Lisbon Unveils €1.46 Billion 2027 Budget Prioritizing Housing
Lisbon City Council has proposed a €1.463 billion budget for 2027, an 8.8% increase led by Mayor Carlos Moedas's administration that places housing as its primary investment priority. The executive plans to spend €167 million on housing and urban rehabilitation, which includes leasing municipal land to private developers and cooperatives to build affordable homes. The budget also outlines a €291 million bank loan through 2029 and a €62 million investment to purchase 140 electric buses for Carris.
Carlos Manuel Félix Moedas (born August 10, 1970, in Beja) is a civil engineer, economist, and center-right politician who has served as Mayor of Lisbon since October 2021. He earned degrees in civil engineering from Instituto Superior Técnico and an MBA from Harvard, working at Goldman Sachs and founding his own investment firm before entering politics. During Portugal's 2011-14 bailout, he served as Secretary of State coordinating Troika-mandated structural reforms. From 2014-19, he was European Commissioner for Research, Science and Innovation, managing €77 billion in research funding and designing the €100 billion Horizon Europe program. Moedas narrowly won Lisbon's mayoralty in 2021 with 34.3%, defeating Socialist incumbent Fernando Medina. Governing initially with a minority coalition, he implemented free public transport for youth and elderly residents, launched the "Unicorn Factory Lisboa" innovation hub attracting 82 tech companies and 16,000 jobs, and won Lisbon the 2023 European Capital of Innovation award. He was re-elected in October 2025 with 41.7%, securing eight of nine council seats. His significance lies in shifting Lisbon's political trajectory rightward after decades of Socialist governance, positioning the capital as a European tech hub while prioritizing housing development, carbon neutrality by 2030, and innovation-driven economic growth.
Carris is the public transport company responsible for operating buses and trams in Lisbon. It is a state-owned entity that serves as the primary provider of surface public transit within the city limits.
