The President of the Regional Government, Miguel Albuquerque, has proposed the construction of buildings exceeding 20 floors in Funchal, targeting areas with no landscape impact to mitigate land scarcity and devaluation.
Albuquerque dismissed claims that luxury real estate investment or short-term rentals hinder local housing access, calling them "false issues." He stressed that these sectors contribute dynamism to the economy and should not be undermined.
Proposed housing solutions involve strengthening housing cooperatives, rehabilitating vacant apartments, and expanding public housing with income-based rents. The goal is to build at least 1,500 homes, with plans for private and regional funding after the Recovery and Resilience Plan (PRR) funds conclude.
