Purpose

From 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/approach

The 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.

Findings

Despite 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/value

Previous 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.

中文翻译：

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住房变得越来越难以负担吗？葡萄牙住房市场负担能力研究

目的

从住房负担能力的角度来看，葡萄牙是一个有趣的研究案例，考虑到葡萄牙的房价收入比排名第五，并且自 2015 年以来房地产价格大幅上涨。

设计/方法论/途径

住房供应是社会发展的一个关键因素。随着全球城市化进程的不断发展以及许多城市对房地产的需求压力，负担能力问题越来越受到政策制定者的关注。从文献角度来看，住房负担能力并不是一个新话题，但最近大流行后的全球通胀增长使负担能力重新成为住房议程中的关键话题。本文对过去的文献进行了全面的回顾，并通过分析近年来住房负担能力的变化，对葡萄牙市级市场进行了详细的分析。

发现

尽管出现这种增长，但总体而言，负担能力有所改善。鉴于显着的地理差异，该研究还表明了市级分析的重要性。作者的研究证实，大都市地区以外的许多城市的负担能力水平较低。然而，平均房地产价值较高的市场往往表现出更低的承受能力，超过了收入水平较高的市场。

原创性/价值

以前的研究主要集中在全国或高度聚合水平上的负担能力问题，或仅集中在该国两个最大的都市区。本文提供了对葡萄牙各城市之间住房负担能力不平等的更深入的了解。