However, I believe that we are leaving aside an equally important question: which cities are we really building? A city is not just a set of buildings and infrastructure. It is a space where people live, work, consume and develop their economic activities. We can build thousands of new homes and still not be able to improve the quality of life if these houses are not integrated into a functional, accessible and economically dynamic territory.

For decades, Portuguese urban development has often been marked by residential expansion into peripheral areas, not always accompanied by the proportional growth of transport, services and employment opportunities. The result is visible in many regions, where thousands of people depend on the car daily to work or access essential services. This reality has important economic consequences. The time lost in commuting represents costs for families, reduces availability for other activities and can limit professional mobility. When we discuss productivity and competitiveness, we rarely consider that the organisation of cities also directly affects the economy.

There is also an opportunity that deserves greater attention: urban regeneration and the use of existing buildings. Portugal has vacant properties, old industrial facilities, unoccupied commercial spaces and buildings that no longer meet current needs. Their reconversion, when technically and economically viable, can allow the creation of housing, services and new business activities without depending exclusively on urban expansion. More than recovering buildings, regeneration should seek to return economic and social activity to areas that have lost dynamism. The real impact of a real estate investment is not only in the appreciation of the property, but also in the ability to revitalise the neighbourhood where it is located.

The real estate sector also needs to keep up with this change in perspective. The value of a house does not depend only on its size, construction quality or energy efficiency. It also depends on the proximity of transport, services, public spaces and job opportunities. Therefore, urban planning requires greater articulation between municipalities, developers, investors and companies. Demographic and technological transformations make this collaboration even more important. Population ageing, hybrid working and digitalisation are changing the way we use buildings and urban spaces, requiring more flexible and adaptable solutions.

Portugal needs to build more housing, but it also needs to make better use of its existing heritage and rethink the way it organises its cities. The success of urban development should not be measured only by the number of buildings built or the volume of investment made. It should also be judged by its ability to bring housing and employment closer together, reduce unnecessary commuting, attract economic activity and provide better living conditions. A well-planned city is not only more pleasant to live in. It is also more efficient, more competitive and more prepared for the future. Because building buildings is important, but creating cities where people and businesses can thrive is a much bigger challenge.

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