Thousands of protesters gathered in Lisbon on Saturday against the soaring cost of living in the country.

Portugal is one of the poorest countries in Western Europe, with over 50% of workers earning less than €1,000 per month in 2022, according to government data. As it stands, the monthly minimum wage is €760.

In addition, house prices increased 18.7% last year in Portugal, the largest rise in 30 years. Rents have also risen considerably, partly due to a speculative property bubble, Reuters reports.

According to the findings of a study carried out by CIA Landlords, Lisbon is the third-least viable city to live in in the world, due to low wages and high rents. The country’s 8.3% rate of inflation has intensified the problem.

Taking part in the protest, organised by the ‘Fair Life’ movement, 26-year-old programmer, Vitor David commented: “It comes to a point in our lives that we have no hope,” he commented, going on to say that he has considered relocating to a wealthier European country. “It's very hard.”

According to official data, around 20% of Portuguese citizens live overseas.

“We are here so our voice is heard,” stated Jose Reis, an unemployed university graduate at the protest. 

The 'Fair Life' movement was established by people living in Lisbon's poorer outskirts, the Reuters report adds. Those involved said the most vulnerable before inflation skyrocketed are the ones suffering the biggest impact from the ongoing cost of living crisis.

The protesters are demanding higher wages, government action on housing and a cap on essential goods prices.

Last week, Portugal announced a series of measures to confront the housing crisis. However, according to rights groups, the proposals would have little effect if authorities still focused on policies to attract wealthy people from overseas to Portugal, such as the Digital Nomads Visa launched in October.