I WAS SHOCKED! What Lisbon Locals REALLY Think About Expats Driving Up Costs!
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- čas přidán 24. 07. 2024
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Our Rich Journey - I WAS SHOCKED - What Lisbon Locals REALLY Think About Expats Driving Up Costs! : More and more foreigners are discovering the beauty of Portugal . . . and a large number of them are moving to Lisbon! In today's video, I ask locals Portuguese people from Lisbon about their thoughts on increased housing, how much they pay in rent vs. how much they would need to rent a new place now, whether they think foreigners are to blame for the increased costs in Lisbon, what they think needs to be done about the increased cost of living in Portugal . . . and more! If you live in Portugal or if you're interested in moving (or even vacationing!) in Portugal, you must check out this video!
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for me as a portuguese this is the main problem: We live in a country with portuguese salaries, but our houses are on an international market.
There are many portuguese people living in higher paying countries. By moving there, they have increased the housing costs in those places.
@@mariaeugenia7599No, because most of them work in the low paying jobs in that country.
Nothing comparing to what happens in Portugal where this Americans earn multiple times the medium wage.
@@PureAlbania Not true. I lived in the USA( New Jersey to be exact) and Portuguese migrants did and do very well. Many of them successful business owners.
I agree (and I would like to move to Portugal also but feel bad about potentially being another expat). I’ve looked at the responses and I think that Portuguese moving out is not similar as they would move to countries that have higher GDP and wages so their impact is not as pronounced as people moving into Portugal with much higher earnings than the local market.
Just my opinion anyway.
@@nas0075 They literally colonized brazil and founded san diego California I say they did pretty well for themselves. ALL immigrants come up in America at the expense of poor americans so yea there that
As a Portuguese I will always welcome foreigners and be happy that they want to be here . We are nice it's our nature.
Come to Switzerland - everything is already expensive, so nobody will blame you for anything. 🇨🇭 😅
🤣 I'm not rich, but is funny to see this comment. Greetings from a Venezuelan in Chile.
I think these conversations are important, especially with locals. As an American with property we will retire to in the Algarve, I too feel strongly about respecting the norms of Portugal, and Portuguese locals. As a person born and raised in California, I am drawn to Portugal because it reminds me of much that was valued about growing up here; kindness, health, neighborly, social, a value for life and living it with a humble sense of self. So the perspectives of the valued locals is important to me and a valid, ongoing, converstation. Thanks guys...
Thanks for bringing your valid points and from what you are saying, you seem to be a honest person.
The cost of living has increased exponentially since we moved to Lisbon in 2021. In fact, the apartment that we rented for a year for 1700€ per month is now renting for 2200€. We ended up buying an apartment in Almada so we could ensure a lower monthly price than what we paid in rent. We had planned on buying in Lisbon, but between January-May 2022, the price increased so much that we could no longer afford Lisbon. Almada is currently a great option for people priced out of the Lisbon market and it's just a short ferry ride to the center of Lisbon.
The interview was great. I've talked to many Portuguese people about this issue and most of the ones I've talked to have said that they blame the government for the housing crisis. As you walk around Lisbon and Almada, you'll notice many abandoned or decaying buildings. Many of these buildings are owned by the State and they just sit there. The State could invest money in renovating these old buildings and then rent them out as affordable housing. There are many creative things that Portugal could do to help the local people who earn minimum wage.
The state is not construction companies, smh they can not do everything for the people, it is up to the people to take those same housing projects and develop them, hence there are massive amounts of funds available for the people to change their own communities which at the end of the day it is their responsibility. It is not the governments job to fix housing, water, electric and etc. People need to stop making the government into parents.
There is a labor shortage of construction workers in Portugal.
That man made a lot of sense - the interview could have been about Ireland, we have all the same issues at the moment, although with poorer public transport infrastructure.
I was in Lisbon last week and was surprised how expensive it is there. Restaurants, petrol and electronics same prices as in Germany. Pharmacy and drugstore was even more expensive. Real estate prices were also very high from what I've seen. The main station Oriente was full of homeless people downstairs maybe as a consequence. How can locals afford to live there with their average salaries?
We're the homeless indigenous Portuguese?
I can relate. I live near Orlando Florida and our prices have increased drastically. Not just from California and New York where people have had higher salaries but the entertainment tourism has brought in international tourists too.
My city to live forever is Cascais. I love the beach. I love the Country and I really like the people. I love it there honestly.
Great discission and THANK YOU for talking about the "Elephant" in the room or the foreigners (expat issue) and how it has possibly changed the local prices/rents. Really great video and gives me food for thought!
