The title of this AP piece summaries the situation in Portugal quite well.

"Simoes and many others, increasingly including the middle class, are being priced out of Portugal’s property market by rising rents, surging home prices and climbing mortgage rates, fueled by factors including the growing influx of foreign investors and tourists seeking short-term rentals."

https://apnews.com/article/portugal-housing-crisis-lisbon-tourism-6e9e08c136b6dc98bf5cb51292c0f27b