Portugal will end tax incentives for foreign residents due to the real estate market crisis.

The announcement came two days after thousands of people took to the streets of Lisbon and other Portuguese cities to protest rising rents and house prices driven by rising gentrification and record tourism.

Tax breaks for foreign residents in Portugal are no longer justified, Portuguese Prime Minister António Costa has said. He promised to close the program to new candidates by 2024. The change is a response to rising house prices in Portugal, one of the poorest countries in Western Europe.

Launched in 2009, the program allows people who become residents and spend more than 183 days a year in the country to enjoy a special 20% tax rate on Portuguese-source income related to "high-value activities," such as doctors and university professors. This system was introduced to attract investors and professionals as Portugal was suffering from a financial crisis.

Costa told CNN Portugal on Monday that the scheme has "inflated the real estate market," calling it "an injustice in taxation that is no longer justified." Costa said those who have already benefited from the program will continue to receive it.

The announcement came two days after thousands took to the streets of Lisbon and other Portuguese cities to protest against rising rents and house prices driven by rising gentrification and record tourism.

Government figures show that more than 50% of workers earned less than 1,000 euros a month last year, and a 65% increase in Lisbon rents since the start of the tourism boom in 2015 has made many apartments unaffordable for many people. Sales prices rose 137% during that time, according to real estate experts from Confidencial Imobiliário.