Portugal Vows to Add 59,000 New Homes to Fight Housing Crisis

(Bloomberg) -- Portugal’s government plans to increase the stock of public housing by about 59,000 homes until 2030 as it tries to address a lack of affordable property, Prime Minister Luis Montenegro said.

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The country had initially planned to have 26,000 new homes by 2026 with the help of European Union funds.

The government said in a presentation on Friday that it approved an additional investment of €2 billion ($2.2 billion) for its housing plan. It will also help ensure financing for projects that increase supply of homes, Montenegro said at an event in Alcanena, central Portugal.

Social housing accounts for just 2% of the total housing stock in Portugal — one of the lowest levels in the EU. A property boom in Lisbon and other regions has also made housing in city centers unaffordable for many locals.

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