Photo: Adobe Stock Author: Redaction New rule only covers sales from 2026 Anyone who sold their main residence in 2025 is excluded from the new IRS exemption regime for capital gains , even if they reinvest part of the proceeds in a rental property in 2026. The Tax Authority (AT) clarified, in a binding ruling, that the new regime only applies to transfers carried out between 1 January 2026 and 31 December 2029. Therefore, the date of the sale is decisive in determining whether the capital gains can benefit from the tax exemption. Reinvestment has specific requirements The new regime allows certain gains to be excluded from taxation when the proceeds from the sale of a home are reinvested in the purchase of a property intended for residential letting, within the rental limits established by law. The reinvestment can take place between 24 months before and 36 months after the sale. The intention to reinvest must also be declared in the IRS return for the year in which the transfer took place. To retain the tax benefit, a residential tenancy agreement must be signed within the legally established rental limits and within the applicable deadline. The property acquired through the reinvestment must also remain on the rental market for at least 36 months, consecutively or intermittently, during the first five years. Sale date determines eligibility In the case analysed by the AT, the taxpayer sold their main residence in 2025 and intended to use part of the proceeds received in 2026 to purchase an apartment for residential letting. Although the reinvestment would take place while the new rule was already in force, the AT considers that the capital gains arose from the transfer carried out in 2025. Therefore, the relevant date for determining whether the regime applies is the date of the sale, not the date on which the reinvestment is made. Capital gains from 2025 are excluded Decree-Law No. 97/2026 establishes that the new rules take effect from 1 January 2026 and cover transfers carried out until 31 December 2029. As a result, a home sold in 2025 cannot benefit from this tax exemption through a subsequent reinvestment. The AT concluded that, in this case, the capital gains do not meet the timing requirements established under the new regime. Where the reinvestment is only partial, the tax exemption may also be proportional to the amount actually reinvested, provided that the other conditions set out in the IRS Code are met.
Photo: Adobe Stock Author: Redaction APPII remains on the Municipal Housing Council The Portuguese Association of Real Estate Developers and Investors (APPII) will continue to participate in Lisbon’s Municipal Housing Council (CMH), where it has been represented since 2012. The association intends to maintain the real estate sector’s contribution to the debate on housing and the challenges facing the municipality. Over the past 14 years, APPII has followed different terms and administrations of Lisbon City Council, bringing the experience of real estate developers and investors to the advisory body. This participation provides an opportunity to share knowledge about urban development and the challenges related to housing supply. The association considers the CMH an important forum for bringing together different entities involved in housing and promoting dialogue between the various stakeholders in the sector. New term brings together eight entities APPII’s position comes after Lisbon City Council approved the new composition of the CMH’s permanent members for the 2025-2029 term. The Council now includes eight entities linked to housing: FAMALIS, FENACHE, AIL, ALP, APPII, WIRE, AICCOPN and APEMIP. WIRE and AICCOPN are the new members of the body. The Municipal Housing Council is an advisory body of the local authority dedicated to housing-related issues. It includes the Mayor, or the councillor responsible for the area, representatives of associations and other social partners, as well as representatives of political groups with seats on the Municipal Assembly. Affordable housing among priorities APPII intends to continue bringing to the Council the accumulated knowledge of professionals involved in real estate development and investment. The aim is to contribute to an analysis of the main challenges affecting housing in Lisbon. Among the association’s priorities is promoting greater housing supply and affordable solutions for city residents. Participation in the CMH also allows APPII to follow the development of municipal policies and share its members’ experience of urban development and the housing market. APPII strengthens participation in the debate With the Council’s new composition, APPII maintains the representation of the real estate development and investment sector in this municipal forum for dialogue. The association intends to continue working with the other entities represented on the CMH, contributing sector knowledge and experience to the discussion on housing in Lisbon. The aim is to bring together different perspectives and help find responses to challenges related to housing supply, urban development and access to more affordable housing.