I'm so glad you made this video because this is exactly what I worry about as someone who wants to retire outside of the US. It's definitely been an ethical dilemma for me because I don't want my comfort and improved cost of living to come at the expense of the natives who live in the country I'd be moving to. I don't want my presence to make their lives harder or push them out of their own cities or country because I (and other foreigners) have made living there too expensive for them.
I know what it feels like to be pushed out of your home.
Even here in the US. I had to move out of the small town I grew up in because of mass amounts of wealthy people moving into the area and driving up housing costs. Our town was a rural agricultural village for most of my childhood, but in the last 10-15 years, it gained enough people to become a small city. Wealthy people started moving in from the big city we're close to because they wanted to live in a 'nice quite town' that was close to that bigger city, but with them coming in there has been a boom in housing development and all the housing is FAR too expensive for the actual community members that have lived in the town. In a town where homes used to be 100-200K, they're being sold for 400K today, and the new buildings being built are 600K and up!! Property taxes and the cost of utilities have also become astronomical.
So I don't want to do that to the natives of wherever I would move.
Well, if you don’t move, others will and the issues will still be happening. 😀
@@ruinunes8251 That’s actually a good point, Rui!
My sentiments too.
I think it depends, if you can buy a luxury house in Portugal with your money, that's fine, but if you want to save, and you prefer to pay a little more than the local market, for a normal house, that screws up our lives.
@@classicaltoon Yes, paying extra for no reason drives the market up. Although, I’m sure sellers try to get more out of foreigners and it becomes a vicious cycle.
Some 15 years ago around 125 000 new houses were built on average per year in Portugal. At the moment we are down to 25 000/year. This problem started way before the tourist boom, and THIS is the core problem. Everything else just piles upon this. And this is not exclusive to Portugal.
This is also true. Why are we seeing this problem? It’s the same story in the UK. I earn a good living and I’m struggling to get a house.
Why is there such a lack of house building?
I tottally agree with them. The issue here is not the lack of newly-built housing, but the lack of governmental investment on old flats and buildings that already exist. From the total number of empty properties in Lisbon, more than half belongs to the State! These numbers were on the news a few days ago. The government, who should lead by example, is doing everything but taking care of the State's properties. Furthermore, landlords find themselves in a very difficult place, since the law is often not on their side, so they either refuse to let the properties or they impose very strict rental conditions in order to safeguard their interests and prevent their properties from being damaged. As a local living in Lisbon, I too think that Portugal is a great country to live in and I'm happy that tourists, digital nomads and expats, come to visit and stay. It gives a wonderful multicultural, vibrant feel to the city. Unfortunately, it also puts some strain in the cost of living, but I think that's just a natural consequence that comes with it. The problem is that, again, the Governement, makes us pay way too much taxes and the wages are ridiculously low, at all levels of society, from teachers, to the police force, nurses, doctors, etc... and we can't keep up with the rising costs.
Thank you @OurRichJourney for another great video and for holding my city close to your hearts!
How about garment and footwear factory workers? Are they being fairly compensated? I’ve noticed that the French designer brand LEMAIRE has outsourced production for certain items to Portugal, and so have MANY of their competitors #madeinportugal
As a Portuguese, I don´t think the Expats or Nomads are the problem...the problem is our Income! The average Income in Portugal is 1200/1500 euros per month...the average! this means that there are many people earning 750/800 euros per month. We now see single mothers living in hostels with their children, all in ONE bedroom and having to use a shared bathroom...and many others living in tents in central Lisbon...
Great topic. I look forward to diving into it. Thank you for these varied topics.
These two are very compassionate and well-informed. Blaming and limiting tourists and travelers will not help the country economically or culturally. It is a very nuanced issue and has to be addressed by the respective governments as it pertains to infrastructure and the local economies.
Very intresting video!..but I am wondering if they would ever answer that problems are foreigners when a foreigner ask the question?😅
They are smart. Excellent interview. Thanks ❤Amon & Christina.❤Great job Sunoa!❤
If you want to decrease housing prices, increase the quantity of housing on the market.
This is Econ 101. It isn’t rocket surgery.
the cyclical problem is lower prices will attract more and more people, eventually you run out of space.
Exactly... More people would come. Economics 101
@@AngryVet44
No, you would reach equilibrium by reducing prices and changing the immigration laws to prevent non-Portuguese from purchasing housing.
There is only so much finite land. At one point it will run out and prices be more extreme as the decades go on
@@mikeyiorio1880
Take all the countries in the world. Put them in order of birth rate, from high to low.
Portugal is second from the lowest. It’s literally 8.5 births per 1,000. Niger is 49 per 1,000.
Indigenous overpopulation isn’t a problem in Portugal.
