That's just market forces optimizing for supply and demand though, isn't it? Portuguese can't afford living in Portugal but other people can. It's more profitable to rent out apartments as BnB's for days than to tenants for years so that's where the market moves. Investors make more money refurbishing housing into luxury apartments so ordinary citizens get priced out of their homes.
You can either have a housing market or you can make sure everybody has affordable housing. But that means making housing a public good rather than leaving it up to investors, but this requires the opposite of the austerity that was imposed on Portugal during its debt crisis.
If you think that's utopian thinking, consider Red Vienna and its housing projects which continue to exist today and still provide affordable decent quality public housing in the city: https://en.wikipedia.org/wiki/Red_Vienna
You can either have a housing market or you can make sure everybody has affordable housing. But that means making housing a public good rather than leaving it up to investors, but this requires the opposite of the austerity that was imposed on Portugal during its debt crisis.
If you think that's utopian thinking, consider Red Vienna and its housing projects which continue to exist today and still provide affordable decent quality public housing in the city: https://en.wikipedia.org/wiki/Red_Vienna