Portugal

“The big problem is not in tourism”. Sarmento points out lack of supply as a reason for the housing crisis

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Briefings

Portuguese Finance Minister Joaquim Miranda Sarmento attributes the housing crisis to a decade of insufficient construction supply rather than tourism demand, citing a 2008-2014 economic downturn that halted new builds. He proposes public housing investment, tax reductions, and rental market flexibility to increase supply. The government aims for medium-term results but lacks specific quantitative targets or implementation timelines.

Key points

• Minister Joaquim Miranda Sarmento attributes the housing price crisis to a decade of insufficient construction supply rather than tourism demand.
• The government proposes public housing investment, tax reductions, and rental market flexibility to increase supply.

Context

Sarmento's statement follows a CNBC interview where he rejected the idea that tourism pressure drives housing prices, instead blaming a lack of construction since the 2008-2014 financial crisis. His remarks come amid rising housing costs and social protests, with the government maintaining a surplus in public finances.

Limitations

Sarmento provided no specific quantitative targets for supply increase or concrete timelines for policy implementation. The evidence is limited to his interview statements and does not include data on construction rates, housing stock numbers, or specific project schedules.

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