EBN – Thousands of demonstrators flooded the streets of Lisbon and various major cities in Portugal on Saturday, protesting the housing crisis.
Protestors demanded the constitutional basic right to affordable housing. Furthermore, organised by civil society groups, protests were orchestrated in 24 cities nationwide.
Indeed, this marks the second major protest this year specifically focused on the pressing issue of affordable housing.
Escalating Rents Spark Rage
The protests are set against a backdrop of escalating rental costs and soaring interest rates, impacting households dealing with mortgages.
Amid this crisis, the profound impact of the climate crisis was also a shared concern among protesters in Lisbon.
The city, along with other parts of Portugal, has been grappling with unusually high temperatures for the season. Moreover, thermometers reached a scorching 32 degrees Celsius on Saturday.
Despite efforts by Portugal’s government to address the housing problem, protesters argue that the measures failed to address the issues.
They also claim that those issues are fundamental and profoundly affect the lives of many people in major cities.
The situation has led to numerous Portuguese citizens, including those belonging to the middle class, being priced out of the country’s property market. This is due to escalating rents, surging home prices, and climbing mortgage rates.
Foreign Investments and Housing Crisis
Furthermore, the phenomenon has been further exacerbated by the influx of foreign investors and tourists seeking short-term rentals. In turn, this has significantly driven up prices and displaced local residents from their communities.
Between 2020 and 2021, house prices in Portugal skyrocketed by a staggering 157%.
Additionally, from 2015 to 2021, rents surged by 112%, according to Eurostat, the European Union’s statistics agency.
These soaring figures starkly contrast with the economic reality of Portugal, as it is considered among Europe’s economically disadvantaged countries.
Slightly over half of the workforce in Portugal earned less than 1,000 euros a month last year, as per statistics from the Labour Ministry.
The protests reflect a growing urgency for comprehensive and immediate reforms in the country’s housing policies.
