A new study indicates that for every euro of rental income, unlisted real estate fund assets in the European Union appreciate by 17 euros, prompting parliamentary discussion on the sector. While some advocate for measures to curb speculation, others argue for policies that make housing markets more attractive to investors.
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The Porto City Council voted on Tuesday 3 November to reverse an October 20 decision that would have allowed seven real estate developers to pay a financial compensation instead of constructing affordable housing. The council maintains this reversal is legally sound because the developers were not yet notified of the previous approval and have not received their construction licenses.
Porto City Council has approved a proposal that allows developers to pay a financial fee to the municipality to be exempted from including affordable housing units in new real estate projects. This measure seeks to address the city's housing strategy by allowing the council to receive funds instead of physical units in specific developments.
Porto's City Council plans to quadruple the number of affordable housing units in the city and intends to increase the Municipal Property Tax (IMI) by up to 10 times for vacant properties to combat housing unavailability. The city's housing councillor called for faster action from the national government to deliver tangible results on the ground.