb is the killer of all localities. The ability to hire a 3rd party to clean you investment has made it easy for investment to swallow housing while. So many countries face this reality. What was unique and beautiful local neighbourhood becomes a resort with no locals.
americans with their dollar comes and ruin everything , they will take over the politics and make guns legal
That´s the truth. Lisbon centre is a theme park now where you only hear English.
Massive tourism destroys countries
O problema é que não é só em Lisboa e no Porto. Por exemplo Évora, (que por muitos digam que não é uma cidade pobre) as rendas nestes últimos anos subiram bastante, t1 e t0 a 600€ e 700€ cheios de humidade. Agora a cidade ganhou capital da cultura de 2027, as rendas subiram para perto de 1000€, isso é completamente impossível para uma zona onde a maioria da população é idosa, grande parte dos jovens está a sair para outros países porque não consegue pagar estas rendas. Esta situação esta a expulsar os portugueses de Portugal, grande parte da população sente que nos é que somos os turistas do nosso próprio pais. Porque até os turistas têm mais possibilidades, ajudas e comodidades que os próprios habitantes do pais.
verdade
Esse é o sentimento geral, digo eu como Lisboeta. os preços de tudo, estão cada vez mais caro, que é rídiculo
Não dá pra viver sozinho nesse país, nós que pagamos mais de dobro em taxas do que os turistas e depois temos que estar a sair e foder com o processo de cidadania em outros países fora da UE porque nem os países da UE estão bem de qualquer forma a não ser que viajem por EEC para os países nórdicos
a semana passada fui a dijon em frança e fiquei parvo com os valores de rendas e vendas. T1 a 400e, T3 a 700e. em comparação com isto aqui é consideravelmente mais barato e sustentavel
I'm 48, have not so low income (single). I'm moving back to my parents. Rents are impossible at the moment. This issue has multiple reasons, certainly 2 of those reasons are tourism and incoming foreigners with much higher income... State invests ZERO in housing and now seems interested in subsidising the climbing prices, which is just ridiculous. I don't know the solutions, but I definitely know the problem. Also, forbidding building in large areas, very close to the capital just helps the problem. We have areas labeled as rural, where nothing is profitable to produce and where it's forbidden to build anything. Until a friend of power comes in.... Sad times we live and Portugal is not a single case.
The portuguese elite with the help of politicians have been for years restricting the supply of real state (by refusing to build houses that the portuguese could buy/rent) while simualtaneously increasing the demand for housing (by promoting the country all over the world as a cheap and safe country with good weather). During years tourists rented houses through Airbnb as they were willing to pay multiple times what an ordinary portuguese could afford to pay. At the same time, people from all over the world began to buy the best real state in the best locations as an investment (some of them not even live in the country). (It amazes me how the EU allowed the european nationality to be bought.) The real state companies now just want to build housing targetting wealthy foreigners in order to maximize their profits. And the more profits they get the more they then invest in the system, and the cycle repeats itself. Thank you vey much to the politicians, investors, bankers and real state agents that are having the best time of their lifes at ordinary portuguese´s expenses (big deal if they donate 1% of what they profited in order to attempt to clean their reputation). And for those who come from ouside Portugal to make these deals because their purchasing power is multiple times higher then the purchasing power of the overwhelming portuguese population I congradulate you all, you're doing a great deal. After all you didn't cause the problem you're just taking advantage of the system that the portuguese politicians built in order to benefit themselves and their pals. Final note : This outcome wasn't innevitable. It was designed and premeditated. So please don't insult the ordinary portuguese intelligence by pretending to be very surprised and worried when in fact everything turned out to be exactly as planned. Next time invite a portuguese who speaks english.
Add to that the poor salaries that we earn, regardless of how experienced or educated we are. The housing crisis wouldn't be a problem if we were on a level playing field. But we aren't. Far from that!!!
It's not the Portuguese elite, per se. Construction is pretty damn expensive, so companies only want to build what nets more money to them: high-end housing.
This problem will continue as long as houses are considered a commodity, investment, instead of a right of the population and an obligation of the state.
@@claudiaroedel1368 I think houses can be a commodity while being a right that can be uphold by the government.
