Fall in Portugal house prices ruled out

  • 26 December, 22

Real estate professionals expect some stabilisation in the market in 2023 but do not believe that there will be a drop in prices, with even some price rises in certain areas of Portugal.

Ricardo Guimarães, director of Confidencial Imobiliário (Ci), believes that after an appreciation of 18% in 2022, next year will see some softening in the evolution of prices, accompanied by a possible reduction in the number of transactions.

“It seems clear to me that in a context of greater constraints on purchasing power, there is pressure for price stabilization”, said the head of Ci to Lusa, putting “aside” a scenario of falling prices.

Looking at the various segments of the market, the president of the Association of Real Estate Professionals and Companies in Portugal (APEMIP), Paulo Caiado, considers that areas that have registered very expressive valuations in recent years may experience some stabilization in the coming months, while anticipating that in the municipalities around the large urban centres, which until now had not had much demand, there will be a contrary trend, with an increase.

Movements that lead him to prove convinced that “globally for 2023” the “price of real estate will not go down”.

In a written response to Lusa, Rui Torgal, executive president (CEO) of ERA Portugal also states that he believes that in 2023 there will not be “a galloping growth in house prices like the one that has happened in recent times”. However, he specifies that there will also not be, “with all certainty, an abrupt break”.

“Predictably we are going to see a rise in prices in municipalities that until now have not been so pressured”, says Paulo Caiado in an analysis of this geographic dimension of the market, resulting from the demand for other locations.

Cre: Portugalnews

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