Portugal's Housing Initiative: A Bold Investment in Affordable Homes

Portugal's government has unveiled a 2 billion euro plan to construct 33,000 homes by 2030 for families struggling with high housing costs. This complements a prior investment aimed at building 26,000 homes by 2026. The initiative is part of a broader effort to address the country's acute housing crisis exacerbated by rising rents and property prices.

Portugal's government announced a significant investment on Friday, unveiling a 2 billion euro plan to construct approximately 33,000 homes by 2030 for families struggling with unaffordable housing costs.

Infrastructure Minister Miguel Pinto Luz highlighted that 10,000 of these homes would receive 100% non-refundable financing, while the remaining 23,000 would benefit from public grants covering 60% of their construction costs. This new initiative builds on a previous investment of over 2 billion euros aimed at creating 26,000 residences by 2026.

Prime Minister Luis Montenegro emphasized that this is the largest public investment in housing seen in recent decades, aiming to ensure decent living conditions for those most in need. He assured that this plan would not compromise the country's budget. Like many European nations, Portugal faces a housing crisis compounded by a surge in short-term rentals and rising property prices, especially in major cities like Lisbon where rents and home prices have sharply increased.

(With inputs from agencies.)