In a bold move to address the pressing issue of affordable housing, Portugal's government has announced plans to significantly increase the stock of public housing in the country. Prime Minister Luis Montenegro shared that the government aims to add approximately 59,000 new homes by 2030, a substantial increase from the initial target of 26,000 homes by 2026, largely funded by the European Union.
During a presentation on Friday, it was revealed that an additional €2 billion has been allocated towards the housing plan, demonstrating a strong commitment to tackling the housing shortage. The government's strategy includes providing financial support for projects that will boost the supply of homes across Portugal, particularly in urban centers like Lisbon, where soaring property prices have left many struggling to afford housing.
Currently, social housing makes up just 2% of the total housing stock in Portugal, a figure that ranks among the lowest in the European Union. The housing crisis has been exacerbated by a property boom in major cities, making it increasingly difficult for locals to find affordable accommodation. The government's renewed focus on expanding public housing aims to alleviate the housing burden on citizens and create more inclusive and sustainable communities across the country.