Photo: Adobe Stock Author: Redaction Review paves the way for a new rate Porto City Council will proceed with a review of the tourist tax regulations, starting a process that could result in an increase in the amount paid by visitors. The tourist tax is currently three euros per night, after rising from two to three euros in 2024. The proposal to be put to a vote by the council does not yet set a new amount. At this stage, it provides for a 10-working-day period during which interested parties can participate and submit contributions on the regulatory changes. The possibility of increasing the tourist tax to four euros has already been raised by the council, bringing the amount charged in Porto closer to that applied in Lisbon. Tourism grows and generates more revenue The review comes amid a period of growth in tourism activity in the city. Between 2019 and 2025, the number of overnight stays increased by 45.6%, exceeding 6.6 million last year. Over the same period, the number of guests grew by 37.2%, surpassing three million. The average length of stay also increased, from around 2.04 nights in 2019 to 2.16 nights in 2025. In the first six months of 2026, overnight stays rose by 4.48%, while the number of guests increased by 3.53% compared with the same period of the previous year. The growth in tourism was also reflected in municipal revenue. In 2025, the tourist tax generated €32.3 million, 54.5% more than in the previous year. Porto seeks to balance tourism and the city The council considers that the increase in visitor numbers also means greater use of public services and infrastructure, including urban cleaning, mobility, security, culture and heritage. In this context, the tourist tax is seen as a source of revenue to cover part of the costs associated with tourism activity. The review is also linked to the municipal strategy to fund free public transport for residents. At the same time, the council aims to maintain Porto as a tourist destination without compromising the quality of life of those who live in the city. The goal is to strike a balance between tourism activity and residents’ needs. Following approval to begin the procedure, a period will be opened for interested parties to participate. Only at a later stage is a specific proposal for the new tourist tax amount expected to be presented.
Photo: Adobe Stock Author: Redaction Training offered by four institutions Universidade Aberta, the University of Lisbon and the polytechnic universities of Beja and Setúbal will offer 1,036 places for in-service teacher training. The courses are aimed at teachers with degrees in the scientific fields of the subjects they teach but without pedagogical training. The courses are funded by the Ministry of Education, Science and Innovation (MECI) through agreements representing a total investment of €5.5 million. Universidade Aberta has the largest number of places, with 672. This is followed by the University of Lisbon, with 181, Beja Polytechnic, with 98, and Setúbal Polytechnic, with 85 places. Most places have already been filled The courses are expected to begin in October and, according to MECI, around 80% of the available places have already been filled. The duration varies according to teachers’ professional experience. Teachers with less than five years of service will have to complete a two-year course. For those with more than five years of experience, in-service training will last one year. The opening of these places provides an opportunity for teachers who recently entered the teaching profession through extraordinary recruitment schemes for candidates with recognised teaching qualifications. Teachers can complete pedagogical training Over the past two years, thousands of teachers have entered the teaching profession through a scheme allowing teachers without professional qualifications to join the career. Their appointment was conditional on completing the required pedagogical training within the established timeframe. In the 2024/2025 extraordinary external recruitment process, 1,822 teachers entered the teaching profession, 893 of whom did not have pedagogical training. The following year, 1,639 teachers were appointed, including 697 with recognised teaching qualifications. In-service training therefore allows these teachers to obtain the necessary qualifications while continuing to work in schools. More training to address teacher shortages The measure also comes amid a shortage of teachers and a need to strengthen the qualifications of professionals already working in the education system. The investment aims to ensure that teachers with provisional appointments can complete their training within the established timeframe. In-service training is one of the routes available to obtain the professional qualification required to enter the teaching profession. The new provision also seeks to address the shortage of places that has made it difficult for some teachers to access pedagogical training in recent years. In 2025, 300 places had already been agreed with Universidade Aberta, but demand continued to exceed the available provision.
