Porto: City Council Allocates €27m to Urbanism and Housing in 2018

27 November 2017

The Porto city council plans to invest around 27 million euros in Urbanization and Housing in 2018, namely for “urban rehabilitation for subsidised rents.”

According to the Provisional Management Documents for 2018, which will be voted on at Tuesday’s meeting, the municipality is reserving a significant portion of its total budget of €257.4 million for “Urbanism and Housing”, noting also in this area of action, “the right of preference over buildings in the historic centre, the continuation of works to consolidate the Fontaínhas area and the requalification of D. Pedro V cliffside zone.”

With an “increase of 5.4%” compared to 2017, the Option Plan allocates €26.8 million for “investment in subsidised housing”, €24.1 million for the “Cohesion and Social Action” €22.5 million for Mobility, €13.9 million for investments to the road network, €21 million for the Environment and €11.6 million for the Economy and Social Development, as well as €6.5 million for renovations to the Bolhão Market.

“With regards to urban planning and housing, with a budget of 27 million euros, the Urban Rehabilitation program retains its strategic importance as a lever to reverse the demographic trend of the city and increase competitiveness, namely through rehabilitation of the centre of the city,” the document reports.

Original Story: Diário Imobiliário

Translation: Richard Turner