Miguel Rebelo

The housing crisis in Portugal serves to illustrate a problem that has implications beyond the borders of the country, shedding light on challenges that are faced by major European and global cities. The rise in housing prices, driven by real estate speculation, the growth of tourism and the influx of foreign investment, has made it increasingly challenging for many in the population, especially the middle and lower classes, to access home ownership or renting.

The digitalisation of work has opened the possibility for highly qualified professionals to consider where they would like to live, regardless of the physical location of their job. Cities like Lisbon and Porto have become increasingly attractive destinations, offering a good quality of life combined with a range of professional opportunities. Nevertheless, this phenomenon has placed additional strain on the real estate market, leading to rising prices and the displacement of residents to the outskirts.

The housing policies that have been adopted thus far have not been as effective as might have been hoped, and in some cases may even have had the opposite effect. It seems that measures such as strict rent control, poorly targeted subsidies and the massive construction of new housing without proper urban and infrastructural planning have not solved the problem, and in some cases may have made it worse. Perhaps it would be beneficial to reconsider these approaches, acknowledging their shortcomings and adapting them to reflect the current situation.

It may be worth considering rehabilitating vacant buildings as a viable and sustainable solution. By restoring existing buildings, we can explore ways to increase the supply of affordable housing, revitalise run-down urban areas and preserve historical and cultural heritage to promote more inclusive and sustainable cities.

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