Sotheby's CEO Calls for National Strategy on Affordable Housing in Portugal
In a prominent opinion piece, Miguel Poisson, CEO of Portugal Sotheby’s International Realty, has issued a call for a new national housing policy, framing affordable housing as a strategic initiative essential for the country's economic competitiveness and social cohesion. The announcement, published in Expresso, outlines a comprehensive vision for tackling Portugal's housing challenges through a combination of public investment, private sector collaboration, and stable, predictable government policies.
The policy objectives are clear: to create a sustainable and long-term increase in the supply of affordable housing. Poisson argues that this is not merely a social issue but a cornerstone of Portugal's ability to attract and retain talent and investment. The targeted outcomes include the construction of new public and cooperative housing with controlled rents, the large-scale rehabilitation of vacant properties, and the development of a robust private rental market at accessible price points.
The implementation strategy proposed is multi-faceted. A central pillar is the active promotion of public-private partnerships (PPPs) to mobilize capital from institutional investors, both domestic and international, for large-scale rental projects. This would be supported by a favorable fiscal framework, including tax benefits for landlords who offer affordable rents and a reduction in VAT for the construction and renovation of affordable housing. The timeline for these measures is presented as urgent, with Poisson stating that such policies could have an “immediate impact on the housing supply.”
The policy would affect a wide range of population groups, from young people and families seeking their first home to the broader workforce that underpins the economy. Geographically, while the pressure is most acute in large urban centers, the strategy also calls for decentralization, encouraging investment in efficient public transport to attract residents to other cities and relieve the burden on Lisbon and Porto. The budget for this would be a shared responsibility, leveraging private capital to complement public funds.
Stakeholder consultation and collaboration are at the heart of the proposal. Poisson emphasizes that the real estate sector, including developers and investors, is “prepared to be part of the solution.” He calls for a “collective commitment between the public and private sectors” and the formation of interdisciplinary teams to ensure that policies are both feasible and durable. This collaborative approach is seen as essential for building the trust and confidence needed to attract long-term investment.
The expected economic and social impact of such a strategy would be profound. By addressing the housing deficit, Portugal can enhance its economic competitiveness and ensure greater territorial cohesion. For investors, a stable and predictable policy environment would unlock significant opportunities in the residential sector. Poisson explicitly states that “legislative and fiscal predictability is a decisive factor in attracting and maintaining long-term investment.”
A framework for monitoring and evaluation is implied in the call for interdisciplinary teams and a concerted, long-term strategy. The success of the policy would be measured by the increase in housing supply, the stabilization of rental prices, and the successful implementation of PPP projects. This data-driven approach would ensure accountability and allow for policy adjustments as needed.
Internationally, many countries have faced similar housing crises and have turned to PPPs and fiscal incentives as part of the solution. Poisson's proposal aligns with these global best practices, advocating for a model where the state enables and facilitates private sector innovation and investment to achieve public policy goals. The emphasis on sustainable materials and industrialized construction methods also reflects modern trends in the industry.
The political debate around housing in Portugal is intense. This intervention from a major industry leader adds a powerful voice to the call for a more strategic and less reactive approach. It challenges the government to create the stable conditions necessary for the private sector to play a constructive role. There is no mention of specific political opposition, but the piece is a clear appeal to the current government to act decisively.
Future policy developments will be watched closely by the real estate industry. The adoption of measures such as VAT reduction or new frameworks for PPPs would be seen as a strong positive signal. Poisson's closing words serve as a powerful call to action: “It is up to all of us, public and private sectors, to build this vision with ambition, responsibility, and a commitment to the future.”
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