"In the coming months, I will present an Affordable Housing Plan for Europe, which will not only define how the European Union [EU] can have an impact, but also how we can work together - through European, national, regional and local actions - to make affordable, sustainable and decent housing a reality for all citizens. [...] Together, we will unleash a new wave of investment," said the European Commissioner for Housing, Dan Jørgensen.

Speaking at the High-Level Conference on Affordable and Sustainable Housing in Copenhagen, Mr Jørgensen specified that this would involve “injecting more EU funds”.

“We are already working with member states to double support for housing under Cohesion policy and our proposal for the next long-term budget will make it easier for member states, cities and regions to channel more EU funds into affordable housing,” he said.

According to Dan Jørgensen, the EU executive also intends to “assess national spending constraints” through a review of state aid rules for housing projects.

“But we know that public funds alone cannot respond to the scale of our housing needs, [so] private investment must play a role and a vital one,” he emphasised.

To put an end to “selfish speculation on a basic need” such as housing, the European Commissioner wants to “combat the financialisation of the housing stock” in the EU, as well as unlocking alternative investments such as through a pan-European platform.

Scheduled for this year, the plan will also include “specific and significant measures to support cities and regions under pressure”, announced Dan Jørgensen, speaking of new “fair” legislation on short-term rentals.

Another objective is to “review rules and cut red tape”, he added.

It is estimated that in the EU more than one in four people between the ages of 15 and 29 live in overcrowded conditions, with a large proportion of young Europeans leaving their parents” home near or after 30 because they cannot afford a home of their own.

By 2023, around one in 10 Europeans would be spending 40 per cent or more of their income on housing and related costs.

The European Commission recognises the challenges related to the housing crisis in Portugal and hopes to address them with this year’s anticipated plan on affordable housing, including financing, state aid and limits on local housing.

Housing is a competence of the member states.

The European Union is facing a housing crisis, in countries like Portugal, where house prices and rents have risen significantly, making it difficult to reach affordable housing, especially for young people and low-income families.

This issue will be on the agenda of EU leaders on Wednesday at the informal summit in Copenhagen for Denmark’s rotating presidency of the Council.