This is happening everywhere and with everything. IMHO its a result of the inflated "elite class", that is people who are well off enough to spend their days with consumption only or they were overpaid.
As a result, these people go everywhere and do consumption and outcompete everyone who is not like them. Then everything gets adjusted to their pleasure and they consume all the resources(being housing, food, entertainment etc).
Also, the supply and demand are not able to stabilize because the money moves around the globe freely but working people can't. So when a cryptobro from Russia moves to Portugal he can consume all the Portuguese resources but he can't bring fellow Russians to work and re-supply. Why wouldn't Portuguese just work harder and make buck by increasing the supply to meet the demand? Well because the cryptobro demands luxury housing, luxury food, massages, cars and cocaine but the Portuguese in the location they moved in are maybe painters, taxi drivers, chemical engineers or doctors and they can't simply start doing this new stuff.
The folks are angry with working class immigrants but most of their troubles are actually due to a-few-millionaires who are not rich enough to do substantial long-term investment but are rich enough to consume like there's no tomorrow.