The golden age of golden visas is over in southern Europe [Video]

Southern European economies — from Greece to Portugal — have made remarkable recoveries since the European financial crisis just over a decade ago. Tourism is booming, investors and major businesses have moved in, and lots of foreigners are relocating to the region to take advantage of new jobs and a cheaper cost of living.

But one side effect of this growth is skyrocketing housing costs. Home prices and rents have soared in cities like Lisbon and Athens, while beach towns from Spain to the Greek islands are dominated by pricey short-term rentals.

This is in part the doing of so-called “golden visas,” hugely popular residency visas for foreign investors. In countries like Greece, Spain, and Portugal, most visa applicants qualify by buying residential property.

Americans make up a big portion of the foreigners flooding into southern European countries. They’re gobbling up some of the most expensive real estate in Spain…