In the Real Estate Report 2024 prepared by Berkshire Hathaway HomeServices, Lisbon stands out as an attractive real estate market, but characterized by an enormous challenge: the significant scarcity of properties. The report points to a shortage of around 300,000 properties and that the current pace of construction is not keeping up with demand, which leads to a significant rise in prices.
The report also points out that the situation of property shortage associated “with the current political and economic instability experienced in the country, contributed to a significant decrease in property sales in 2023”.
Data from the Berkshire Hathaway HomeServices report for 2023 indicates a 25% decrease in sales. However, he considers that the Portuguese real estate market remains resilient and has good prospects. One of the reasons given for this optimism “is the growing interest of foreigners, including digital nomads, which has boosted the Portuguese real estate market”. Currently, more than 700,000 foreigners live in Portugal, due to the appreciation of factors “such as the climate, low crime rate and the beauty of the Portuguese coast”.
The report highlights that buyers in Portugal are looking for modern and energy-efficient homes, with preferences concentrated in Lisbon and Cascais. In 2023, 40% of buyers came from the USA, particularly New York and California, followed by buyers from France and the United Kingdom. Many of these buyers consider renting their homes outright, so they look for properties in excellent condition. Around 80% are looking for single-family homes, mainly townhouses.
In 2023“prices have increased by more than 10% compared to 2022, driving the average price per square meter to 4,800 euros, with peaks of up to 10,000 euros in some areas”highlighted César Santos, owner and CEO of Berkshire Hathaway HomeServices Atlantic Portugal, cited in a company statement.
Despite global uncertainties, Michael Vincent, CEO and President of Berkshire Hathaway HomeServices Portugal Property, looks to the Portuguese market with confidence, and stated: “Portugal continues to be a reference destination. We are well positioned to face the challenges and capitalize on the opportunities in 2024. Foreigners want to live out their retirement in Portugal”.
The Berkshire Hathaway HomeServices 2024 Real Estate Report offers an in-depth look at the real estate market, providing valuable guidance for buyers, sellers and investors interested in the real estate market.