@@bananasaur5209 while they're a commodity, the prices are out of the control of the government. There's no question that AirBnB has thrown a wrench in the system, but it was already broken before.
Portugal has become and will be exclusively be a place for rich foreigners and native poor people that will work in tourism services.
say no more
Only in Lisbon at least for now
I live here. People don't want to qualify nor study anything. This market will be taken by Spain, Italy, Greece, etc.
@@ricardomadleno564 Only in lisbon? lmao. In Leiria rents rose 40% in the last 12 months.
@@lelouch2364 lol you wanna compare rents in Lisbon compared to the rest of Portugal?
Yep. That's true. To give you people an idea of what's going on in Portugal, there are lots of people who have 754Euros as minimum wage and they have to pay 400euros just for the rent of their houses. Houses with only 1 room, a living room, kitchen and one bathroom. And this is in the North of Portugal in such cities as Braga or Guimarães for example. On top of that you have then to pay bills such as electricity, gas, and of course food. All that combined and they will only have just a few dozens of euros left to spend or save. Many times i hear people saying "Well but at least you have nice weather all year". Well, even though it is true, we can't travel inside of our own country with only a few euros saved every month. Portugal is nowadays a country where people are just surviving, not living. And worst than that, people seem like they gave up on fighting these awful conditions and they act kinda submissive to the actual portuguese Government. They only care of Football. If you want to see a Portuguese person going mad and maybe even fight you fiercely you just have to talk bad about his football team. Other than that, yeah. Very friendly we are.
Same in Canada, but not from tourists. Rents and house prices had massive increases. Many people cant buy a house/condo/town house, or afford rent rates in many places.
I think Canada should to send more aid economic aid to Ukraine.
@@roythakur ok
@@roythakur to the person programing this bot: your bot is obvious and you're doing a bad job. No human posts about Ukraine this much on a video not about Ukraine.
Canada sold much of its housing to the Chinese, as did NZ and Australia.
JT wants to double the population of Canada with the 3rd world before building homes fore them.
This is also happening in the smaller cities. The rents are absurd, the only way to make a living in Portugal, is to be rich or to live with your parents.
My Country is essencial trying to replace the housing owned by the locals and replaceing them with forgeiners
I've traveled a lot, and I've found that a place without a strong local manufacturing sector is always economically unhealthy.Portugal needs to attract more investment in manufacturing.
That has been the Achilles heal for Portugal for a decades. Instead of focusing on the productive capacity and diversification of economy, we are over-relying on an economy of services, and tourism specifically. Rise of poverty, and destruction of the middle class would always be the end result.
What are you guys TALKING about? Do you know the EU regulations, and what they allow an individual country to focus their economy on? Portugal can't even export their own oranges.
I lived in lisbon from 2017 to 2023 and what i saw was the gentrification of the city via higher rents and higer general prices.If before the city was livable now I would not return unless i got a very high salary.Its becoming a San Francisco 2.0 and i would not be surprised if criminality will spike in the next years there
the problem is more noticeable in the big cities but there is also in small cities all over the country and those are cities that are not a tourist destination. The excessive tourism doesn't help, of course, but the most important problem is that people don't want to rent their houses, they prefer to have the house abandoned then to rent it because of two reasons: -Number 1 : taxes are too high for landlords and it doesn't payoff in many cases to rent it because most of the old houses are not totally legal and they have to pay huge amounts of money and it's a waste of time and money, and now you also have to pay to have an energy certificate. Too much of a headache and in the end you have to pay almost 30% of the rent in taxes. -Number 2: the law is in favour of the tenants, there is many cases of tenants that don't pay for months, that destroy the house and the landlords can't do nothing because the law is in favour of the tenants and landlords always loose. -Bonus Number 3: Excessive migration to Portugal and social aids. There is municipality programs that offer low taxes to landlords in favour of low rents to help people that really need it. However they actually don't rent to people that really need but to people that are not very polite and live (by option) with the help of social aids and only want to create problems with neighbours and are most of the time criminals, "ciganos" is one of the many ethnicities that this practices are normal among them. As a result, landlords don't apply to those programs and are afraid of renting to those people because they never see them before the contract is done, the only people that they see is the well dressed municipality employees who pass themselves off as interested tenants. The problem is political, socialism has the idea of taking the money from people that work and giving, rightfully, to people that can't work and have real needs however in the process they also give the money to people that don't want to work because they know the country will help them, regardlessly.
