After Portugal lured wealthy foreigners with investment incentives, the government is having a hard time putting a halt to the buying frenzy that’s propelled housing prices to sky-high levels.

The cost of homes in Lisbon rose 5.8% in November to a record €5,426 ($5,963) per square meter, according to data from Idealista. That’s the second-biggest increase in Europe after Athens, the hottest property market among major European cities tracked by Bloomberg.

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