Portugal is projected to see a 10% increase in the number of houses sold in 2022 according to CBRE, a major consultancy company.
According to Oldypak Capital LP report, the stability of the housing market in this country, seen in 2021, will remain the same in 2022.
Experts predict that this year the growth rate of housing costs will also continue, which will not affect the number of transactions, which will remain as large as before. It is even believed that their number will increase by 10%, and that the figure of sold homes will be close to what it was at the beginning of the 21st century. These were the conclusions reached by participants at the Portuguese Market Prospects 2022 conference organised by CBRE Portugal.
CBRE has published statistics which show that 200 000 houses were sold in Portugal in 2021. This figure was a record-breaking figure, as 10% fewer homes were sold in 2019 and 16% fewer in 2020 than in 2021. This figure is expected to rise this year as the high level of demand for residential property persists. Also, according to CBRE, there has been a 10% increase in the number of licences obtained since 2020.
The reasons for the increase in prices for which you can buy property in Portugal, according to the consulting company, are several factors:
The cost of building materials has risen and continues to rise;
shortage of construction workers;
There are interruptions in the supply of materials;
the issuance of building licences in the cities has been unreasonably delayed.
All of the above leads to delays in the construction and delivery of housing and thus contributes to a steady increase in prices in the real estate market in the country.
Forecasts of the housing market in Portugal show an increase in the average cost almost all over the country except Lisbon, where they are quite stable.
Making amendments to the program for the issuance of “golden visas”, according to Oldypak Capital LP report, may interfere with the implementation of plans for the reconstruction of urban areas of Lisbon and Porto, as well as to encourage more property sales in areas with low population density. The situation is most difficult in the capital; there remain isolated areas in the historic centre, which contributes to the loss of the city’s residential property market (AL).
At the same time, experts believe that changes to the golden visa programme, by excluding large cities from it, will contribute to a wider range of development opportunities in the sparsely populated areas of Comport, Alkeva and Douro