Regional Government Plans €143 Million for Housing in 2025
The Regional Government of Madeira has announced plans to spend €143 million on housing next year. This investment is part of the proposed 2025 regional budget and was revealed by Duarte Freitas, Madeira’s Secretary of Finance, on Monday. Housing is now seen as one of the top political priorities for the region, where many families are struggling to find homes they can afford.
This increase in public investment comes in a context of growing pressure on the regional housing market, where the lack of affordable housing has been getting worse, especially affecting low- and middle-income households.
New Task Force Must Help Speed Up Construction
To help solve the housing shortage faster, Madeira’s government will set up a special task force. This team will focus only on housing issues. Its main tasks will be to
find land that is suitable for building new homes
to bring together both public and private partners to make new housing projects possible.
The goal is to move projects forward more quickly and build homes where they are most needed.
More Homes Expected by End of 2024 and 2026
Freitas said that 370 homes will be finished by the end of 2024. Of these, 25 have already been completed and handed over to families. Another 290 homes are expected to be ready by 2026. These are part of ongoing construction efforts. The focus is mainly on housing for people with low and middle incomes, who have been hit hardest by the rising costs and limited availability of homes.
What do you think - Will these efforts have an impact on the housing crisis?
Source: Idealista
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