Here’s what I think: the flaw is not in the DN’s, it’s in the DN visa itself. (Speaking of the D7 here, since the D8 is so new.) The requirements include a signed 12-month lease, and I think it’s a big culprit. Housing is scarce for everyone, and so DN’s compete with other DN’s, deep-pocketed retirees, etc. They end up putting down huge deposits, paying a year’s worth of rent up front, even raising their own rent, all so a landlord will pick them. (Yes I’ve seen DN’s brag of doing all of these things.) I’m afraid I can’t blame the landlords for getting what they can, but it wouldn’t be necessary if the visa rules allowed people to come and stay in a short-term rental while they look for a place to live.
No doubt we foreigners are driving housing costs up. My wife and I moved to Lisbon in December, and rents had gone up 30% since our scouting trip 8 months earlier. Greed spreads everywhere. We had a conversation with friends who are looking at a €500. increase in monthly rent when they renew their lease. Folks considering moving here from the U.S. need to take a serious look at the insane housing increases. Yes, better deals are to be found in less coveted areas but these are also increasing. The Portuguese are very polite, they won’t tell you to your face that you are the problem but interestingly enough, when I play the Puerto Rican card, they are painfully honest about Americans coming. Foreigners are not the only factor driving up prices, but we are part of the problem, sadly.
The Madonna Effect. North Americans weren’t super aware of Portugal until she started living there. Is it a blessing or a curse? Depends on your point of view. It’s not just Americans that are moving to the country in droves. There are so many people in my community who have moved there or are making plans to move and retire to Portugal. I can’t help but wonder what impact this will have on the cost of healthcare and other services. BTW; I do not feel guilty as I have family connections to the country and am a Portuguese passport and identity card holder.
People are moving there to reduce their cost of living and expenses, majority are not moving their to pay more. Locals are charging more for properties because they can and own the property. Most locals are always attempting to blame external factors and the majority of the issue is locals charging a surplus and citizens need to be more active in creating more housing, the government does not build home, so it is up the citizens to make the housing they want or demand. Who else is suppose to take care of grown adults.
There are not enough Americans, moving to Portugal to impact their national house prices. That is a completely false assertion. Look at the numbers, they are published.
@@christobarWhy on earth people think it is just the Americans putting pressure on the housing market? Yes, there are plenty of Americans but they are not the only ones. It is not fair to blame just Americans.
@christobar I agree but no one cares about the stats as it's more interesting to include Americans in the discussion or list them as partly the blame. This has been discussed for several years now and every time someone suggests looking at the real data versus engaging in hearsay discussions, the latter wins because discussing how Americans damage the world is popular. Apply the top 5 countries listed in the factual statistics to this discussion and no one is interested in engaging the topic. Add the U.S. and everyone wants to discuss it.
Great interview. I'm looking forward to watching the rest of the series.
Me too.
Great conversation. Looking forward to this video series. Thank you. 👍🏾
This is a major problem for so many areas. Down here in South Florida i was an expat arriving in 2009. Last rent payment was $1450 for a 3bdrm/2bath in 2015 when i bought. Now you can’t get a 1bdrm for that money unless its in a very very bad area. Quite bad for a service/tourism area where the lower paid employees are needed in high numbers to support the machine, but where should they live!?
This interview was an eye opener. I've dreamed of living in Portugal one day and discovering your channel was a sign. I became worried when I heard about the cost of living increases there. But like you said, this is happening all over the world. I live in South Florida, the cost of living has increased dramatically here as well. I will be there for myself in November. Thank goodness I will be staying at a hotel instead of an Airbnb. I'm starting to understand the damage that they have been doing to local economies, here in South Florida too.
Who is making the damage? Air BnB?
People “feel” that Airbnb raises house prices, and in some micro localities that may be true. But the numbers tell a different story on the macro scale.
Of course it is contributing to the rising prices! They are just such lovely people they don't want to blame the expats.
What a fantastic interview. Thanks for sharing. Such lovely guests!
I would be curious to hear from older locals.
I'm a Londoner and the exact same narrative regarding foreigners buying property is being used to account for high costs of rent and housing so this is a common theme.
good job on interviewing,, you are a good listener and ask the right questions in the right way... my experience is that portuguese that don't speak english and many older portuguese often have a very different view of all those questions... generally the new generations are very nice and friendly and welcoming and open minded. ..
Great interview keep the conversation going, looking forward to the series of conversations.😎
❤❤❤The content. Thank you for the information!
Great topic! As a newbie digital nomad, I find myself thinking about this topic alot
We will never be 100% honest on camera. The situation is simply heartbreaking and Americans can’t possibly comprehend it.
I appreciate your effort for the video nonetheless.
Thank you
Americans can comprehend it because the same is happening to us. People from New York and California have found that they can get more for their money where I live. We're not going to be able to afford it much longer. Some people don't care, as long as they can get what they want.
