Is housing becoming less affordable? A study of affordability in the Portuguese housing market

IF 1.1 Q4 MANAGEMENT Property Management Pub Date : 2023-06-12 DOI:10.1108/pm-08-2022-0059
João Fragoso Januário, Carlos Oliveira Cruz, H. Varum, Vítor Faria e Sousa
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Abstract

PurposeFrom the perspective of housing affordability, Portugal is an interesting case study, considering that Portugal ranks 5th in terms of price-to-income ratio and has experienced, since 2015, a significant increase in real estate prices.Design/methodology/approachThe provision of housing is a critical social development factor. With the growing worldwide urbanization and the demand pressure over real estate in many cities, the problem of affordability has gained increase attention by policy makers. Housing affordability is hardly a new topic from a literature perspective, but the recent post-pandemic worldwide inflation growth has re-centered affordability as key topic in the housing agenda. This paper provides a comprehensive overview on past literature and a detailed analysis on the Portuguese market at the municipal level, by analyzing the changes in housing affordability in recent years.FindingsDespite this growth, overall, affordability has improved. The study also shows the importance of municipal-level analysis, given the significant geographical differences. The authors' study confirms that many municipalities, outside metropolitan areas, exhibit low levels of affordability. Nevertheless, markets with higher average real estate values tend to exhibit even lower affordability, outpacing the higher levels of income.Originality/valuePrevious studies have focused on affordability issues on a national or highly aggregated level or focusing only on the two largest metropolitan areas in the country. This paper provides a deeper understanding on the inequalities of housing affordability between Portuguese municipalities.
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住房变得越来越难以负担了吗?葡萄牙住房市场的负担能力研究
从住房负担能力的角度来看,葡萄牙是一个有趣的案例研究,因为葡萄牙在房价收入比方面排名第五,并且自2015年以来经历了房地产价格的大幅上涨。设计/方法/途径住房的提供是一个关键的社会发展因素。随着世界范围内城市化的发展和许多城市对房地产的需求压力,可负担性问题越来越受到决策者的关注。从文献的角度来看,住房负担能力并不是一个新话题,但最近全球大流行后的通货膨胀增长使住房负担能力重新成为住房议程中的关键话题。本文通过分析近年来住房负担能力的变化,对过去的文献进行了全面的概述,并在市政一级对葡萄牙市场进行了详细的分析。尽管有这样的增长,但总体而言,可负担性有所改善。该研究还表明,考虑到显著的地理差异,市级分析的重要性。作者的研究证实,许多城市,大都市区以外,表现出较低的负担能力。然而,房地产平均价值较高的市场往往表现出更低的负担能力,超过了高收入水平。独创性/价值以前的研究集中在全国或高度集中的水平上的负担能力问题,或者只集中在该国两个最大的大都市区。本文提供了对葡萄牙城市之间住房负担能力不平等的更深层次的理解。
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来源期刊
Property Management
Property Management MANAGEMENT-
CiteScore
2.70
自引率
20.00%
发文量
36
期刊介绍: Property Management publishes: ■Refereed papers on important current trends and reserach issues ■Digests of market reports and data ■In-depth analysis of a specific area ■Legal updates on judgments in landlord and tenant law ■Regular book and internet reviews providing an overview of the growing body of property market research
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