January 2023

Portuguese Housing Market Survey


  • Indicators on buyer enquiries and sales still negative
  • House prices reportedly edging higher
  • Demand remains firm in the lettings market

Tarrant Parsons

RICS Senior Economist

‘‘Activity across the Portuguese housing market has remained subdued at the start of this year, with many indicators still in negative territory. That said, prices have now resumed on an upward trajectory. With the current interest rate hiking cycle not yet over, the market will continue to feel the effects of tighter policy in the months ahead. On a more encouraging note, however, the macro newsflow across Europe does seem to have brightened of late, with forecasts for a recession now being scaled back.”

Ricardo Guimarães

Director at Ci

"It is quite obvious for all agents following the market that the lack of supply is constraint number one, two and three, leading to price increases across the sales and rental markets. This survey’s results refer to a time before the new measures were announced by the government, meaning those policies have not yet impacted market sentiment and expectations. On that front, the comments left by agents stress the importance of increasing the number of houses for sale/lease in order to respond to demand pressures. This is particularly felt in high-end markets from international buyers, and in secondary markets from national middle-class families."


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