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Where to buy homes at moderate prices in urban areas?

For those looking to buy homes at moderate prices in urban areas of Portugal, the recent updates in land management present a golden opportunity. Municipal authorities now have the capacity to convert rustic lands into residential zones, ensuring that moderate pricing is a fundamental aspect of these new developments. This means that buyers can now access a wider range of properties that are both affordable and well-located in urban settings.

The government's initiative requires that at least 70% of the newly constructed homes adhere to pricing guidelines compatible with the median income of local residents, directly addressing the middle-class housing shortage. This reform is set to increase the number of properties on the market, allowing prospective home buyers to find options that suit their budget.

In terms of investment potential, urban areas experiencing this development are expected to see a resurgence in property values, presenting a unique chance for both first-time buyers and seasoned investors. The advantages of living in urban locales, such as proximity to job opportunities, educational institutions, and cultural amenities, further enhance the allure of these homes.

The shifted focus towards urban development means buyers can look forward to modern amenities and well-planned infrastructures, ensuring a comfortable lifestyle. As urban regions grow, they will not only cater to families but also to professionals seeking convenience and vibrancy.

Purchasing a home in these newly designated areas represents a strategic investment in a community experiencing growth and revitalisation. Those interested in these properties will find an array of options available for purchase, all designed with the future of urban living in mind.

This is an excellent time for buyers to explore their options in these newly created housing areas. Do not hesitate to contact us for more information on these exciting opportunities!

Tuesday, 03 December 2024 - News
Where to buy homes at moderate prices in urban areas?

A decree-law, approved on Thursday by the Council of Ministers, changes the Legal Regime of Territorial Management Instruments (RJIGT), exceptionally enabling councils and municipal assemblies to create new housing areas on land compatible with the urban area.

The process simplifies the availability of land, as this decision will depend solely on city halls and municipal assemblies, without the need for approval by other bodies.

However, at least 70% of these houses will have to be sold at “moderate prices”, resulting from the national median and the local median, because they are intended to increase the housing supply for the middle class, the government highlighted in a statement.

“This measure will increase housing construction in all municipalities, ensuring that homes are affordable for middle-class families and, at the same time, profitable for companies in the real estate sector. The lack of land has been one of the main causes of the high cost of housing”, considered Manuel Castro Almeida, Deputy Minister of Territorial Cohesion, cited in the statement.

City halls continue to have to respect the specificities defined for national agricultural and ecological reserves.

For example, construction remains prohibited “on units of land with high suitability for agricultural use, under the terms of the National Agricultural Reserve”.

“As for the National Ecological Reserve, the fundamental natural values ​​and functions continue to be protected, as well as the risks to people and property”, is highlighted in the approved diploma.

Also mentioned in the statement, the Minister of Infrastructure and Housing, Miguel Pinto Luz, considered that the measure “will promote greater social equity by allowing more housing construction and, consequently”, increasing the supply of affordable homes.

Pinto Luz highlighted that “solving the country’s housing problem is a national urgency” and assured that the Government “is committed to implementing the measures of the Construir Portugal program” so that everyone has “access to decent housing”.

 

Source: https://www.theportugalnews.com/news/2024-12-02/new-land-rules-to-help-middle-classes-buy-homes/93933

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