"The most documented and least disputed consequence of digital nomad concentration is what it does to local housing markets. Nomads, by definition, earn in stronger currencies and spend in weaker ones, giving them purchasing power that local residents cannot match."
"In Lisbon, average rents rose by more than 60 percent between 2015 and 2023 according to data from Portugal's National Statistics Institute, a period that coincided directly with the city's aggressive marketing of its Non-Habitual Resident tax regime and Golden Visa program to remote workers and foreign investors."
"The Portuguese government suspended the Golden Visa program in 2023, partly in response to sustained domestic pressure over housing affordability."
"Mexico City's Colonia Roma and Condesa exemplify STR-driven displacement. Data from Urbanet indicates temporary housing listings citywide grew 224% over the last decade, concentrating in these neighborhoods."
Remote work has attracted individuals to live in cities like Lisbon, Chiang Mai, and Mexico City, but the consequences have been detrimental. Local housing markets have suffered as digital nomads, earning in stronger currencies, drive up rents beyond what locals can afford. In Lisbon, rents increased by over 60% from 2015 to 2023, prompting the government to suspend its Golden Visa program. Cities are now grappling with the negative effects of this influx, focusing on managing the damage rather than attracting more remote workers.
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