In a report by idealista, he states that: “It is necessary to build and renovate more properties to create a true rental market. [Which] will only be possible through a consistent stimulus to private investment”, said Reis Campos, president of the Portuguese Confederation of Construction and Real Estate (CPCI), at the opening session of the 11th edition of the Lisbon Urban Rehabilitation Week (SRUL).

He said that Portugal needs to “have construction levels in the order of 40,000, 45,000 homes per year”. This is at sales prices that can be afforded by most Portuguese people, that is, affordable homes.

“Our country in the last decade built 15,000 homes per year and in the previous decade, that is, from 2001 to 2011, it built 68,000 homes per year. Now we are building 30,000… On the other hand, in terms of rehabilitation, from one decade to the next, we had another 250,000 buildings in need of rehabilitation”.

Reis Campos pointed the finger at the high tax burden practiced in Portugal in the real estate and construction sector and reiterated that it still “needs 80,000 workers”.

“In tax terms, VAT being 23% does not help. The new Government has no choice but to apply a 6% VAT for all rehabilitation. And even construction, particularly that intended for affordable housing, should have VAT at 6% [at least] for one period. The country gained from this and the investor felt there was confidence. It would be an incentive for investors to build,” he maintained.