Portugal to Stop 'Golden Visas' and New Airbnbs

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Portugal is taking measures to address its housing crisis and improve housing access for locals. Prime Minister António Costa announced new rules, including a ban on issuing new licenses for short-term rentals, specifically targeting platforms like Airbnb, in cities and busy areas. Additionally, Portugal's "golden visa" program, allowing non-European Union residents to obtain residence by making substantial investments in the country, is being terminated. Since its inception in 2012, the program attracted over $7 billion in investments, contributing to a surge in housing prices, particularly in major urban centers such as Lisbon and Porto, leading to housing affordability challenges for locals. Property costs witnessed a remarkable increase of almost 19% between 2021 and 2022, marking the most substantial rise in over 30 years.

While existing golden visa holders will maintain their visas, renewals will hinge on utilizing the property as a permanent residence or making it available for rent. In addition to these measures, the government plans to lease empty properties from owners for five years, introducing them into the rental market. This initiative aims to address the issue of approximately 48,000 vacant homes in Lisbon, as reported in January 2022.


1- What is the impact of the "golden visa" program on housing prices in Portugal?

2- What will determine the renewals of existing golden visa holders, according to the passage?

3- What issue does the government aim to address by leasing empty properties from owners?


You have completed the comprehension questions. 

Parts of this lesson are based on: An article Engoo Daily News.