And this is true. New construction has increased and there is now more supply on the market than there was a few years ago.

At first glance, it seems like good news. More homes should mean more affordable prices. But the reality remains more complex. Despite the increase in supply, many of these homes remain out of reach for most families.

And the explanation is not only in the market. It is also in the context in which it is built.

Building in Portugal today involves a set of costs that are often not visible to outsiders. Between lengthy licensing, fees, taxes, financial costs and uncertainty in deadlines, the risk for those who promote real estate projects is high. And this risk comes at a price.

A developer, as the owner throughout the process, bears costs accumulated over the years. Interest, tax charges, administrative costs and delays. All this goes into the final price of the house.

Faced with this scenario, the decision becomes almost inevitable. Build where there is the greatest return. In the most sought-after areas, in the segments with the greatest purchasing capacity. Not because of a lack of will to do differently, but because the system itself pushes in this direction.

And this is where a point that is often little discussed comes in. The role of the State.

In Portugal, the State has had a very limited presence in the direct promotion of rental housing or in structured solutions that help to balance the market. At the same time, the tax burden associated with real estate development remains high, which reduces the scope for developing more affordable projects.

If we look at other sectors, we find interesting examples. In retail or logistics, the model is clear. Those who invest in logistics parks or commercial spaces do so on the basis of long-term contracts. Leases of 15 or 20 years that guarantee predictability, stability and return.

The developer is not focused on the tenant's activity. It is focused on the real estate asset and its profitability over time.

The question that arises is simple. Why not apply a logic similar to residential?

If there were more favourable fiscal conditions, coupled with clear commitments, it would be possible to create a different model. Developers to develop projects aimed at long-term rental, with tax benefits in exchange for affordable rents and contractual stability.

This could create a new segment in the market. Not just houses to sell, but houses to live in with predictability. A model where the investor has security and the resident has access.

At the same time, it would relieve the pressure on the purchase of housing, which today remains, for many, the only option.

Of course, this requires vision and coordination. It requires consistent public policies, fiscal stability, and more efficient processes. But above all, it requires recognising that the market, by itself, does not solve everything.

What we are experiencing today is not a lack of construction. It is a mismatch between what is built and what is necessary.

Portugal continues to have all the conditions to evolve in this area. There is capacity, there is interest and there is experience. What is missing, perhaps, is to better align the incentives.

Because in the end, it's not just about building more.

It is about building better, with balance, and ensuring that access to housing does not depend only on who can pay the most, but on a system that works for everyone.