Photo: Adobe Stock Author: Redaction One borrower may have to cover the full instalment When two people take out a mortgage as borrowers, joint and several liability is common. In this case, each borrower may be liable for the full debt towards the financial institution. This means that if one borrower stops paying their share of the instalment, the other may have to cover the full amount to avoid falling behind. The way the couple has agreed to divide expenses does not, in itself, change the obligations set out in the mortgage agreement. For this reason, before buying a home together, it is important to understand who is registered as the owner, who signs the mortgage and what responsibilities each person assumes. Separation does not automatically change the agreement A separation or divorce does not eliminate the responsibilities assumed under the mortgage. Even if one borrower stops living in the property, they remain linked to the loan until the agreement is formally changed. If one of the partners wants to keep the property and take on the repayments alone, the bank must agree to the change in the mortgage arrangements. The lender will assess, among other factors, the income, expenses and other financial commitments of the borrower who wants to take on the financing alone. The change only takes effect with regard to the bank once it has been formally agreed. Until then, both borrowers remain subject to the obligations set out in the agreement. What happens if mortgage payments are missed? If one borrower stops paying and the other cannot make up the difference, both may face consequences. Default can lead to late-payment interest and other charges, and may also be reported to the Credit Responsibilities Centre. If financial difficulties arise, it is important to contact the bank quickly. Customers may have access to mechanisms designed to prevent or resolve situations of payment difficulties. One of these is PERSI, a negotiation procedure aimed at finding solutions between the customer and the financial institution. The bank must initiate this procedure between the 31st and 60th day after the missed payment, although the customer may also request to be included. Selling the property may be a solution When neither borrower can afford the mortgage alone and there is no agreement to keep the property, selling the home may be an alternative . Having a mortgage secured against the property does not prevent it from being sold, but the transaction must be coordinated with the bank. It is necessary to determine the outstanding capital and arrange its repayment in order to cancel the mortgage. If the sale price is higher than the outstanding debt and associated costs, the remaining amount will be divided according to ownership of the property and the existing legal arrangements. If the sale price is not enough to repay the mortgage in full, it will be necessary to clarify with the bank how the outstanding amount will be settled. To reduce risks, couples taking out a mortgage should agree in advance how repayments will be covered and what will happen if one borrower can no longer pay. Keeping proof of payments and contacting the bank at the first sign of financial difficulties can also help prevent the situation from getting worse.
Source: Author Author: Jorge Garcia, Real Estate Specialist Strengthening relationships of trust Strengthening relationships of trust within the property community is essential! The property community has adjusted and continues to adapt to the complexity of the circumstances affecting the sector. Like all communities, it is not perfect or immune to conflicts. We are living through times of rapid change in procedures and routines. New conditions imposed by technological advances and the industrialisation of the property business value chain. New competitive challenges at every link in the chain. But People and their ethical values remain essential to establishing relationships of trust between operators across the construction and property sectors, making possible a culture of information sharing and business based on respect for others and integrity. New tests for the property ecosystem, so that we can bring out our best. A summer of encounters and reflection With the summer season almost over, and as we return to more or less formal environments, to the rules, behaviours and procedures that guide our professional relationships, it was in an informal and festive atmosphere that “Diário Imobiliário” held another edition of the “Beach Party Imobiliário”. An opportunity to meet again, validate or dismiss assumptions, engage with purposes and connections, foster cross-cultural exchange throughout the value chain, and update contacts and agendas. A summer event that continues the “No Filters” conversations, moderated by Fernanda Pedro, the newspaper’s director, which take place throughout the year. Taking advantage of the occasion, on a subsequent sunny afternoon, I read from beginning to end the book “O Mundo Imobiliário: as histórias incríveis do dia-a-dia de um consultor imobiliário”, a compilation of articles published in 2020 and 2021 by Francisco Mota Ferreira in “Diário Imobiliário”. The perspective of a former journalist who, upon starting work in the property sector, discovered a wealth of good stories that deserved to be told. The strengths and weaknesses of the property sector described with humour and irony. Lisbon and the preservation of identity The summer season in Lisbon will forever be associated with the Chiado fire which, 38 years ago, destroyed 18 historic 18th-century buildings. A prime area of the city where buildings were redeveloped and rebuilt, making it possible to preserve some of the commercial heritage. As in other neighbourhoods of the Historic Centre, the area is losing its character. Without competitive differentiation in a tourism market that is beginning to show signs of stagnating demand, the destination becomes more commonplace, increasingly mass-market, loses its appeal and depreciates. The Lisbon City Council’s well-intentioned “Lojas com História” programme is proving to be of limited effectiveness today. Recognition is not the same as protection. Political will is needed to go further. It is necessary to protect façades and interior elements and to integrate historic, identity-defining commercial establishments and associations into Urban Conservation Areas. People who leave a legacy The property sector is made up of People. As he announces his retirement, anyone who has been part of this Property World for almost three decades could not fail to mention Luís Roquette Pinheiro de Melo. Those who worked with him tell me that he leaves behind an enormous legacy of honesty and technical knowledge. Like others, he deserves a page in the book of celebrated figures in Portugal’s property agency sector. He will continue to be a reference for future generations who make property their profession. Regarding the prime segment, where he was primarily positioned, I often say that technical skills can be learned. Ethical principles, discretion, confidentiality, sobriety, “breeding” — either you have them or you do not. And Luís Pinheiro de Melo, bringing together all these personal attributes, combined them with outstanding technical expertise.
