SAWT BEIRUT INTERNATIONAL

| 4 October 2024, Friday |

Thousands protest in Portugal over housing crisis

Thousands of people marched to the streets of Lisbon and other towns around Portugal on Saturday to protest rising rents and home prices, which are making it even more difficult for many to make ends meet.

“There is a big housing crisis today,” said Rita Silva of the Habita housing organization during the rally in Lisbon. “There is a social emergency here.”

Portugal is one of the poorest countries in Western Europe, with government data indicating that more than half of workers earned less than 1,000 euros ($1,084) per month last year. The minimum monthly pay is 760 euros.

Rents in Lisbon, a tourist hotspot, have jumped 65% since 2015 and sale prices have sky-rocketed 137% in that period, figures from Confidencial Imobiliario, which collects data on housing, show. Rents increased 37% last year alone, more than in Barcelona or Paris, according to another real estate data company, Casafari.

The situation is particularly hard on the young.

The average rent for a one-bedroom flat in Lisbon is around 1,350 euros, a study by housing portal Imovirtual showed.

Low wages and high rents make Lisbon the world’s third-least viable city to live in, according to a study by insurance brokers CIA Landlords. Portugal’s current 8.2% inflation rate has exacerbated the problem.

“With my salary, which is higher than the average salary in Lisbon, I cannot afford renting a flat because it’s too expensive,” said Nuncio Renzi, a sales executive from Italy living in the capital.

    Source:
  • Reuters