Portugal property: Buy now or wait until 2023?

  • 11 October, 22

A report by idealista has found that when it comes to buying a home, most consultants believe that, despite the current circumstances, this is a good time. Francisco Sierra, General Manager of Casavo in Spain and Portugal, says that, if we analyse the historical correlation between Euribor and sales, the rise in interest rates does not have a great impact on the number of transactions.

“We believe that 2022 will continue to be a good year to buy a property, as the measures promoted by the ECB to contain inflation will be offset by increased activity from private and institutional investors.” He states that, despite the fact that, as some reports point out, 2023 will be a year marked by a 15 percent drop in sales, the real estate market will stabilise.

What will happen in 2023?

At Alfa Inmobiliaria, their vice president believes that in 2023 there will probably be better offers and lower prices to buy, but also many families will have more difficulties in accessing a mortgage, and interest will be higher. “This price drop could be for a short period of time,” he says.

He recommends that, especially for people who are considering a fixed-rate mortgage, it is best to buy now, although you will likely be able to find slightly lower prices in a few months.

According to analysis by Casavo, the rise in housing prices due to the influence of inflation will be offset by the measures promoted by the European institutions to combat this economic situation, giving rise to a very positive scenario in the medium and long term. “Given the market movements, we expect that the rise in interest rates will be accompanied by a slight increase in sales, since housing becomes a “safe haven” in the face of uncertainty”, he says.

Cre: Portugalnews

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