Transactions increased, prices rose consistently, and demand seemed practically inexhaustible. Today, the signs are starting to be different. The number of deals slows down, buyers have become more demanding, and the market enters a phase of greater equilibrium. However, there is one conclusion that must be drawn from this new reality: a slower market does not necessarily mean a more accessible market.

At first glance, it would be logical to think that a reduction in transactions would ultimately relieve pressure on prices and facilitate access to housing. But this relationship is far from automatic. Despite the slower pace of the market, many families continue to face enormous difficulties in buying a house and the effort rate remains high. This shows that the real housing problem in Portugal was never just in the speed at which houses were sold.

The challenge is much more structural. As I have been arguing over the last few years, this situation did not arise overnight. It is the result of decades of postponed decisions, incomplete reforms and a persistent difficulty in adapting public policies to the evolution of the economy, demography and the real needs of society.

Portugal continues to attract investment, companies, talent and new international residents. The economy is increasingly positioned in high-value-added sectors such as technology, artificial intelligence, data centres and renewable energy. This transformation is extremely positive for the country and naturally increases the demand for housing, especially in metropolitan areas and in the main economic centres.

The problem is that the supply is still unable to keep up with this demand. Simplifying processes, reducing decision times and creating greater predictability for those who invest continues to be one of the biggest challenges. Meanwhile, other European markets are advancing faster and becoming increasingly competitive in attracting investment, companies and talent.

For too long we have discussed housing almost exclusively through price developments. But the real estate market is much more than that. It is a direct reflection of the economy. When a country grows, creates skilled jobs and attracts investment, the demand for housing inevitably increases. Those who invest create companies, generate jobs and attract professionals who need a place to live. The real question is therefore whether we can meet this demand quickly enough.

Building more housing is essential, but building just more is not enough. It is also necessary to reduce project development times, make licensing more efficient and ensure greater stability and predictability for those who invest. The longer it takes for a new home to reach the market, the greater the pressure on the existing supply.

The data for the first half of the year also show another important change: the market has become more selective. Buyers analyse more, compare more, and make decisions less impulsively. This is a sign of maturity and not necessarily of fragility. However, this maturity should not be confused with solving the problem of accessibility.

As long as household incomes grow below the cost of housing, as long as the productivity of the economy remains far from that of our main European partners and as long as supply remains insufficient, access to housing will continue to be one of the country's greatest economic and social challenges.

The true success of the Portuguese real estate market will not be measured by the number of houses sold or by the evolution of prices. It will be measured by the ability to allow more and more people to be able to live, work and build their future in Portugal. To do so, it will take courage to carry out the reforms that we have known for a long time, because the biggest challenge is no longer to identify the problems. It is to have the capacity to respond to them.