No. Remember that over 90% of the visas on record involve people having bought real estate. So it’s not adding very many people buying houses. And then, how many will actually do it, versus just bailing out entirely?
I’m sure the hope here is that most of those people owning houses will give up and sell, flushing a bunch more houses on the market. Maybe most Portuguese will not be able to afford them, but some will, and of course all the forced sales will lower prices.