Photo: Adobe Stock Author: Redaction Rehabilitation gathers pace in central Coimbra Coimbra City Council has stepped up its work to identify and monitor run-down properties, particularly in the citys historic area. Following notifications sent to owners, ten buildings have already moved forward with reconstruction or rehabilitation works. The local authority has favoured a gradual approach, seeking to ensure that owners voluntarily undertake the necessary interventions. In several cases, run-down properties are already at the licensing stage, undergoing works or have new owners preparing the procedures needed to begin rehabilitation. Municipality identifies new buildings The survey carried out by the City Council has made it possible to increase the number of run-down properties identified in the city. In addition to the buildings previously identified, a further 67 owners were recently notified to carry out interventions on their respective properties. In total, 112 properties have now been identified whose rehabilitation processes are expected to move forward. Baixa and Baixinha account for a large proportion of these cases, but the work also covers areas such as Avenida Emídio Navarro and Praça da República. The local authority intends to continue monitoring run-down properties and assessing the appropriate solutions for each situation, taking into account the condition of the buildings and the owners willingness to proceed with the works. Coercive works are a last resort When voluntary intervention does not take place, the municipality can resort to coercive mechanisms. This option is considered a last resort and may involve administrative possession, the execution of works by the local authority or other procedures provided for by law. One of the cases already being monitored involves a building on Rua da Fornalhinha, which collapsed in December 2025. After taking administrative possession of the property, the City Council carried out the necessary interventions. The building was subsequently acquired by the Coimbra Viva fund. There are also other run-down properties that could be subject to similar measures, including expropriation proceedings in the public interest, forced sale or compulsory execution of works. Housing could benefit from rehabilitation The recovery of run-down properties could also help increase the housing supply in central Coimbra. The local authority itself has buildings it intends to refurbish, with the aim of creating affordable housing. The rehabilitation strategy therefore seeks to address both the deterioration of the urban heritage and the need to make use of buildings that are unused or in unsuitable condition. In addition to run-down properties, the municipality has identified 237 vacant buildings, meaning properties that remain unused for an extended period. Monitoring these buildings could pave the way for new interventions and strengthen the revitalisation of the citys central areas.
Source: Adobe Stock Author: Redaction Industrial investment increases pressure in Sines Sines is undergoing a period of major economic transformation, driven by large industrial projects that are expected to represent more than €20 billion in private investment. The increase in business activity is bringing new workers to the municipality and, with them, greater demand for housing. Against this backdrop, the Government intends to create a specific public investment plan to keep pace with the regions growth. The strategy is expected to cover several areas that are essential for the population, including housing, education, healthcare, nurseries, pre-school education and facilities for older people. The aim is to ensure that economic development is matched by adequate public service capacity. Housing is particularly important in this context, as rising demand has made it increasingly difficult to find available homes in the municipality. The property market feels the effects of growth Pressure on housing is already visible in local market prices. Rental availability is limited and prices are making it harder for families to access a home in Sines. Population growth helps explain part of this situation. Between 2021 and the end of 2025, the municipalitys population is estimated to have increased by more than 12%, equivalent to around 2,000 people. Demographic growth has not been matched at the same pace by the expansion of public services. For the municipality, this gap makes it urgent to find solutions for housing, as well as for areas such as healthcare and education. The shortage of housing could also affect how residents perceive the major projects arriving in the area. Economic development may be seen as an opportunity, but also as an additional source of pressure on the property market. Government prepares an unusual response The Government considers that the scale of investment in Sines justifies an approach different from the one usually applied in other municipalities. The areas specific circumstances are therefore expected to underpin a joint plan with the local authority. The response should seek to anticipate the needs created by economic growth, preventing shortages of housing and public services from limiting the areas ability to attract workers and new families. In addition to housing, infrastructure investment is expected to cover healthcare facilities, educational establishments and social support services. Creating suitable conditions will be crucial to keeping pace with the municipalitys expected development. Municipality calls for greater return from investment The local authority also argues that companies developing projects in Sines should play a greater role in creating new services and facilities for the population. The idea is to link private investment to mechanisms that can strengthen local capacity. One of the proposals is to revise the Local Finance Law, ensuring that the municipality can benefit more directly from the economic activity generated within its territory. The municipality has also suggested establishing local agreements with the companies behind the major investments. These solutions could help finance new infrastructure and respond to growing demand for housing. Despite its concerns, the local authority remains supportive of private investment in Sines. The priority now is to ensure that economic growth is accompanied by affordable housing and public services capable of meeting new needs.