Americans know this all too well, what exactly do you think it means "bring your poor and tired"
@@doz6521 Not the same thing. 🙄
@@kellyroyds5040 That’s been happening here where I live in California for decades.
The area I live in is very desirable, and although expensive, it’s more affordable for people from more expensive cities within and outside of CA. So, people come here with cash from the sale of their homes in amore expensive areas, bid up the prices, and the locals can’t afford to buy.
Same goes for rentals. Landlords give notice to long time renters to move so they can upgrade/renovate the place, then the rent goes up so high that it’s no longer affordable. Or, they just raise the rent until their tenant can’t afford to stay, then they rent to the new tenant at a higher price.
Expansion to other cities will take the pressure of Lisbon.
There are many great places to live in Portugal but people somehow mostly want be in Lisbon.
I do think rent control are about to be put in place and also remember, they canceled the Golden visa.
loved they answers!! and this is gonna be an awesome series !
Great video, guys. It’s so important the get the opinion of real Portuguese people, from different backgrounds. ❤
Thanks for this video 👍🏽
Wow, finally someone with the guts to speak about it and Oman not afraid to call himself a foreigner, hats off to you.
I think it is the first time I make a comment in this channel even though I follow you guys for a while.
Property prices? In my view, you need to see it from many ways. Nowadays AL or Alojamento Local (Air bnb) is a thing. The locals had many houses falling into derelict and then realised that there was money to be made with an air bnb and started refurbishing them which I aplaude them sincerely. It is not nice to see some old character houses falling into disrepair. Anything anywhere can be on air bnb as long as it looks good. I don’t blame whatsoever whoever takes the houses from long term renting to air BnB. Many many landlords in certain cases had to take tenants to court in order to have their properties back. With an air BnB, customer comes for a week or two and the house is again available, with more profit and without courts involved, no brainer isn’t it?
Expats and digital nomads, well, it is a fact that Portugal, Madeira and other European places have more foreigners and expats than ever before. They need to stay somewhere, don’t they? Is it that hard to understand that if demand is bigger than the offer, the prices will go up and up? However, to mitigate this, more housing needs to be built in order to bring the prices down because housing is a right of every human being and at the moment, people can’t afford housing with €800 per month.
Are the locals blaming the expats, foreigners etc? To a certain extent, yes. This is a new phenomenon happening in Portugal and in Madeira and they weren’t used to it. I don’t really care where the expats come from, I truly don’t. I have friends living in Madeira from America, Canada, UK, you name it. I deal with them better than with my own family. I’m glad to have them as friends. With good food, good weather, good wine cheaper than water, is it that hard to understand why they are coming to Portugal? I don’t think it is so and I don’t blame them. The thing is the locals are starting to feel the pain of not managing to afford housing and then some of these new foreigners live in their own bubbles not socialising whatsoever with the locals. I heard personally from some foreigners that the locals can’t say anything about the foreigners because some foreigners are bringing wealth to the country. Yes, some of the wealth they are bringing is going to the tax man’s pocket but when the poor local citizen can’t afford housing, do you think they will start to welcome foreigners with the open arms? Don’t be surprised if at some point you see fingers pointed at you because of prices are going up. It is a fact, and it is a matter of time. I have been through that for over 20 years, being a foreigner abroad. Are some of you offended with what I said? Possibly. I’m not politically correct. I say it as it is. I can’t wait for the rest of the series.
Well done Oman for these series. Next time in Lisbon I will buy you a beer if you have availability in your diary.
Again the locals are charging the prices, the international people are not coming to portugal to pay 3X above market price, you are being charge 3x in rent also, so everyone is getting took for the property. The end of the day does the Appraisal add up and majority of them do, most properties are not bought in all cash and most are not coming to throw money around "Some" but the same applies to local which are rich. Listen it is basic economics the demand is very high and that's the end of the story. Locals and citizens need to become real estate investors and build the developments they want with the proper returns they want for their effort to build affordable housing. Globally most people love to blame the government which is not a issue unless you are willing to place yourself in the same pot. The people are also not doing anything, those homes which were failing people walked by them as they went out to drink, dance or whatever for night. The people have ignored their own areas and lacked the co operation to build their own housing. The government is not GOD nor parents. So let's do it ourselves and stop blaming the government as if they are my daddy. We can place our funds together and build the homes, but let's be honest everyone has too much on their plate or too much netflix to watch
Thanks. I’ve been waiting for this topic of discussion because I am sensitive to the needs of average Portuguese workers. €1000 per month rent is IMO a big monthly expenditure for someone, like myself, who is not wealthy and is planning on retiring to Portugal with a fixed income. Fortunately there are other Portuguese cities to explore that offer more affordable options for accommodations.
What cities are you considering?
@@jadexplores2100 Coimbra and Braga.
