Demand for new build falls 45.1%
The demand for new construction in Portugal registered a fall of 45.1% in November on the same period in 2021.
It was a negative trend that extended to all other parts of the Portuguese real estate market and backed up by a study from the real estate portal Imovirtual released on 24 November.
There was a fall in demand for new apartment blocks of 40.6%, then houses (40.4%) and plot of land, farms and estates (33.6%9.
In comparison to October 2022, new construction was the only segment that saw an increase in demand (7%), while the fall in demand for apartments was 13.5%, land 12.5%, and detached houses, farms and estates 7.4%.
However, there was an increase in demand for new build compared to October with 20.3% in Porto and 9.8% in Lisbon.
Lisbon, Porto, Braga, Setúbal and Faro were the top 5 regions in terms of demand, but only Faro maintained demand at a higher rate compared to October (+0.4%), with other districts registering falls of 13% to 20% in relation to October.
In the case of plots of land, only Faro (18.7%) and Lisbon (3.9%) saw an increase in demand in November compared to October. Out of the other districts where plots of land are most sought after, Braga suffered a fall of 10%, Setúbal 13.8%, and Porto 27%.