Portugal to finance construction of 133,000 public housing units, securing €1.3 billion in loans
Portugal's Prime Minister, Luís Montenegro, has announced a significant housing project aimed at addressing the country's housing crisis, particularly in cities like Lisbon and Porto. The project, one of the largest in decades, includes the development of 133,000 public housing units.
In a bid to streamline the housing market, the government will encourage private investment, eliminate bureaucracy, simplify procedures, create an attractive tax regime, and implement innovative measures to increase supply and moderate prices. Montenegro emphasised that the state will continue to play a regulatory role in the housing market.
To ensure that public assets are not left abandoned, Montenegro stated that if they remain unused, they will be given to Estamo for sale, rent, or other purposes. Authorities that own abandoned public buildings will need to justify why they are not being used. If no valid explanation is given, the properties will be transferred to Estamo, the public company managing Portugal's state assets.
The financing for this ambitious project will come from a €1.3 billion loan agreement with the European Investment Bank (EIB), to be signed on September 4. However, the name of the specific European bank that has agreed to this loan is not yet disclosed.
In addition to this, the Portuguese government is developing a "single digital file" for each property, serving as a "property ID card." This move is expected to enhance transparency and efficiency in the housing market.
Critics may question whether the government's housing plan will be sufficient to address the housing crisis, given the ongoing influence of foreign investment and tourism on housing prices. Nonetheless, Montenegro has made it clear that the government will not collaborate in allowing public assets to deteriorate without use or justification.
This housing project is a significant step towards addressing Portugal's housing crisis and demonstrates the government's commitment to providing affordable housing for its citizens. The project is set to commence soon, bringing hope for many struggling with soaring rents and a shortage of affordable homes.
Read also:
- Understanding Hemorrhagic Gastroenteritis: Key Facts
- Trump's Policies: Tariffs, AI, Surveillance, and Possible Martial Law
- Expanded Community Health Involvement by CK Birla Hospitals, Jaipur, Maintained Through Consistent Outreach Programs Across Rajasthan
- Abdominal Fat Accumulation: Causes and Strategies for Reduction