@@periscope7731 both are great options. As a former colllege student in Coimbra, I can say that it's a great city. However, I'd advise you to do a proper research on your housing options. At night, the city centre is very popular with student life, specially during certain weeks of the academic year. Also, it's a very hilly city. ;)
As people gravitate to these places prices will also increase.
@@msgr70 Thanks for the great advice.
Great video!
The best kept secret about Lisbon are its amazing people! Like these 2!
Unfortunately, successive Portuguese governments have relied heavily on private investment for the construction of housing, which is particularly damaging in a tourism-dependent economy.
The current market is highly vulnerable to speculation. If not the expats, then it is the growing number of young adults turning adults and need housing, Portuguese emigrants buying holiday homes back home, people buying second homes (for holiday or investment), the much needed immigration, the country’s popularity… RENTERS!
The demand for housing is far higher than what’s been supplied. Even without any expats, these problems would still persist.
You ask “Why is the supply so short?” Lack of government investment, coupled with horrendous, uncertain and unpredictable housing legislation driving private landlords out of the rental market.
One solution probably not talked about much is good transportation infrastructure, which will virtually expand the city by shortening commuting journeys.
There's many reasons for the higher rents in Portugal and solutions for it like were said in the video, but for me the main point is that our salaries are very low compared to our neighbouring countries. We have the same rents as in major cities in Spain, Netherlands or France but with very low salaries.
We still want to have a cheap country (except rents), with cheap food, services, work and that is a wrong strategy for the country. We should promote ourselves as a country that has great food, weather, services, work professionals but with a higher price tag, so that companies and government can increase the salaries substantially.
Cheap food 😂 in Portugal? Ha ha where do you live?
In Amsterdam, so comparing with other european capitals 😉
What we found is that eating at a restaurant every meal for 5 people for a week in Lisbon is cheaper than buying groceries in our city Im the US
Great Interview. Looking FWD to More. Stay Blessed 🙏🏽💜
There's a lot of arguments but let's be honest, most of the time the prices are becoming higher because of greed. People need to live somewhere, so they know that even if they put their prices up 100%, they always are going to find someone to pay the rent.
I have been enjoying your channel for years but was watching the end of a video on another channel, and I was a bit distracted at the moment and had not realized that the next video starting was one of yours (this one). As I went to click the back button to look for another video, I heard Aman's familiar voice yelling "Wait!...we gotta talk!" Lol. So, thinking "Of course I've got time for Aman and Christina!", I stayed and I am (as always) so glad I did. This was an important and interesting conversation and one that is happening in my own city as well. Seeing how kind these two people are when speaking of the newcomers into their city and the skyrocketing housing costs and the airbnb situation made me reflect on some of my own attitudes about the similar situation in my city. What lovely people there are in Portugal. Thanks for catching me on the way out Aman!
Thanks Another Great Video. Now the Secret is Really Out!😮
I loved this interview and was actually shocked by their answers. The Portuguese are so kind and welcoming and I love the outlook that they have on life. Glad to know (or reaffirm) that my family will be welcome when we move there. I miss Portugal so much! Thank you for posting this.
2 details... all cities became less affordable after this low interest period we had (Lisbon is not an exception) and on top of that, in the portuguese case, is foreigners having tax benefits when move to Portugal. The solutions is not block the access to foreigners... is apply the same tax rules for everyone and more inventory reducing the time to licenses to building and let the market do the rest. It will be a bunch of private investors willing to make more inventory...
This is what happened in North Carolina. So many businesses moved here and people from other states came here for the jobs. Now, local people can't afford the area. Gentrification at its best. They need to fix this. The new housing always costs more.
Exactly. It's really everywhere.
Its always the outsiders fault even though the locals failed to plan ahead and step their game up.
as a New Yorker, I plan on colonizing North Carolina as well
I think most ppl can relate because the whole thing is cyclical. Similar situations happening wherever we call home cause us to leave to find a better environment but then we contribute to creating the same problem for those living in that environment. I think about this whenever I see something encouraging others to move to X location for a better life. It’s better largely because you have access to more income than the average local.
I spent a month in Portugal last year and I find that overall the people from Portugal are very patient and incredibly polite. However, I wonder what they really think? It's a beautiful country and I agree Lisbon had everything. I wish I could relocate tomorrow.
There's a certain resentment because of the huge wage gap between Portuguese people and American immigrants,
Awwww they are so kind
Thanks for sharing this conversation, sometimes I think it would’ve great if the Portuguese government brought the golden visa back but the investment vehicle option being an investment in affordable housing.