You're absolutely right. My grandmother has had houses shut down for years because renting them many times is more trouble than it's worth, as they're located in a poor area.
I was with you on the first two points.............and then you predictability boiled everything down to migration. It's like people can't live without scapegoating their problems on people from different cultures. And also on basic "left right" bs. You are basically saying socialism doesn't work........even though the most advanced european countries (nordic ones) are socialistic in nature.
@@jeanjacqueslundi3502 So I pointed 3 reasons being one of the three migration and that means that I boiled everything down to migration? Maybe you need to read the other two points. And yes there is a problem with illigal migration in Europe. Of course we need migration because countries develop and it reaches a point were the national population doesn't want to do certain kind of jobs (construction, cleaning, etc) and we need migration to fill those needs. However what is happening is many illegal immigrants come here in search for engeneering and office jobs, we don't need that, we already have plenty of workers to do that. Also we don't need immigrants that come and stay 20 people in one apartament and receive social aids without helping the economy and with completely different cultures when it comes to law, hygiene and social manners. I get your example with the nordic countries but you have to take into consideration that the parties in those countries may be wrongfully identified as social parties but their policies are central, not left. Socialism doesn't work, it can be good for electoralism because it's the easy path to being a well paid politician and make connections, they say what most people want to ear but not what is the best for the country because most people aren't economists and you can be sure that economy is everything because sooner or later it will impact the well being of the population. Please search about economy in socialism and it's effectiveness, also search about if nordic countries are really socialists. I also don't support the only left or right perspective but it's easier to have a right government and convince them to have some left policies than the other way around. Unfortunately Portugal is very late to this change because portuguese have to vote right and suffer for some time to pay the debt and create a more efficient and productive economy, that takes time and effort from the population and they don't want that, they prefer a government that doesn't do anything in the long run but gives fish to the poor instead of teaching them how to fish.
When she said $300 euros is too much for rent, I was confused but then she said she’s a nurse making only 760 euros a month….. how is that even possible? she makes less than $10,000.00 US dollars a year as a nurse?
welcome to Portugal
The problem is exactly that, when we had our own currency things were working fine, then came the euro, and then americans with their inflated money willing to buy visas and propriety in Portugal. The poor obviously can't keep up with such an inflated economy, an economy based on speculation rather than real value. I think the U.S completely destroyed the fabric of the world.
@@danielcaldwell1110 Correlation does not imply causation. Things were fine when we didn't had the euro, because we also didn't had the many idiotic policies, like the golden visa, that we have now.
@@danielcaldwell1110 The Euro isn’t the cause. We have the same issues here in Costa Rica with American expats and rising prices. And we definitely don’t have the euro.
@@filipe5722 We also had a lot of industries that unfortunately are now private, or most of the shares are under foreign investment firms. PTcomunicações for instance. The others have their headquartrs in tax havens like the Netherlands and pay no taxes here in Portugal while retaining millionaire profits. Galp, Pingo-doce. That ruins most of the profits the country could make to develop more infrastructures.
Yes, I suppose a country that does not allow to build up, has almost no high rises, is drowning in bureaucracy, permits for renovation that take 3 years, bureaucrats that don’t work but can’t be fired, the government and political parties that own thousands of properties (in Lisbon 400,000 houses! Are abandoned and in ruins) which lie in ruins throughout the entire country… well I suppose that will create some problems!
Exactly! It s insane! Also if you rent as a landlord the tax is 30%,of course the prices go over the roof now with inflation and demand. The lack of strategy, corruption, high taxes etc make me want to move. I work on a PT salary and I can't even afford a studio. Also sad to see in many places the historical buildings rotting while new random buildings built without sidewalks at least.
Yep, the solution is to build more housing and build up.
Please refrain from talking about a country you know nothing about.