Source: Adobe Stock Author: Redaction Higher education loses students after a decade of growth The number of students enrolled in higher education fell for the first time after a decade of continuous growth. Data from the Register of Enrolled Students and Graduates in Higher Education (RAIDES) shows that 447,690 students attended Portuguese higher education institutions in the 2025/26 academic year. This represents a 1.8% decrease from the approximately 456,000 students recorded the previous year. Despite the decline, the public sector continues to account for the majority of students, with 355,670 enrolled, while private institutions have 92,010. The change interrupts a trend that had continued since 2014/15. During this period, the number of students increased in both public and private higher education, with the latter recording particularly significant growth. Fewer new students put pressure on enrolment figures The decline in higher education enrolment is linked to lower demand for new courses. In 2025, the number of new students starting undergraduate degrees or integrated masters degrees fell by 10.5% compared with the previous year, equivalent to 8,678 fewer students. The National Higher Education Admissions Competition was particularly affected. In the first round, 43,899 candidates were admitted, with around 79% of available places filled. Changes to admission rules were identified as one of the factors affecting demand. The decline in the young population is also becoming increasingly evident. Portugals demographic trend, marked by decades of low birth rates, is progressively reducing the number of potential higher education applicants. International students become increasingly important International students represent an increasingly significant share of Portuguese higher education institutions. In the last academic year, there were more than 72,000 international students, including those completing their entire education in Portugal and participants in mobility programmes. This growth has helped universities and polytechnics partially offset the decline in the number of young Portuguese students. For many institutions, attracting international students has become an important strategy in response to the countrys demographic changes. Students enrolled in higher education include those across different levels of study, from short-cycle higher technical programmes to undergraduate degrees, masters degrees and PhDs. Recovery in admissions could slow the trend The first results for 2026 point to a recovery in demand. The occupancy rate for places available through the National Higher Education Admissions Competition rose to around 88%, with 49,991 new students admitted, above the figure recorded in the first round of the previous year. This recovery could help limit the decline in higher education enrolment, although it is still too early to determine whether it represents a sustained change. The demographic outlook nevertheless continues to pose challenges for institutions. The ability to attract new students, strengthen course offerings and recruit international students is likely to become increasingly important for maintaining the scale of Portugals higher education system.