This is an important conversation and I'm happy you are taking it on. My recommendation is that you include some statistical data to the discussion so we can hone in on the real issues/challenges versus the perceived. We can also use data to educate your audience regarding the perceived cost of living increases versus what is really documented. Perception can lead to unnecessary problems so we need to provide some clarity. People need to know through facts who might be immigrating here versus there perceived notion that it is simply one group or nation immigrating causing the problem. I truly believe there is a problem but I just want us all on the same page as we discuss the issues and seek ways to effectively influence change to support the Portuguese people. We (my family) do our part to be good immigrants here and I hope anyone seeking to move here does the same. We buy locally and support local festivals and traditions where we can. This country belongs to the Portuguese people (its not for sale) and we are their guests. I want nothing more than for them to be happy while I'm a guest in their home. If I can help find a solution, count me in.
Great show guys. Two of my colleagues moved to Lourinha. They retired and decided to settle in Portugal. They travelled all over but ended up in Portugal. I am thinking about. From Europe originally Italy, ended up in the US for many years. Ready to move. I lived in the UK, visited Malaysia, Singapore. Great places but in Europe you have it all. Turkey is also an option.
A good one thank you the guilt can be real because I never want to contribute to pause any grief to locals
We are having a similar rental issue in Canada's capital. Rents have tripled, and incomes have not. It's quite disgusting. I like what the fellow said about Public Housing.
That was a great video. The people of Lisbon are inspiring.
I didn't hear anything about "greedy landlords". That's what everyone in America says, totally forgetting that property owner's expenses are constantly going up also.
I'm portuguese currently living in Germany. I dont think we blame expats but the reality is that the prices increased due to tourism, elder people coming to Portugal to retire, foreigns buying holidays houses and apartments in Portugal and now digital nomads. The reason for this is linked to the government because they created financial benefits for foreigners to come to Portugal (some years ago there was a boom woth gold visas!). If we think about these examples, they come to Portugal with way more money available than a portuguese person and, due to this, the prices increase (which is how the market works in any country). One of the issues that Portugal has, when compared to other countries like Germany, is that the majority of things are centralized (Lisbon, Porto) and not well splitted around the country - a great example are the universities and big companies. A huge percentage of young portuguese adults are moving to other countries where they (including myself) are valued by our knowledge and expertise, paid quite well, with career progression, continuous training, besides having other work benefits. Compared to other countries, we are extremely welcoming, nice, not racists and don't blame foreigners and we know that the government contributed to this. Sooner or later, they will realize this, specially in several years when the population will get older and older. For me, it is heart breaking coming to Portugal in holidays as I see the cost of living increasing and increasing when i know that for locals is extremely challenging.
At my work I have so many colleagues that are already thinking about retiring in Portugal and one of the very first questions when they met me is, why did you leave such a great country. When I do explain the average salary, the cost of apartment houses, cost of living, no real progression, no work life balance, they feel extremely surprised. Is it hard to live and work in a completely different culture? Yes, but my goal is build great foundation for my family and, when coming here for holidays, I can share those things with the remaining family ❤
Note for those who plan to visit and live in Portugal, please come, for sure you will love it and I cant recommend it more. The only thing is do not work for a company in Portugal (due to salaries) unless you consider that to be a hobbie and will make you happy.
Portugal needs to step up and help there people. No more international buyers unless they generate income for someone in Portugal. Expats wealth is too high. I’m an American
Its a free country but your are changing it to king rule. First of all the people raising the prices are locals not international people. They are always blaming outsiders, but the facts are it is local which own the majority of the market. Duh, Portugal is not owned mostly by international people
@@ObstaclestoOpportunitiesthat's true.
@@ObstaclestoOpportunities The more demand they have for houses, the more expensive they will be. Is that so hard to understand?
That's a plan for the US too. Lots of foreign capital coming in and buying everything
Same thing started in Greece about 3y ago.
Checking in from the DMV.
Like I said often. Let it be clear, it is not the individual foreigner's fault itself. It is the foreign conglomerates that are buying up in bulk to sell, or rent at much higher prices to foreigners; that and also local landlords that are taking advantage of their own co-citizens. This is our government's fault, pure and simple. I hope your bringing the subject to the forefront, helps shed light on the problem, and that foreigners can understand how bad it is for some of us. Also it hopefully can bring pressure on our government to make the necessary changes.😮
The majority of the issue is all locals. The local landlords are charging the high prices, Americans are not super rich and they are coming to reduce their expenses not increase or being taking advantage of by paying higher prices. The companies are small in comparison to the issue people are speaking about, people need to understand metro areas are going to increase in price with the major demand. It only make sense and it is not special to Portugal it is global fact. Makes massive amounts of sense when you think about it. I would not blame the government so much, again it is the peoples fault also. They are both hand and hand. The people are not doing much to change the situation also.