@@JoaoSantos-ur1gg what did she say that is not correct? I live in lisbon and completly agree with her, our contry is invested with abandoned buildings, doesnt even look like a european country, and at the same time we have a massive housing shortage! ts ridiculous.
@@marioferreira7605 What does "look like a European country" even mean
Same in London 😢😢😢
This is happening all over the world.. Portugal is not an exception..
That doesn't make it any less of a problem...
@@barbararamalho7882 no, I didn't say that..
Not really. It's not happening in Venezuela or Haiti.
I live in US , and I met alot of people from Spain and Portugal that moved to US . No jobs over there , both were accountants and getting paid pennies in Portugal and Spain
Well, Portugal from 60s, 70s isn't the same country of 2023, despite we are being a poor country, the quality of life is huge here.
😂 The amount of money they make over there means less than nothing. They move here and make more sure, but now they have to own a car, deal with our Expensive terrible healthcare, and work until they drop dead.
Sad to see the locals are unable to find affordable housing
i stayed in a rental flat in lisbon and the owner own140 properties available only for short and mediun term rental contracts.
When was for first time in Lissabon 1 month ago, i was totally surprised of how many derelict empty houses there are in the city. There was not a street with at least 1 building totally vacant. Even in touristy areas. And thought Porto was worse. Lissabon even much much more. And the rents and prices are really high when saw them on real estate agencies when on walks around the city.
Portugal has very archaic and complicated inheritance laws that cause properties to sit abandoned
The current government proposed a law in which the government would pay the owners of vacation properties rent at "market value" and do repair work, under the condition that vacation properties should be rented at "affordable prices". So basically the new tenants would pay a part of the rent while the government would pay the rest. The political right called that "communism". Imagine thinking that paying property owners is communism. Oh well, I guess the political right isn't smart anywhere in the world.
The worst part about the whole situation is that the Dominican people can’t even use the beaches anymore. They are all private now.
😰😰😡😡😡😡😡😡😡
Also in Portugal. Everything is private, beaches and forests too.
Not just D.R Everywhere these greedy mafias are making life harder for citizens.
That is just criminal
same in Turkey, everything for tourists and rich locals now
This interview doesn't go to the depth of the problem: speculation (insurance and other companies) buying in 'bulk', after evicting residents that have lived 10, 20, even 30 years in a flat. 75.000 Lisbon residents were forced out in the last 10 years. The population of the city is half a million (not including metropolitan areas, but those are not attractive to tourists or speculative funds. The municipality didn't enforce any regulation. There are no bounds, everything goes! Some of us (I was born in Lisbon) almost hope for another major incident (epidemic, small earthquake) to scare tourists away. We would suffer as well, but not as much as we are suffering now. Poverty kills as well!
Same in Ireland as well.
This is not only in Lisbon, is in the whole Portugal, also Madeira Island, certanly other countries like Italy that suffer from this problem generated by the overtourism, the problem is the corrupt politicians that are the one who have major profit of the income of tourism, don't admit that the country had this problem they simply don't take overtourism as a problem because is profitable for them. Greed greed greed. Iam portuguese living abroad, when people tell me "oh you come from Portugal such beautiful country " I say at first "yes beautiful country, the landscape, but living there is mentaly exhausting to see a band of corrupts destroying the country"
this is a common issue in all major touristic cities in Europe like Paris and Milan - the rent is sky high while salaries (like in Italy) are dragging way behind
The worldwide housing crisis has to be dealt wit/fixed from within governments of the countries it's happening. This has been a problem that's been in the rise in countries where the buck goes farthest for example Portugal, Mexico, Colombia, Greece, to name a few. Tourists flock to such countries and many become residents later on because they can work online from a "cheap" residency. The bigger problem here is that locals get gentrified and basically kicked out of the areas where generations of their families grew up... realtors and owners don't care, cos someone else will rent. It's a displacement crisis more than a housing crisis, in my humble opinion. In my hometown high-rise residential buildings have been popping up indiscriminately and without any regard of for locals and ignoring the lack of infrastructure high-rise residential buildings cause, i.e. water, plumbing, traffic parking space, bottleneck jams, sewer system, etc. As I stated before, it is not up to the owners, but up to the governments to stop this, cos owners will only push the prices up in their own selfish interests and TAKE their profits out of the community.
