Entitlement by Registration: Regulated Deregulation and the Formalisation of Short-Term Rentals in Lisbon

One of the primary mechanisms used to regulate short-term rentals (STRs) is the creation of a registry. However, far from being a measure to mitigate the impact of this market, we argue that by issuing licences, governments have effectively transformed STRs into legally protected assets, giving landlords and investors the stability to operate as legitimate businesses. Using Lisbon as a case study—where 60 out of every 100 dwellings in the city's oldest area hold an STR title and are therefore considered “legal”—we discuss how Portuguese regulation has sought to integrate the informal into the legal and formal sectors. This reflects a neoliberal strategy that ultimately incorporates STRs into the broader post-2008 financialisation of rental housing. Based on our findings, we propose that regulatory measures can be employed to mitigate and curb the expansion of this market.