My parents got married in 1952 and they rented a very small room in a two bed apartment in Campo de Ourique in a “cave” they shared one bath with the family. In 1964 we immigrated in order to save up for a home. Twenty years later my parents bought a one bedroom
apartment in Amadora
So what as changed?
Foreigners are not the problem, there are more issues involved. Such as not enough homes built. And many more issues.
Years ago I looked into vacationing in Portugal because of extremely low prices even in great resorts. I was surprised to see the huge rise in prices after the Euro became the currency.
I can see Aneel in there my barber so I guess it makes us neighbours! Welcome to Lisbon!
Inflation + increase of interest rates in certain regions has made it quite unaffordable for millions world wide. Unfortunately this is a different kind of pandemic we will all have to face.
Sounds like the Bay Area! Yes, there should be more affordable homes being built and one other thing is the increase of wages to keep up with inflation.
Government and local authorities is the problem.
The problem with foreigners going to Portugal or anywhere else for that matter, especially Americans (i am an American/Portuguese) is comparing everything to the states and finding everything cheaper. You cant compare. I read all the time, oh my i bought a house on thr shore line for half million back in the states it would be a million. Yes true, in the states, you are not in the states. Realtors and sellers know this and are actually taking advantage of the situation pushing potential Portuguese born and even European born out of the market. Same thing is happening in the states they come from expensive states and buy in inexpensive states creating bidding wars in the inexpensive state creating a problem for locals. Those that have means i applaud you, not everyone is your boat. My 2 cents on the matter. Someone mentioned also airbnbs, i believe that too, but again what are people willing to pay. I was in lisbon a few weeks ago, i paid 100 a night for a room no frills it was ridiculous. Im definitely not doing it again. Turned an apartment into 5 individual rooms. Perhaps some regulation on this. I dont like government interference but if it is causing distress on others perhaps a look into it.
I am Portuguese, for me, Portugal has good opportunities. There are cities like Lisbon that offers a lot after there is Porto, Coimbra, Faro, Braga, and after that we have the best time. We have an important tradition
Question for the Portuguese: In 1990-91, I lived in Lisbon as a college student (my year abroad). I attended Unic Classica, studied in the Portuguese for Foreigners course (where we also had History, Culture, and Geography of Portugal). All my classmates were foreigners but we were able to make friends with others as we ate in the Cantinas. Everyone I knew who was a student rented a furnished room from a widow. Lots of different rules were imposed by living with these widows. Majority of us had no access to heat but we noticed it was much warmer in their room. A few people I knew shared an apartment in Odivelas, Brandoa, outskirts of Lisbon. At that time (1990-91), it wasn't common to see apartments for rent and college students sharing expenses. In my college town (and state capital) in US, it was normal. There was a used furniture trade at the same time. Using used furniture was not acceptable in PT during those years.
So my question for the Portuguese: Do most college students or young professionals who can't live at home while attending school, do they rent apartments nowadays? Does anyone rent rooms anymore? I wonder over the last 30 yrs, when purchasing flats and renting them out became the norm?
Portuguese people seem so nice! I really enjoyed this interview. I think it's very important for locals to be aware of how their government also plays a role in the rise of the cost of living. I'm an American of Puerto Rican decent, and it is exhausting to constantly hear my people blaming Americans from the mainland for the rise in the cost of living in Puerto Rico. I think that what the young man said about Airbnbs popping up everywhere plays a major role in these problems, and governments really should look into tighter regulations. Airbnbs are popping up everywhere in PR and displacing the locals. People are being priced out of their own land because investors are buying up properties "flipping" them (if you can even call what they do flipping), selling them for almost double the original price (way more than locals can afford) or turning them into Airbnbs. It's a huge problem that really needs to he addressed. Especially when it's having such damaging effects on locals globally.
I disagree that the air BnB is the problem. Remember, the small folk, the everyday worker is also entitled to make a buck with Airbnb, not only the big corporations, the big hotel groups. Another day I heard a comment of someone saying that they never will stay in a airbmb and stay in a hotel because of they don’t want to contribute to the air BnB issue. So they are happy to give their money to the big hotel groups than helping the small folk. How dumb this is?
It's happening in Canada too. Maybe not as many digital nomads but lots of foreign students and high immigration.
It's sounding like Portugal is facing similar issues to what Canada is facing all across the country. Higher interest rates, lots of people wanting to come to the country but facing a housing shortage for them so rent and property values skyrocket due to scarcity, and lack of government initiative or ability to deal with it, and all of that coupled with wages being stagnant. I get the feeling this is shifting from a regional issue to a global issue as people from wealthier regions who can afford to leave for more economically advantageous regions (for them) inadvertently contribute to the rising costs of those regions that puts more pressure on the locals. Portugal, in particular Lisbon, is still on my bucket list but videos like this certainly bring more awareness to the realities of the considerations involved with starting up somewhere new.