But governments are not stopping it because real estate makes up a good portion of the country's GDP plus they're making money from property taxes, high land values, taxes on housing sales, building permit fees, etc.
Portugal needs to learn from dubai
It’s all been planned for a long long time
Os promotores imobiliários, quando se falou no fim dos vistos gold, entraram em pânico
@@sandraalmeida5358 Mas vão na mesma buscar o seu quinhão ao estatuto do residente não habitual, que também não paga praticamente impostos...
The housing crisis is everywhere, people everywhere in the world are struggling with housing, big companies are buying everything and making higher rents then ever before. A lot of people are going homeless from Canada to Chile, from Portugal to Ukraine, all western countries are passing through the same. The westerns countries are in big trouble.
Locals prefer selling to foreigners instead to other locals. Reason is that foreigners usually pay cash and locals need mortgage and the approval needs some time and additional documents.
It's really shocking how you turn a very complex problem into a scapegoat mentality. Really? "foreigners" typically pay cash? What foreigners? The ones from Brazil and Capo Verde looking for a better chance for their families? The ones from Eastern Europe where salaries are half the Portuguese ones? The foreigners coming here with 3 kids that can't afford rent? What foreigners, exactly? The incredibly small minority of high-income remote workers that typically only stay for a couple of years? Really? That 5% is what's destroying the country? Oh please.
I moved to Lisbon last year for work (not a digital nomad!) and it is insane, within city limits a studio started at 900-1000. I rent a nicer apartment, and while I earn really good in Portuguese standards, it is really on the top of my budget. With the salary options you have here it is unbelievable that something like Frankfurt is more affordable...
for me going on holiday in Nice, dubai, monaco is cheaper then to visit the poor Portugal - but i love the local people and the country but i wonder if I ever come back as a tourist. i doubt this
For those who don’t the real reason, here it is: THERE ARE 90% LESS HOUSES BEING BUILD PER YEAR THAN 10 YEARS AGO. Gold visas, airbnb and investors are not the problem, the problem is the government with slow processes approvals for construction, high taxes in construction and high taxes for landlords!
Exactly.
Problem is also that hinterland Portugal is almost empty and everybody wants to live on the coast.
Population has been shrinking over the last decade. Lisbon had 800 thousand people in the 80s, now it has 500 thousand people.
golden visas didnt invest nothing to the benifit of a country. none of them invested in businesses, or housing. they all built multi million vacation homes and counted that as "investing in the country". but thats the governments fault
I finished college in Lisbon this year and I am moving abroad because I hope I will find something better to live in. I feel bad for the older population that do not have the option to move abroad... I am only thinking on returning to Portugal when I am on my 60s to retire because Lisbon is the best city for that if you have money
Don't do that. Better to enjoy it now, it's the same story everywhere. The system will collapse soon
@@realfreedom8932 He should do that, I did the same. Graduated from Lisbon and moved to the UK last year, most places in Europe as not as bad as Portugal right now. Average salary for my job in Portugal was 1200, the average rent in lisbon is nearly 1400. We cannot live like this
@@prooheckcp and you're still paying high rent and can't save much. No point
@@realfreedom8932 what are you on about? I'm literally saving about 1k pounds per month. In Portugal I couldn't even save 100 euros per month
@@prooheckcp lol...after 100 years you will have saved for a 🏠...wake up man
This happens everywhere. The gap between rich and poor is getting bigger every year.
Im from Porto ( second large city in Portugal ) and the prices almost doubled in 15 years. So a single person with minimum wage as no chance to rent an old t0 (apartment without 1 room).
Lived in Lisbon for 2 years and before Ukraine war it was still okay to find a good flat, but after the events it gotten worse. A lot of people from Ukraine and Russia were paying more money in advance, not suprised that its now difficult for locals to find a place.
As a local I can point out the main culprits: Started with Golden Visas , then Airbnb. Also very few affordable construction for middle classes like in the 80s and 90s. Cherry on top, high demand, low offer . In half dozen years the perfect storm. Golden visas are suspended. Airbnb the same. But I'm afraid it was to late. New construction needed for middle class urgent.
