Written by Natalie Marquez Courtney
Lisbon is traditionally known for its beautiful tiles, cobblestone-covered hills and delicious custard tarts, but in recent years it has also become synonymous with a certain type of tech worker, the so-called “digital nomad.”
advertisementEven before the COVID-19 pandemic drew many remote workers to destinations across Europe, Portugal’s capital was known for its sunny climate, friendly community, relaxed pace of life, and often… Thanks to its low tax rate, it was a popular spot for technical expatriates. .
But this seemingly idyllic lifestyle comes at a price, and locals increasingly find themselves paying the price.
The wide disparity in incomes between local residents and skilled immigrants created fierce competition for rental properties, and many local workers found rents in their areas too expensive.
Many Portuguese workers will have to work multiple jobs or quit their jobs, according to a new study.
Two-income locals in Lisbon
A survey conducted by the Portuguese National Institute of Statistics earlier this year showed that 5% of working-age adults in Portugal (more than 250,000 people) report holding two or three jobs.
advertisementFurthermore, the Business Roundtable Portugal, the country’s largest private sector association, says that almost 40 percent of Portuguese graduates leave their jobs each year in search of better job opportunities.
With a monthly minimum wage of 820 euros and 50% of people earning less than 1,000 euros a month, it’s no wonder locals are struggling to compete with the deep pockets of digital nomads. Many of them receive high salaries from the United States. Employer at a venture capital-backed technology company based in .
Inflation and rising prices are something that most major European cities are experiencing, but many local Portuguese cite Lisbon’s rising housing costs as the main reason.
Rent prices in Lisbon have increased by nearly 30% in the past five years, making it more expensive than Milan, Madrid and Berlin. House prices across Portugal have almost doubled since 2018, making it the highest rate of increase in Europe.
The Portuguese government’s Mais Habitathon program, which came into force last October, introduced a series of legal changes aimed at increasing the availability of properties in the long-term rather than short-term rental market.
Although supply is increasing, rental prices remain high.
The future of technology jobs in Portugal
But low costs aren’t the only reason tech workers flock to cities. As one of Europe’s fastest growing technology cities and European Capital of Innovation in 2023, Lisbon is determined to remain an attractive technology hub despite these challenges.
The new digital nomad visa – which allows digital nomads to move to Portugal if they earn more than €3,280 a month – shows it is keen to continue to be seen as an attractive hub for skilled technology workers. Furthermore, the path to citizenship and an EU passport is shorter than in other EU countries (5 years compared to his 10 years in Spain).
Digital nomads move forward: the “new” Lisbon
Tech workers looking to leave Lisbon or experience another affordable destination may look to the Spanish city of Malaga. Savills Executive Nomad Index, which ranks the top 20 most desirable destinations in the world, ranks Malaga in his second place (in Europe he ranks first).
Although smaller than Portugal’s capital, it boasts a similar combination of factors that initially made Lisbon attractive: a reasonable cost of living, great culture, easy access to beaches, and a warm climate. Like Lisbon, it also boasts excellent internet speeds, making it a must-have for traveling techies.
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