Portugal Stands Out as one of the Top Destinations for Real Estate Investment!

• 9 January, 24

Evolution of the European Real Estate Market: Outlook for 2024

Portugal stands out as one of the most sought – after destinations due to its tourism potential. Portugal is home to some of Europe’s best – preserved architecture and stunning coastal towns. Its mild climate, beautiful scenery, and thriving cultural scene make it an attractive place to live, making short stay and highly profitable. Buying property in Portugal is a fantastic oppotunity for investors looking for a safe and profitable investment.

According to global research Savills Research, which page provides advice and analysis to clients across the world, with specialists in commercial, residential and rural property research, real estate investment worldwide is expected to increase in third quarter, 2024. Savills Research predicts investment activities will be driven by large markets such as the UK and US and is expected to increase during the third quarter of this year.

In research conducted by Savills, 57% of people expect investment activity to increase moderately to strongly in the coming year, with 70% expected to see an increase in family real estate and 66% of real estate industry and logistics.

Challenge in the European Real Estate Market and Portugal’s Position

The European real estate market is facing many challenges as rising interest rates cause investment and asset prices to slow down. In the first half of 2023, European investment decreased by 57%, reaching its lowest level in a decade. Leading markets such as the UK, Germany, France, Spain, and Italy all declined significantly.

Outlook for the Residential Market in 2024

Although the European real estate market in general is facing many major challenges, in the first half of 2023, residential investment decreased by 62% compared to the same period in 2022, house prices increased, but there are still expectations for development and recovery in 2024. In particular, the Portuguese market is even more promising when this country is considered one of the leading and most attractive destinations for real estate investment because tourism potential is increasing.

Cre: Portugalnews