Source: Author Author: Jorge Garcia, Real Estate Specialist Sun, sea and books In this dear month of August, we live under the aegis of the blessed trilogy: sun, sea and books. Long-postponed reading of books published by the Portuguese Academy of History, by classic authors of Portuguese and Brazilian literature. And also revisiting the opinion articles published here and in other Media outlets over the past few decades about the real estate market. A desire to look back at what we have been publishing with the appropriate distance. And perhaps that other trilogy that gives meaning to life will also be completed. We have already planted a tree, we have a daughter, all that is missing is a book. Our lengthy searches through the archives, most of them in physical format, took us back to the first decade of the 21st century. They brought us back to the challenge of producing training content that met the requirements of the legislation published, Decree-Law No. 211 and Ordinance No. 1326 of 2004, and that could also, within the time constraints of the modules assigned to us by CECOA – Training Centre for Commerce and Related Activities, contribute to training in other supplementary and differentiating skills in the practice of the real estate profession. To produce content effectively, it is important to know and understand the target audience. In this case, more than a target audience, we had a prospective audience: everyone who wanted to become accredited to carry out real estate brokerage and property acquisition activities. When re-examining the Manuals produced at the time, some of the key qualifications required of real estate professionals during that first decade remain intact. The technical and commercial skills that can make them successful. Knowing the market, understanding the dynamics of supply and demand that drive the “asking price”, knowing how to carry out a comparative market analysis, and having knowledge of bank financing, taxation, the legal process involved in a sale, investments, construction defects and energy efficiency, and urban planning. When it comes to commercial skills, the vast majority of training provision was and continues to focus on this area: prospecting, client qualification, negotiation, objection handling and closing. It is important that newcomers achieve results in the short term. From real estate brokerage to consultancy What distinguishes the real estate brokerage of the past from real estate consultancy is the relational, strategic and digital skills that some companies and salespeople still have not incorporated. They call themselves consultants but continue to behave like salespeople. They continue to present properties with the aim of shortening the sales cycle and closing deals in the short term, without taking into account the building of a long-term relationship with their clients. We closely follow the professional journeys of successful real estate consultants. Their ability to understand markets, analyse trends and discreetly build relationships that stand the test of time. Careers devoted to understanding market cycles and investment strategies. Technology has democratised access to information. A real estate consultant has the ability to turn information into decisions. It is through the combination of data, technology and human relationships that they create value by advising their clients to make better decisions. Artificial Intelligence in real estate It remains depressing to see the banality, vulgarity and “clichés” of the Communication and Marketing of some real estate agencies and property sellers when using AI. Following other brands, KW – Keller Williams Realty has also announced the development of its own Artificial Intelligence (Claude AI + Notion AI), integrated with its business model. Generally speaking, one should not assume that AI, automation or new software will solve strategic weaknesses. AI is transforming the real estate sector. Are physical agencies and real estate consultants under threat? AI may reduce the size of physical premises and the need for some in-person tasks, but it does not eliminate the value created by real estate consultancy. Technology brings efficiency; consultants bring trust and guidance when making decisions. A farewell News also came from the US of the death of Gail Liniger, co-founder of RE/MAX in 1973. She left her mark on several generations of real estate professionals around the world. May she rest in peace.
Source: Author Author: Jorge Garcia, Real Estate Specialist In Portugal, to be realistic, you need to believe in miracles! The phrase attributed to David Ben-Gurion, one of the founders of the Jewish State, regarding Israel, seems to apply to Portugal. Access to housing continues to worsen Access to housing is now one of the main sources of social inequality and distributive conflict in Portugal. The real estate sector appears to have improved its performance in the first half of 2026, confirming the year-on-year data released by the Statistics Portugal (INE) for the first quarter. Growth was driven by a 17.8% increase in prices, while transactions fell by 8.7%. Fewer families gained access to housing and, for the most part, those buying were families that already owned property. In the second half of the year, pressure on prices and the contraction in sales are expected to continue. In 2026, the market is likely to remain active while housing affordability deteriorates further. Demand will continue to come from those with incomes compatible with rising prices, those able to access mortgage credit under stricter lending rules, or those who already own a property to sell. For those looking to buy their first home, and for middle-income families whose earnings no longer match current market prices, the barrier to entry will become even higher. The problem has never been knowing what to do After decades in which public housing policies were absent or proved ineffective, policymakers have finally placed access to housing on the agenda. Public housing remains negligible. Until now, the Portuguese State has left access to housing largely to bank lending and the market. While credit was easily available and affordable, and buyers were mainly domestic, the system worked. With the deterioration of Portuguese households incomes and the arrival of foreign buyers with greater purchasing power, the market became unbalanced. There has been no shortage of studies, analyses and endless debates about possible solutions. Due to political incapacity, but above all resistance to change from vested interests within the public administration, these problems have persisted and worsened. Taking advantage of this window of opportunity, it is crucial that the measures adopted are given the time, scale and implementation conditions needed to deliver results. In Portugal, the problem has never been knowing what to do. It has been doing it. A recent study by Nuno Palma and Nobel Prize-winning economist James A. Robinson, Unlocking Portugals Growth – Structural Reforms and Challenges in Implementing Economic Policies, highlights Portugals real problem: the States inability to implement. A State that fails to meet deadlines, fails to decide and fails to act. An institutional model built on layers of legal risk control, where the rational decision is often not to decide. Producing legislation, strategies, action plans and widely publicised reforms is simply not enough. Portugal still clings to the idea of competitiveness based on production costs, resulting in an economy of low wages and low productivity. Todays global economic competitiveness is determined by the speed of decision-making. Licensing, regulation and taxation are more than State functions; they are competitive economic factors. Implementation is the real challenge Returning to the issue of access to housing, the supply of homes for younger generations and an increasingly impoverished middle class, the estimated housing shortage of 150,000 homes, and the missed opportunities under the Recovery and Resilience Plan (RRP), it is reasonable to believe that only industrialised and modular construction can significantly address the problem. Technology also already makes it possible to establish binding deadlines for municipal licensing, full digitalisation and the public registration of planning decisions and their beneficiaries. The Construction Code and the National Single Urban Planning Platform should already have been implemented, but they have not. Portugal is not facing a sudden crisis, but rather a slow structural decline. That is Portugals problem, one that must be faced with realism, speed, courage and determination.
