Amidst a tense relationship with high net worth immigrants, Portugal finds itself at a crossroads after scrapping the popular Golden Visa scheme last year. The decision came amidst growing concerns around housing unaffordability for locals, but recent data shows this didn’t stop foreign direct investment (FDI), half of which came from real estate purchases.
However, a significant gap between rental prices and salaries has still affected affordability.
Housing market issues seem more connected to low supply rather than foreign ownership, questioning whether barring foreign buyers will alleviate Portugal’s housing market strain.
My Take…
This problem is happening all over, not just Portugal. Medellin in Colombia has a similar issue.
Let’s not forget, plenty of locals are profiting from this situation.
For more details click on the link:
https://fortune.com/europe/2024/05/01/golden-visa-chasers-helped-pump-4-2-billion-into-portugal-last-yearscrapping-the-scheme-probably-wont-help-locals-get-on-the-housing-ladder/
