The housing crisis has its roots in a chronic shortage of affordable and social housing, a situation worsened by wealthy foreigners moving to Portugal on the promise of tax breaks.
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00:00Thousands of people have protested in cities across Portugal against unaffordable house
00:07prices and rising rental costs.
00:10The housing crisis has its roots in a chronic shortage of affordable housing, a situation
00:15worsened by wealthy foreigners moving to Portugal on the promise of tax breaks.
00:20The tourism boom has also led to a surge in short-term holiday rentals, which have put
00:25further pressure on the housing market for locals.
00:29Portugal's centre-right coalition government, led by Prime Minister Luiz Montenegro, has
00:33announced a €2 billion package to build 33,000 homes by 2030.
00:40But many protesters are doubtful they'll be able to deliver.
00:43Between 2020 and 2021, house prices in Portugal shot up by 157 percent.
00:51And from 2015 to 2021, rents jumped by 112 percent, according to the European Union statistics
00:58agency Eurostat.