11 Jan 2023
New findings suggest 2022 was a dynamic year for Portugal's real estate market, despite the geopolitical and macroeconomic environment.
Research from UCI Portugal suggests ongoing foreign investment and innovations are two of the trends that are set to be prevalent this year.
"Real estate rehabilitation has two essential motivations that can go hand in hand. One is the financial issue since, as a rule, it is more affordable to acquire a property to rehabilitate. This type of business is also interesting for investors, who can buy these properties and put them on the market later, in search of an increase in value," according to the CEO of UCI Portugal, Pedro Megre. "The other is the environmental issue, since rehabilitation if energy efficiency is taken into account, can reduce a property's emissions. Rehabilitation and sustainability often go hand in hand."
Moreover, another trend forecast to stand out in 2023 will be ongoing and potentially higher foreign investment levels in real estate in the country, The Portugal News reports.
"Portugal is in a privileged geographical position, far from conflicts, at the same time it continues to be a good base for those who want to live in Europe, just a few hours by plane from the main centres of decision-making while offering good weather, beautiful landscapes, security and a good quality of life. Recently, Americans have stood out as a growing nationality among buyers, something that must be maintained", The UCI Portugal head continued.
Additionally, a third trend in the pipeline, according to the findings, is unpredictability, taking into account the war in Ukraine and its economic impact. "The last few years have taught us that there are unpredictable factors, first of all, the behaviour of the largest European economies that can influence the ECB's actions and thus determine how the year can go. For better or for worse, we are at the mercy of the international market, which can either mean that 2023 will be an excellent year or a year with more conservative results", added Pedro Megre.