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Urgent Calls To Halt Property Buying For Non-Residents

Writer's picture: INLIS ConsultingINLIS Consulting

Updated: Sep 19, 2023

There is a growing demand for measures that would forbid individuals who are not residents from purchasing property.

The coordinator of BE has justified the urgency of implementing rent control, reducing banks' interest margins, and prohibiting property sales to non-residents as necessary measures to decrease housing costs. Speaking at the conclusion of the Socialism Forum held in Viseu, Mariana Mortágua emphasized the pressing need for "rent control, with region-specific caps, tailored to different property types, and, most importantly, aligned with the salaries" earned in Portugal. She also underscored the importance of "reducing the profit margins of banks," highlighting that they have amassed profits of €5 billion in the past 18 months.

Mariana Mortágua further justified her stance by suggesting that "constraining interest rate hikes to match each family's financial capacity" would ultimately lead to a more equitable banking system in Portugal. The block's leader additionally asserted the necessity of "banning the sale of properties to non-residents," making an exception for Portuguese emigrants. This action, according to the leader, is crucial to curb the inflation of property prices, which have surged far beyond the wages earned in Portugal.

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