Knocking down property markets would be catastrophic, according to Miguel Albuquerque. He argued against restricting foreign investment or real estate activity, stating it would harm the economy.
When asked about limiting property sales to foreigners, Albuquerque said the market should be allowed to function freely. He cautioned against government price controls, believing they create market problems.
Regarding local accommodations, he suggested municipal councils should decide on regulations based on each municipality’s needs, and only intervene when it impacts residents’ quality of life. He acknowledged seasonal rentals provide income for some families.
Albuquerque stated landlords shouldn’t be expected to fulfill social welfare roles, emphasizing the importance of private property rights.
He also addressed the need for affordable housing, highlighting the Regional Government’s investment of 128 million euros in affordable housing initiatives. Cooperative housing, similar to models from the 1990s, was presented as a key solution, aiming to offer homes 30% below market price with potential purchase assistance.
He mentioned two paused projects – 220 apartments on Tecnopolo land and 53 apartments through a cooperative – and noted over 400 units are currently under construction.
Albuquerque reiterated the importance of a functioning market and warned that interventions leading to dysfunctionality could result in poverty, economic slowdown, and reduced investment.
