This paper analyses the impact on the housing market of the Memorandum of Understanding on Specific Economic Policy Conditionality, which defined the conditions for the loan granted by the Troika to the Portuguese State in 2011. It comes to the conclusion that the austerity measures contributed to the intensification of a non-interventionist and neoliberal model of housing policy and fostered dynamics that furthered the fragmentation of the Portuguese metropolitan areas. The paper also discusses the mitigating measures the Socialist Government took from 2017 aimed at attenuating the imbalances that the intervention period had produced.