The Lisbon boom – Europe’s hottest trend in tourism and real estate investment

The Lisbon boom – Europe’s hottest trend in tourism and real estate investment

Submission ID:

135

With the progressive liberalisation of capital flows, ease in the movement of people and goods and the decrease in transaction costs, social and territorial formations were exposed to the voracity of a multitude of transnational transformation processes and agents, such as the free market economy, pandemics as the one we currently live under, or the pressures of mass tourism.
From a political point of view, the cluster of tourism in its many ramifications presented itself as a relatively inexpensive mechanism for attracting foreign investment and economic growth that led to urban marketing strategies and policies that aimed at international predominance in a competitive urban market. As a consequence, public policies began to reflect an increasing concern in promoting their cities as travel destinations and globally recognisable brands, which turned tourism into a structural activity.
Lisbon has been, for the past decade, particularly vulnerable to this global exposure. Following in the footsteps of Barcelona, public power has strongly invested in organising international events and promoting it as an ideal “city break” destination, rapidly transforming it from a devalued old area into a leading tourist destination and an attractive investment prospect.
The rise of tourism together with a lax tax policy for foreigner investors, which could be described as a neoliberal urban policy, turned the city’s built heritage into a profitable asset in the international housing market that resulted in processes of gentrification and social segregation for those living in some of the oldest parts of the city.
This paper analyses the reasons that led to an uneven housing market and the transformation of the built fabric in order to, in the light of examples of cities exposed to similar pressures such as Barcelona, point out possible responses for a balanced coexistence in Lisbon between those who visit and those who are visited and protect access to housing for its inhabitants.

Corresponding Author

Nuno Castro Caldas

Faculdade de Arquitectura da Universidade do Porto

Author #1:

Nuno Castro Caldas

Faculdade de Arquitectura da Universidade do Porto

Author #2:

Author #3:

Author #4:

Preferred Track

7. Urban competitiveness and social challenges

Second Preferred Track

6. Urban policies

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DINÂMIA'CET-Iscte

Centre for Socioeconomic and Territorial Studies

Avenida das Forças Armadas | Edifício ISCTE

Sala D316 1649-026 Lisbon

grandprojects.2021@gmail.com

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