How Lisbon made itself irresistible to tourists – and became the least affordable city in Europe | Agustín Cocola-Gant

Tourists stay in short-term rentals and foreigners buy second homes, while residents of the city rent rooms, not apartmentsIn this series, writers discuss the causes of – and solutions to – the housing crisis in key European citiesOver the past decade, Lisbon has undergone a dramatic transformation – from one of the most affordable capitals in Europe to the most unaffordable.Between 2014 and 2024, house prices in the city rose by 176%, and by more than 200% in its central historic districts. The home price to income ratio, a key indicator of housing affordability, reflects this shift with stark clarity: today, Lisbon tops Europe’s housing unaffordability rankings. This trend extends to the national level. In 2015, Portugal ranked 22nd out of 27 EU countries for housing unaffordability. Today, it ranks first. In a country where 60% of taxpayers earn less than €1,000 a month, finding a rental below that price in the Portuguese capital is only possible if you’re willing to live in 20 sq metres – or less. Continue reading...

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