Source: Adobe Stock Author: Redaction Lisbon expands its affordable housing supply Lisbon City Council (CML) will move forward with the construction of a new affordable housing building near Jardim da Estrela. The project includes 11 municipal homes, helping to increase the supply of housing for families seeking more affordable living solutions. The building will be constructed on a currently vacant plot on Rua do Jardim à Estrela and is part of the Dispersed Building Intervention Plan, which aims to regenerate urban spaces and transform them into new housing opportunities. New building will include 11 homes The future building will have three floors and include different housing types, meeting a variety of needs. It will feature studio apartments (T0) and two-bedroom apartments (T2), distributed across the three floors, as well as technical areas, storage rooms and support facilities. The project will be awarded through a public tender, with a base investment of more than €1.4 million, plus VAT at the applicable legal rate. The expected construction period is 515 days, with completion depending on the various stages of the procurement and construction process. More housing to meet demand The construction of this new affordable housing building represents another investment in expanding municipal housing in Lisbon. Increasing the supply of homes remains one of the citys priorities in response to strong housing demand. In addition to providing new homes, the project will regenerate a previously unused site, promoting urban renewal and making better use of municipal assets. With new affordable housing projects, Lisbon aims to expand the options available to residents facing difficulties in accessing housing, while responding to the need for more affordable housing solutions adapted to current market conditions.
Source: Author Author: Jorge Garcia, Real Estate Specialist Regulation, Professionalisation and Certification Across the Real Estate Value Chain On 30 June, with the participation of around 700 professionals from the real estate brokerage sector, the 4th edition of the APEMIP IMOCIONATE Convention took place. Particularly noteworthy was the presence of Fernando Batista, President of IMPIC – Institute of Public Markets, Real Estate and Construction. His intervention marked the end of a long period without public statements regarding the long-awaited regulation of the sector. It appears that the Government is on the verge of presenting new legislation adapted to the new realities of this market, providing for greater regulation and improved qualifications for real estate brokerage professionals. Another significant point was the disclosure that, at that date, 11,574 real estate brokerage companies were licensed, highlighting the instability of this market. In 2025, 2,417 licences were granted and 1,455 were cancelled. Professionalisation as a Competitiveness Factor The qualification and competitiveness of demand, particularly from international clients, have led to greater, although not widespread, professionalisation of the activity. As in other sectors, there still seems to be a belief in the cultural trait of improvisation under pressure. This provides fertile ground for motivational training with little substance or focused solely on operational matters. Systematic training leads to results that do not depend on the talent or luck of the most capable consultants. Training based on a model similar to that of the NAR – National Association of Realtors, combining self-regulation, training, strategic vision, practical skills and multidisciplinary knowledge in technology, asset valuation, legal and regulatory matters, ethics and institutional representation. Scale, Productivity and the Sectors Sustainability The market is made up of small and medium-sized local agencies, agencies belonging to real estate networks and large internationally aligned consultancies. As there is currently no official register of real estate consultants, although this apparently will become mandatory, the estimated average number of consultants per agency is close to six. Given that, in 2025, the number of residential property transactions reached 170,000, this would represent an average of 14 to 15 transactions per agency per year and two to three transactions per consultant per year. Here too, the figures do not add up. Does Vilfredo Paretos Law apply to this business? Do 20% of agencies account for 80% of completed transactions? Do the 20% most productive real estate consultants generate 80% of agencies turnover? In a highly competitive market such as real estate brokerage, companies will need to achieve greater scale to make professional management possible. A regulated and credible activity that attracts talent and fosters a culture of continuous learning. A valued profession, consistent with the sophistication of investment, financing, property management and maintenance professionals, as well as property owners and buyers. Professionals who are prepared to develop new skills and set aside others that have become