Thousands protest in Portugal over surging house prices and rents

29/9/2024 7:16

        Thousands of people took to the streets of Lisbon and other cities across Portugal on Saturday to protest against soaring rents and house prices, as frustration mounts over a crisis that has priced many out of the housing market.
        
        Rita Silva of the Fair Life movement, which organised the protest, told Reuters: "The situation hasn't improved one bit in the last two years."
        
        The housing crisis in Portugal is rooted in a chronic shortage of affordable housing, aggravated by the arrival of wealthy foreigners lured by residency rights and tax breaks. A tourism boom has also led to a surge in short-term holiday lets, further squeezing the housing market.
        
        Portugal's centre-right government has announced a spending package worth 2 billion euros ($2.23 billion) aiming to build around 33,000 homes by 2030, but the protesters are wary.