Portugal Ends Property‑Based Golden Visa, Housing Crisis Persists

Portugal removed the property requirement from its Golden Visa program in October 2023, and Spain announced it will cease accepting new investor‑visa applications in April 2025. Both schemes were introduced after the sovereign‑debt crises to attract foreign capital into real‑estate markets that needed financing and buyers. Their abandonment signals a political shift away from treating housing primarily as a vehicle for global wealth, though the underlying housing shortage remains. Analysts note that limited supply, slow construction, tourism‑driven short‑term rentals, low wages and rising borrowing costs continue to drive up prices, and that Portugal’s challenge is less about new legislation than about delivering projects promptly.

Commentary stresses that effective housing policy should prioritize transparent, timely planning and implementation rather than repeatedly passing new laws that do not translate into completed homes.