No deal on the lei das rendas, but the Government opens the door to an IRS capital-gains exemption on second-home sales up to €300,000

After meeting Prime Minister Luís Montenegro at São Bento on 5 November, PS secretary-general José Luís Carneiro said the Government showed openness to the PS proposal to exempt from IRS mais-valias the sale of second homes worth up to €300,000, where the buyer takes the property as their own permanent residence and it sits in a zona de pressão urbanística. The PS package also carries a three-year exceptional regime, reduced taxation for homes between €300,000 and €500,000, and imposto do selo exemption on the purchase and the related housing loan. Carneiro also reported a "relative" agreement to raise IMT for buyers who neither live in Portugal nor buy for housing. No text has been agreed and ECO reports no on-record government statement; the measures are PS proposals the Government says it is open to.

The PS wants the Government's rental bill pulled from Parliament and restarted, and the Government has refused; the bill remains in committee stage after passing na generalidade only because Chega abstained under a deal between André Ventura and PSD's Hugo Soares. The sticking point is the "renda moderada" concept with its €2,300 ceiling, which the PS wants removed so tax benefits revert to an "acessível" rent test, citing €200 million spent on benefits at that rent level. The PS also wants the deposit cap kept at two rents rather than the Government's three, and a moratorium on lease expiry to 31 December 2027. Chega has said its abstention is not a "cheque em branco" and could vote against at the final vote.

At a press conference on 6 November, PSD's Hugo Soares and CDS-PP's Paulo Núncio presented 40 OE2027 amendments worth about €60 million. The housing measures: extend the public first-home credit guarantee, today limited to buyers up to 35, to young people who build their own home on the same conditions; suspend the early-repayment commission on fixed-rate mortgages for 2027; align IRC benefits for residential rental with those applied under IRS; and raise funding for municipal affordable-cost housing and for parish-level housing and student residences (€44 million for the parish increase, the largest single item).

The monthly averages that set the next round of mortgage revisions came in at 2.635% for 3 months (unchanged on September), 2.975% for 6 months (up 0.053 points) and 3.239% for 12 months (down 0.008 points), published 30 October. Day rates in the first week of November were mixed, with 3 and 12 months easing and 6 months rising.

Speaking around CGD's results presentation in Lisbon on 5 November, chief executive Paulo Macedo said the bank has lent over €1.6 billion to construction companies, up 22% year on year, and that the shortage — which he put at around 300,000 homes — will not be solved in one legislative term; he also argued rent freezes would keep homes off the market and called for the 25,000 PRR-funded homes to be finished. BPI's João Pedro Oliveira e Costa pressed for industrialised construction, incentives and faster approvals, and BCP's Miguel Maya said the bank has reoriented its property development unit towards moderately priced homes for middle and lower-middle income households.

By the 21:30 deadline on 6 November, parties had filed 2,847 amendments to the 2027 budget, a record for the fifth consecutive year: Chega 711, PCP 650, Livre 504, BE 368, PS 195, JPP 164, PAN 125, PSD and CDS-PP 81 combined, IL 50 (figures from the Assembleia da República platform; the article's body gives slightly different counts for some parties). Discussion and voting of amendments begins on 18 November and the votação final global is set for 24 November.

Dils Portugal puts commercial real estate investment at €2 billion so far this year, 7% above the same period of 2025, with €630 million transacted in the third quarter, 33% more than the second. Retail led Q3 with €195 million (31%), lifted by the sale of Forum Algarve, while offices had their best quarter of the year at €112 million; year to date, hotels stand at €590 million and industrial and logistics at €384 million, the latter on track for its second-largest annual volume in a decade.

In a Lusa interview published on 7 November, ahead of his final lecture at ISEG, economist and former Bloco de Esquerda coordinator Francisco Louçã said property funds accounted for roughly 80% of property purchases and sales in the first half of the year and argued the country should take power away from them. He also criticised the PS's public guarantee and tax-benefit proposals as price-inflating, preferring rent-controlled release of existing homes, and called the PRR a missed opportunity. Treat the 80% figure as his claim, not a published statistic.