Vítor Reis, the former president of the Institute of Housing and Urban Rehabilitation, told CNN Portugal that the problem of lack of supply of housing cannot be solved with "hostile measures towards those who invest" in the property market in the country.

The APR (Portuguese Association of Residential Tourism Resorts) believes that that the ban on golden visas has the potential for “devastating” results in tourism and investment in the country. They argue that many of the properties bought through the golden visa “are not suitable for Portuguese families to live their daily lives”.

Changes have already previously been brought in to restrict the issuance of golden visas related to real estate investment, one of these measures being to ban properties in densely populated areas and tourist hotspots from being eligible for the visa.

Those who back the end of the golden visa hope that it will restrict foreign investors from buying up property in the market at high values which is said to have led to inflated property prices and rents in recent years.