Are you ignoring the *Golden Visa Program* was created because of country's SHRINKING Population? What was better solution?
This is happening all over the world, not just in Portugal.
not in Brazil.
Not exactly . The transformation I see in Lisbon in the last 2-3 years is BRUTAL. I cannot even explain how the city changed in such a short period of time.
@Miguel Coelho Lisbon, Portugal is very popular with people from around the world. I know of two Americans who have moved there. The rent will increase.
Ok. This video is about Portugal.
@bmoney28 If the video is only about tiny Portugal with its tiny population, then put a disclaimer that only people from Portugal should respond in the comments section, dim-witt.
The major problem is with the Golden visas. It has to do a lot with digital nomads from US and Canada, who live in the city tax-free or invest in buildings with dubious start-ups. They are paid in US, and Canadian money, so 1500 for a small flat is nothing to them. But for locals, it is an insane amount. Then many owners give their apartments to start-ups like this for management, targeting only the rich. Last year was already unbearable -single rooms were rent at least 500 euros. Now the rent for the same room (literally) is 750 (50% increase). This money is under no circumstances legal. It seems like a huge mafia money laundering project. I hope it soon collapses.
The biggest problem is the unwillingness to solve the problem from its roots and demolish abandoned buildings and build more housing. it is easier for the ones in power to simply pretend they are solving the problem while keeping the ones that profit from this crisis even richer.
@@marioferreira7605 Its not that simple, abandoned buildings have owners. They are vacant, because they cannot afford rebuilding. Unless you are for expropriation.... and then what?
Golden Visas are not part of the problem. To get a golden visa you had to buy a property of at last half a million. People that buy a property worth half a million are not the same people renting for 1500. The people on a golden visa are not buying anything the regular middle class person was ever going to buy. Hating on golden visas is just the typical Portuguese hating on the rich bs mentality that made the country poor, and that will keep it poor.
@@knightheaven8992 cities have the authority to decide zoning, building code, rent hikes and occupancy. City gave permission to build on land 300 unit apartment complex. It was built but it does not honor the principal agreement of the permit - housing people. Also owner may pay the city taxes, but city will receive so much more if it is supplemented by living tenants
very true and people and portugese living abroad buying up the properties too.
Tourism is not the biggest problem, one of the main ones is the fact that as a foreginer you can just go to Portugal stay for years without paying taxes, advantages to those that already have more money than most in Portugal. Its super attractive, so many many many moved to Portugal. The offer of properties is far below demand, increasing prices a lot, to levels that most Portuguese cant afford. Republics are outdated, having a single party ruling a country. I don't have the answer, but one should be searched for. It will not get any better, anytime soon.
I'm portuguese and I have to say there's another problem that wasn't mentioned here: public transportation!! Portugal is a small country and it would be easy to connect major cities to smaller towns with many fast trains, allowing people to have decent lives, further away from the major cities, also allowing the growth of smaller towns. But reality is way different: either you own a car and spend hours trying to get to the center of the city... or you'll have to live in the city, with your parents or sharing an apartment with other people. Portugal could be an amazing country... fair to its people, turists and new residents from other countries. But it's like everywhere else: money rules.
ssoo true thank you for being honest
How Heartbreaking. It’s not right to expel the most productive people in society. Very unfair
They didn't say that most expats that work remotely pay less taxes than we do. For example, an American that earns €3k/month (gross) pays less IRS (20%) than a native worker that earns €2k (gross), which pays almost 21%. But the gap gets bigger as salaries increase, so, an expat with a salary of €10k will pay the same 20% IRS while a native worker with the same gross salary will pay 35%.
@@njsfer Not only that. In the Azores some US citizens go as far as declaring poverty, keeping all their money in the US and living off the Portuguese system basically 100%.
@@njsfer I'm not sure regarding that 20% fixed income tax for Americans or foreigners in general, but yeah. It's extremely easy for the income tax of nationals to be greater than expats.
