Development bank chief: no golden bullet for housing problem

The CEO of Portugal’s development bank Banco Português de Fomento (BPF) said over the weekend that there is no quick fix to solve Portugal’s affordable housing crisis.

The development bank has €4Bn earmarked for housing to help solve a problem of insufficient supply.

Gonçalo Regalado told the business daily Negócios and radio Antena 1 that much more will need to be built for the Portuguese and for the “new Portuguese” referring to immigrants.

And in an interview with Radio Renascença, Mr. Regalado said that the BPF is looking at providing State guarantees to Portugal’s middle classes and those who can’t get access to housing.

“We have provided funding in the past to people and individuals, particularly from less privileged backgrounds, in the area of ​​education. Therefore, we are studying all scenarios,” Regalado said on the radio’s “Public Doubts” programme.

Portugal is estimated to require around 300,000 new or refurbished affordable homes nationwide to buy or rent over the next five years to make any serious inroads into solving the country’s chronic housing shortage crisis.

Source: Negócios/Radio Renascença.