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Innovation in the regulation of local lodging has made Portugal a case study. Short term holiday letting is an integral part of the current Portuguese tourism boom. Dilapidated heritage districts in Lisbon and Oporto have a new lease on life with private investment driving much needed restoration. As with any phenomenon of rapid and disorderly growth, distortions have emerged. But this should not be a pretext to kill the chicken that lays the golden egg.
Living in Lisbon is increasingly expensive. The tourist boom in recent years has triggered rental price hikes in the country’s capital. The latest study reveals that apartment leases rose 23% in 2016, to an average of €830 per month. In the Chiado district, purchase costs average €6,700 per square metre.
The mayor of Porto, Rui Moreira, announced his intention to introduce a Tourist Tax in the city of Porto “to alleviate the tourist footprint in the city” and “to buy real estate that the municipality does not want used for tourism.”