Portugal's Housing Crisis Intensifies as Prices Surge, Sparking Protests Over Inequality
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Housing prices in Lisbon have skyrocketed, rising 5.8% in November to record levels over €5,400 per square meter, higher than Milan, Madrid, and Berlin.
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Portugal attracted wealthy foreign home buyers with incentives like the golden visa program, but is now trying to halt the buying frenzy with measures like ending the visa program.
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However, due to high demand and extremely low housing supply, Portugal's attempts to rein in prices are having little effect.
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The housing crisis has put home ownership out of reach for many locals, with increasing inequality sparking protests in Lisbon and cities across Portugal.
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While Portugal aims to increase affordable housing and end some incentives, factors like the country's climate and lifestyle will likely continue drawing foreign investors.