I live in Lisbon and work in a public hospital here, so I feel part of the people who are struggling with this. One issue is Portugal had a visa scheme that attracted many foreign investments that went mainly in the real estate market contributing to housing proces to rise. Another factor is the immigration from rich Eu countries- UK Scandinavia France - in which people move here but maintain contracts in their original countries and have a much stronger buying power. Plus we now have a lot of immigration from the US again with a much stronger economical power then the locals. All of these factors led to what I can only call ridiculous increase in housing costs. The market seems to have calmed down a bit, but will it last? I am worried..
golden visas dont get to 2% of the market and there are 60.000 american home owners here. as much as i dislike both, they are not the main issue here. almost one hundred years of controlled rents w zero public investment in housing and a very quick and extreme liberalization of the market got us here. it's like a pressure pan - if you keep the lid on for long, when you take it out it will burst, maybe even explode. that's what happened to us.
@@joaomgb all true...
I dont think this is because of golden visas ( that is a small minority), but more like the tax benefits foreigners do get for 10 years of so, after moving here. basically they pay zero tax for that period while we Portuguese have to pay almost 50% in some cases.
@@knightheaven8992 it's the cumulative effect of all this..
I don't blame the tourists and I don't blame people trying to make money. I blame the government for being completely useless, as usual. From "gold visas" for digital nomads to the ridiculous lack of legislation in regards to airbnbs, this bubble we're living in is not a happenstance. It has been devised by those in power so they can make more and more money with no regards to the locals' rights.
"You will own nothing and be happy". The housing crisis has become a global problem. I still don't understand how people can be happy being slaves.
It is interesting that this is happening all over the world. I live in South Florida in the United States and prices are becoming so expense here that many locals are also moving out to cheaper areas within the US.
Back to basics: Supply is not meeting demand and therefore prices are rising. Why is supply not growing? Are investors not willing to make money? It would seem more likely that laws and regulations are not friendly toward building more housing. That happened in San Francisco and New York. Change the laws to allow supply to increase instead of shooting yourself in the foot by disincentivizing economic activity by killing Airbnb and Tourism in general.
Government meddling making things time-consuming and costly ensuring that only the richest of the rich can supply.
Sadly this problem is happening everywhere in the developed world yet the local politicians and councilors aren't doing anything about crazy rents 😢
Because they make money from property taxes.
It is incredibly difficult to find an apartment in Portugal, even in the interior areas. I spent almost a year looking for a decent apartment at a decent price.
I saw apartments without windows for more than 300€, without a single window.
@@sergiopetternella Cringe.
Portugal told its skilled construction industry workers to emigrate, now they want to build but those workers won’t come back because they get paid well where they are.
We already had waves of skilled Ukrainian workers here two decades ago.
Also in other countries if you work to death your income increase a lot, here even if you kill yourselves working the pay increase is minimal .
You can thank that to Salazar 2.0 Passos Coelho. He told portuguese youth and skilled workers to emmigrate. That's why we're swamped with low value immigrants.
From what I heard, only properties that have not been occupied / rented for over 2 years will then be rented to Portuguese at low pices. I think that's fair enough. If you can let your property sit empty for two years, you do not really need the money, obviously.
It's not going to help. This is a deeper problem than idling housing. The EU and the USA have been printing money for decades and it's now time to pay the price. It's going to be an economic collapse
@@diegoflores9237 I agree. Inflation is out of hand and will destroy everything, because of Money Junkies.
@@diegoflores9237 Where is that printed money? Because I can't find it in my bank account.
They will be rented at low prices but the government will pay landlords the "market value". So in the end it's a policy can may benefit lots of tenants but will also benefit landlords.
@@JoaoSantos-ur1gg Well, those landlords prolly charge tourists a lot more than they can charge the Portoguese; however, what I said still stands. I think that's fair enough if your property sits empty.
I always travel to Portugal at least for 2 weeks every year because I love this country. What i have noticed in 2019 I paid X amount of money for a 7 days stay at hotel in Lisbon this year I was shocked to see the price jumped to 2.2X for the same hotel room (June 2019 vs June 2023) I currently live in Switzerland and have few Portuguese friends here and they said more and more their friends moving to Switzerland. I can absolutely see the reason behind that. Renting prices skyrocketed, average salary can't keep up with inflation, very high taxes (here in Switzerland someone who earns around 100k CHF/EURO pays only around 7-8% income tax) That is very sad how living standards goes down for local people in Portugal :( Travelling there every year for a decade you can immediately feel the difference only by speaking with local people...
