I have several friends in Lisbon who are being told their leases will not be renewed because their rentals are being converted back to Airbnb’s. That’s a massive problem here. Way more than the GV apartment sales.
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Air Bnb has ruined housing everywhere.
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Airbnb is just a way for the tourist demand to spill over into residential housing. Gotta build enough that both markets have enough supply
I will say, having looked into it Airbnb makes way more sense in Lisbon compared to long term renting. Higher rents, and much much more favorable with respect to tenant protections and such.
If Portugal relaxed their rental protections you’d see more people offering housing on the local market rather than Airbnb but I suspect they’ll just pass some sort of law to make renting on Airbnb harder or less attractive and everyone will lose out
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They already have. You need AL licenses to rent your property short term, including AirBnB. ALs are issued by the local camara and subject to the will of the local residents. No new ALs are being issued in various neighborhoods in Lisbon for this reason - the locals are tired of their neighborhoods being filled with tourists and are simply blocking new licenses.
Whether they are “losing out” depends on whether one is measuring the value solely in money. Clearly the locals feel the cash value to them is not as high as the value of not being surrounded by tourists. If that is what they want, then so be it.
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This news just in a few hours ago - Ireland has closed its Golden Visa programme with immediate effect:
Thursday will be a big day for any developments on Portugal’s GV in all likelihood.
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Interesting. Thanks for posting this. I think it is not looking good for the Portugal GV going forward.
Any update on this yet? I’m closing on a property soon and really hoping I make the window to apply…
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An update just released. Golden visas to end (effective immediately it seems). Those with golden visas cannot renew unless they own or long term rent the property. We need more clarification…
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Yes, just saw the report. I imagine there will be tons of lawsuits by those who already have the visas but now can’t renew. How can they just change the rules after so many people have made such large investments?
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Where is this report please?
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How would this affect those with fund investments?
Source?
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This is a real roller coaster! We still need clarification on commercial RE (hotels) and funds. How does this affect those in the system already and the long waits for approvals?
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I hope a lawyer will give opinion about this. But I suppose that the prime minister is purposefully vague today and the details will be sorted out later in Parliament when the rules are debated and passed? The party has absolute majority so I think it is certainty that some form of these proposals will be passed.
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From an english speaker’s perspective, the legislature does seem to pump out legislation pretty quickly, or out of nowhere. But perhaps I’m just missing the sausage making which isn’t reported in english.
So hopefully we see the actual law soon
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This does not seem good for anyone involved in PGV including active temporary holders. My wife flew to Lisbon yesterday and arrived today to open a bank account tomorrow AM. I’m sending her home as we were just starting the process and have not applied yet. Yikes.
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From the article:
Foreign real estate buyers who wish to renew their existing golden visas will only be eligible if their properties are used as their own home, or if these units are placed in the long-term rental market, he said.
Sounds like rental of the property are still okay as long as they are not airbnbs.
I think this is not surprising after the Ireland decision earlier.
Wonder how this impacts those with pre approval.
We will have to wait until the law is issued and some lawyers interpret it. Hard to figure out information from a press conference.
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It seems strange that D7 and D8 holders are not addressed as those are putting a much larger strain on the housing market, at least from what I can tell.
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Can anyone comment on the mechanics of what would have to happen from here, to turn it into law? Just trying to get a rough sense of how quickly these things could actually come about
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