Thousands rally in Portugal as soaring rents drive housing crisis

Protesters take to the streets, demanding affordable housing amid government’s €2 billion plan

LISBON:

Thousands of people took to the streets in Lisbon and other Portuguese cities on Saturday to protest against soaring rents and rising house prices, as frustration grows over a housing crisis that has left many unable to afford a home. Demonstrators held placards with slogans such as "I wanted to move out of my parents' house, but the rent wouldn't let me" and chanted, "Homes are to live in, not to speculate."

Rita Silva, a representative of the Fair Life movement that organised the protest, told Reuters: "The situation has not improved at all in the past two years."

Portugal's housing crisis stems from a long-standing shortage of affordable homes, which has been worsened by the influx of wealthy foreigners attracted by residency rights and tax incentives. Additionally, a boom in tourism has led to a surge in short-term holiday rentals, further limiting the availability of housing.

In response, Portugal's centre-right government announced a spending plan worth 2 billion euros (£1.72 billion) aimed at constructing around 33,000 homes by 2030. However, protestors remain sceptical about the effectiveness of these measures.

"Successive governments propose different policies and measures, but we see the housing situation continuing to deteriorate," Silva stated.