Real estate crisis of Portugal - The dark side of the mass tourism
Portugal is the country where the real estate prices most increased compared with the whole European Union during the last decade.
According with the real estate agency Moody's, the price of the houses will increase by the orders of 4% in the near future. It is easy to see the high prices of the accommodations just by taking a look in the accommodations websites as booking.com and airbnb.
The nightlife, beaches and the good weather makes Portugal an excellent touristic point. Between january and august, Portugal received about 18 millions of tourists, almost twice of the entire country population.
Lisbon and Porto are the areas which most had impact. The costs of accommodation and renting increased substantially during the last decade. The minimum wage is not enough because the renting takes a large part of the month salary, developing a real estate crises. Part of this effect is caused by the mass immigration of tourists which increase the prices of accomodation. Not only, a large number of houses are sold to wealth foreigners which also increase the price of the region.
The good points are the large income which Portugal receives from abroad and the culture exchange. Because of the large cultural exchange of Portugal, the country has a good level of international relations, a good number of non-native english speakers and one of the biggest destination of Erasmus students. The tourists spent about 1.9 millions of euro per hour in 2018. A total of 45.5 millions of euro per day. Is a truly goldmine which attracts tourism business to scams, which are very common in every touristic place. Because of those numbers, Portugal relies the economy almost entirely on tourism, obfuscating Portugal's brilhance in other sectors as science and human development.
