Come on, it's nowhere near dire - it's expensive yes, like just about every other capital city - Lisbon is still way cheaper than Paris or London.
This poorly written rambling rant of an article has some valid points but no insight.
I moved to Cascais near Lisbon 5 years ago because of Brexit and yes property has boomed, like in many other countries but money printing QE is not just a Portuguese phenomena.
10 Years ago Portugal was a basket case economy (following the financial crisis) with many talented people moving abroad - now it's the opposite it's the fastest growing economy in Europe and Talent is moving here in droves. Of course the Tax and Golden Visa incentives to attract people have pushed up property prices but they have also provided many benefits.
Portugal is not densely populated Like England or Holland, even here in Cascais you see lots of unbuilt land or derelict properties. A major problem is supply side because of their slow and burdensome bureaucracy - it took us 3 years to get planning permission on a derelict property we bought for investment and we had to involve 2 architects and 5 engineers to get all the necessary paperwork in order, it's insane. Their job protection mentality needs to change towards a more dynamic job creation mentality - they need to reform their labour laws urgently to unleash amazing potential here. This would quickly solve the problem of low local wages. Many companies would invest here because of the incredible quality of life: great infrastructure, low crime, lovely climate, beautiful sandy beaches, quality food, the list goes on.
The average salary is quite low and those people are struggling a lot with their expenses and are completely unable to set money aside for a rainy day.
>even here in Cascais you see lots of unbuilt land
We have no intention of becoming a concrete jungle.
>Their job protection mentality needs to change towards a more dynamic job creation mentality
No thank you, please just keep your opinions to yourself, and honestly find somewhere else to go.
>low crime
Wrong, there's more and more crime, specially in Lisbon, Cascais, Sintra, and it's increasing in Porto and Braga too.
Specially on neighboorhoods with lots of "youngsters".
I don't think talent is moving in - at least in tech, there are lots of foreign companies opening offices and hiring local talent.
And for number two, it seems you're part of the problem the article mentions. You comain about how long it takes to work in a property you're INVESTINF in - but Portuguese people are struggling to afford property to LIVE in. That's the crisis, rich people investing in property makes it more expensive for poor people to own it.
I lived in Lisbon for a while. After expenses and a bedroom rent, my whole salary was spent, for a bedroom in a apartment shared with 3 other people. Many of my work colleagues lived in the peripheries and took more than 45 minutes to get to work, or more than 1.5 hours of daily commute. That's what the majority of Lisboets are being forced to, such that tourists and investors can have their happy lives.
This type of investment is causing lots of problems, and society should prioritize housing as a place to live in, not as a business to invest in. There are lots of other ventures for investors that don't ruin people's lives.
The property we invested in is derelict - it is not fit for habitation!
When we have rebuilt it it will be in great condition and available for a family to live in. Why is this investment a problem - do you prefer seeing many ruins?
I was complaining about the insane bureaucracy we have to go through, before we can even start rebuilding ie rents have risen because of supply problems and is not just a demand problem.