It goes down for everyone, espec for me as a tourist - I even considered to decline and cancel my visit - and now I have witnessed the new situation with my own eyes. and experience . I wish i had canceled the trip. almost I did. Of course it is not about the country/weather or the people/culture. How greedy speculators with money destroy destroy everything for every one...
@@keepcreationprocess was it that bad? tell something more. I fly to Lisbon next Tuesday
Being from Lisbon, Portugal, at 23 years old, I'm still living with my parents. With this housing prices locals can't afford buying houses or sometimes even renting...
You will never leave your parents' house because we are the 1st generation to live worst than our ancestors.
One solution for this Like Spain did that , blocked AirBnb Services. That is all you need it.
Same is happening in Valencia, Spain.
The translation actually its not accurate. Most housing in Portugal don't have any insulation. The prices were rising so you could sell houses for 500k or 1M so you could get a golden visa. Even apartments for 300k if you justify an investment of 200k. The problem is not a lack of housing but to manage the housing we have. We need to be more strict with people that live in Portugal, they should generate work or work for a better economy, not only to freeze our society as an asset /property/ for foreign investment. If we have a minimum wage at 740eur with a ridiculous high taxing, apart from one of the highest energy costs in europe.
This is happening everywhere, not just Portugal
I have heard citizens complain about high housing costs in so many different countries, US, Canada, South Korea, China, many many more...... Why is there a housing cost crisis all over the entire world! It's insane!
@@jordantiller because people's greedy
But it is amazing the press not talking about it don´t you think so?
@@jordantiller because real estate has became the prime investing method, the main destination of free capital. both large funds and smaller investors like to choose real estate since even in case of heavy recession, the building is still physically there, and rent/airbnb is a very steady income. where i live, i know lot of people who own 3-5-7-10 appartments and live off from that. and after a few it becomes ever easier to buy another one then another one, while pricing out people that just want their own place to live.
@@anasttau9908 dude you are literally commenting this under a large media groups report. housing crisis is something everyone talks about, its not a secret, stop pretending this bs" they dont ralk about it"" strawman.
I feel for them.
The biggest problem its how much the gov tax people, if a property owner pay 28% of the monthly rent, and the interest rates going up what are you expecting, owner's will put it up the rent... This is not foreign investers fault its the corrupt GOV fault. The Corruption is the Cancer of this Country.
going up all over the world. Here in the US the place I am in was about 800 3 years ago... now its 1881!! and continues to rise.. all about greed... nothing else...
Dang that's steep! Mine went from 1.9k to 2.1k.
A small 1 bedroom in a town 60 miles north of San Francisco $2,450 a month.
If only the apartments in Portugal were built to worth €300k. It's not the quality you find in northern Europe for the same price.
Funny ... I'm Portuguese living in Switzerland in a 2019 apartment and I can hear my neighbours pooping. Never such thing happened to me in Portugal, specially in a new apartment.
@@Daniel88santos im a portuguese also living in switzerland, in my experience apartments in switzerland are way better than the ones in portugal, not even close. very suprised by your comment. i think you have been too long here and forgot how portugal is hahaha
Biggest land owner in lisbon is the city hall. Everyone blames private sector who happens to benefit the hotel lobby. San tomense people's should be specially helped due to the relationship between the countries. With all this info u do ur conclusions.
In the Netherlands it is also horrible to get an apartment, either you want it for rent or you want to buy it.
Housing crisis is an urgency in many many countries. I'm not surprised to see this about Portugal. I met an elderly couple last year on a trip to Costa-Rica, they were from Italy, they told me they lived better with a rent they can afford over there. It's the same for a few elderly people from the US who moved to small towns in Mexico or Latin America. People are migrating all over the world these past few years in search of affordable housing, food and medical costs. It's just sad all over.
Housing crisis in Canada also
Government in power is so greedy . I was living on a bed space in Lisbon back in 2021 the rent was only 80 euros per month in the middle of city and now it's 300 euros .