Portugal just cancelled 40% of Lisbon's short-term rental permits.
26,000 registered STRs across the country. By spring 2026 under 90,000.
And buried in the detail is a rule that should terrify every STR investor in Southern Europe:
Buy a licensed property in Lisbon's historic centre. Sell it. The licence dies.
The new buyer gets nothing. No grandfathering. No transfer. Gone.
This isn't a blip. It's systematic. Missing insurance, ignored regulations, inactive listings all wiped. 151 municipalities issuing enforcement notices. 45,000 more licences at risk by summer.
And it's not just Portugal. Spain, France, Amsterdam, Greece the same enforcement playbook is…
The skinny
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