Only about half the Portuguese pay rent. The other half are house owners. And the interest rates have gone up way faster than the rents and still on the rise.
Increase the supply of housing is the solution like construction
My sister in law is Portuguese and lives in Portugal, she says low wages are a huge problem when house prices are at International costs. But I see that house prices at International costs is something worldwide these days, I don't know if it's something cooking for a reason. Sorry about my writing.
You have moved so much in the last few years I've been following you, can you share how much it cost to move into a country and around Portugal and the logistics of that? Also, anywhere that is 'transient' the rents and property goes up because it can always get rented or bought at a higher price.
Look at the data. The population of Portugal has declined from 10.6 million in 2009 down to 10.2 million in 2023. So it's not population growth or digital nomads that has raised property prices. There are 14,700 AirBnBs in Lisbon. A tiny fraction of the housing supply. But there were also 48,000 vacant properties in Lisbon in 2021, almost 15% of the housing stock. I suspect many of these are in poor condition requiriing expensive refurbishment and structural work. The real reason for increasing property prices may simply be a decade of cheap loans because of the ECB's ultra base rate. But that era has now come to an end. Portugal has been identified as the country in the EU most susceptible to a crash in property prices as short term fixed mortgages will be renewed at much higher rates.
A 1 bedroom in the DMV in the hood is about $900, the not so good areas that in the suburbs that boarder urban areas is $1,500 and decent comfortable suburban $1,800 - $2,100 all utilities and parking is not included. It seems like the issue there is the same here it's just that the cost of living in the DMV is high. I blame my local and state politicians. I'm sick of these property taxes, home owner insurance, car insurance increases. My home owner insurance increased by $1,200 in one year WTH! My car insurance increased as well, idk why my vehicle is 9.5 years old. It's ludicrous.
The point is.... housing is getting more expensive every fu$#ck where. Brazil, Canada, USA, New Zeland, Spain, etc... that`s inflation, that`s government problem mainly caused by USA printing money then followed by other countries. If there is someone to be blamed polititians are the ones in all levels.
Also we, workers, should ask improved wages since we do the work while politians just live from taxes just like we are seing in USA (autoworkers). They are right asking better wages.
Also another problem, CEOs get most of their payment in stocks so to make it goes up they will never think about improve wages, the only thing they care is the market cap from their companies. Thats another thing that we can sure blame.
What’s the average price for a two bedroom apartment in Lisbon for investment?
I'm going to Lisbon in about 4wks with the intention of finding somewhere to live, hopefully I can find a school for my 8yr old that will work out.
Great interview thanks! & and don't feel guilty because clearly at least these two do not blame foreigners for the increase in the cost of living. Looking forward to the rest of this series.
We've had this same conversation with various people who work in Lisbon and just like these guys said, they feel like they're being pushed further and further out into the suburbs or across the river to Almada where rents are lower.
We live in the Algarve and the same thing is happening there. Businesses in the hospitality industry are struggling to find staff because they can no longer afford to live in the area where they work since housing costs have increased to the point where their monthly rent would be more than they actually earn.
In the UK, there used to be a scheme where key workers were given financial support to purchase a home. Perhaps the Portuguese government should look at doing something similar but focus on rental properties and maybe offer some kind of subsidy for Portuguese workers in areas where business are finding it hard to recruit staff. That way they would be supporting both local people and local businesses.
Just be grateful you don‘t live in Dublin, Ireland. I heard rent per month for 1000 and was like wow, cheap! Everything in Ireland is atleast 2000 in cities
I'm a software developer and I nedded to move abroad. I got tired of making much less money than others for the same job. That's the issue.
Prices have increased everywhere.
This is the same issue as any large USA city. No one can afford rent anymore
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That's true
But tell me how affordablecis for a young adult is to leave in the center of new york,san Francisco,paris,london,Munique,stockholm,milan etc...
You know where you can find that? China.vietnam.tailand....etc
We should think about that
Same issue in every country it’s ontbijtspek Portugal also uk has many Portugese immigrants or expats so we are all moving it’s got to be a two way street . Price For a flat is much highe than 800 in mostmflsts in uk
This is happening in Hawaii too.
And create good cheap public transportation
Thank you for addressing the elephant in the room. This invasion of foreigners and digital nomads are causing a huge problem to the Portuguese. Also, the lack of respect to our culture and way of living and being is appalling. We are a kind and loving people but are proud of the fact that we have a culture that goes back millennia, as does our language, and we would appreciate that all foreigners that come to our country understand and respect that, instead of imposing their ways on us.
How about the effect of the 200,000+ Brazilians living in Portugal? There's only 7000+ Americans in Portugal.