Only 4% of young people can afford 70% of housing in metropolitan areas

Portugal’s housing crisis continues to be challenging, particularly for those trying to get onto the housing ladder, as a recent study from estate agency Century 21 ‘Housing for Young People in Portugal – Challenges and Current Trends, shows.

The study illustrates that 69-70% of residential properties for sale in the metropolitan areas of Lisbon and Porto are within the reach of just 4% of young people. (Market prices of €250,000).

In other words, only those earning over €2,500 a month can afford the mortgage. “We have a problem of access to housing, namely the first house on the housing ladder,” said Ricardo Sousa, CEO of Century 21 Portugal and Spain, presenting the main conclusions of this study on Thursday in Lisbon during the Real Estate Observatory, an event organised as part of the company’s convention in Portugal, which was opened by the Secretary of State for Housing, Patrícia Gonçalves Costa.

Difficulty in emancipation is one of the study’s tonics. Currently, and according to this survey, 56.4% of Portuguese young people between the ages of 25 and 25 still live at home with their parents. Between the ages of 36 and 40, 11.4% are still in this situation in metropolitan areas. 43% are still not independent due to high housing prices and 30% to insufficient incomes.

89% of young people are willing to make concessions to become independent, such as cutting consumer spending or travel, but they do forego starting a family or marrying, and seek to live close to their family nucleus and friendships.