During a public event, Portugal’s Prime Minister António Costa unveiled a set of bills aimed at improving the country’s housing market. The steps in the package will help alleviate the housing shortage in the country and expand the availability of low-cost dwellings.
The elimination of the “golden visa” programme, which allowed foreign investors to get permanent residency in Portugal in exchange for the purchase of Portuguese real estate, was a major part of the package. One of the main complaints levelled against the programme is that it drives up house prices and forces people to sell their homes. The government is worried that criminals have exploited the programme to launder money or engage in other illicit activities.
Tenants will be better protected from eviction and short-term rentals, like those found on Airbnb, would be better regulated under the new legislation package. The government is taking these steps in the hopes that they would alleviate the housing crisis caused by the influx of tourists and increase the availability of long-term rentals.
The new housing package is an attempt to alleviate the housing shortage in Portugal and improve the living conditions of its residents. Assuming the measures are passed by the Portuguese parliament, they will likely be put into effect in the next months.
Anyone who is in the process of getting their Golden Visas approved is strongly recommended to expedite the process anyway they can.
Scott Kirk is the owner of BuyProperty.com and the online community “Expats in Portugal Q&A” which helps over 80,000 members relocate to sunny Portugal. You can contact him directly at email@example.com with any questions or comments.