irrelevant. Credit Intermediation and Condominium Management: A New Regulatory Phase Within the real estate value chain, condominium management and credit intermediation are becoming increasingly professional as supervision is strengthened. Since 2018, the credit intermediation sector has doubled in size, and the Bank of Portugal has introduced new rules to fill the regulatory gap. The activity of credit intermediaries and credit managers is not limited to attracting clients and forwarding their contacts to financial institutions. Collecting all the necessary documentation and carrying out pre-qualification are crucial to the success of financing operations. Digitalisation is a critical factor: by streamlining processes and ensuring transparency, it improves the customer experience. In credit intermediation, success will also depend on the qualifications of professionals supported by efficient technology. Credit intermediation is decisive in completing the majority of real estate transactions. A new legal framework aimed at regulating and professionalising condominium management and administration is also currently progressing through the legislative process.
Source: Author Author: Jorge Garcia, Real Estate Specialist Portugal at three speeds The real estate market in Portugal continues at three speeds. The speed promised by national and local decision-makers, the more or less rapid speed at which operators move according to their capabilities and skills, and the slow speed of the Public Administration. Recently, the government approved a set of necessary measures, with the intention of addressing the serious housing access crisis. Gap between decision and execution At different speeds, operators in the real estate ecosystem have been trying to adapt to internal and external constraints that affect their activity, while the responsible authorities, namely those in charge of licensing, remain in a lethargic state. In public entities, nothing has changed; technicians continue to “pass upwards”, and obstacles remain. Faced with new challenges and constraints, when it is necessary to respond to the shortage of housing supply, the Public Administration continues to fail as if the time and money of real estate developers and taxpayers were free. Invisible costs of administrative time Over the long period that elapses until the licensing of a new housing development, real estate developers incur financial costs, access to affordable housing is denied to future residents, those who can are paying higher rents in other locations, and municipalities are losing tax revenues from IMI, IRS, among others. These are easily quantifiable costs that are not assigned to anyone. The cost of decision time is a significant economic cost which, together with others, has led to “the numbers not adding up” in many affordable housing projects. Compliance with outdated construction regulations also continues to generate additional costs, with bureaucracy acting as a “protective shield” for technical and political responsibilities. Bureaucracy, blockages and structural challenges Stagnation has a high cost, but change brings a lot of work and headaches when it interferes with the multiple corporate interests embedded in the numerous state bodies. In recent events we have attended, operators’ complaints remain unchanged. When discussing building or renovating for affordable housing, implementing energy transition and building decarbonisation programmes, modernising construction, digitalisation and technological innovation, the WFD - Water Framework Directive, and the transformation of urban spaces, we are faced with major challenges. We have an ageing housing stock with around 70% of buildings being energy inefficient, ageing urban and building water networks, degraded and in some cases containing contaminating materials, a lack of skilled labour and funding sources, regulatory complexity, and slow licensing processes. Industrialisation of construction and productivity But the issue that is most concerning in the short term, given the need to increase productivity and decarbonise, the shortage of labour, and the need to reduce delivery times for housing units, is the industrialisation of the construction process at scale. According to recent statements by Miguel Garcia at the “Real Estate Shapers” event organised by “Magazine Imobiliário”, a building with 77 units could be delivered in less than a year. Would the “heavy state machine” be up to it? Last but not least! On 9 June, ADIT – Brazilian Association for Real Estate and Tourism Development celebrates its 20th anniversary. It will take place in Maceió, State of Alagoas, where it all began. I had the privilege of being a speaker at the first edition of this event related to tourism and real estate investment in Brazil. When it was founded, the organisers sought inspiration abroad. Two decades later, it is in Brazil that it can be found, in the best that is done on a global scale. Thank you Felipe Cavalcanti for your entrepreneurship and for continuing to be a source of inspiration.