House prices up 10% and sales down 25% in Portugal in 2023

 In News, Property, Residential Real Estate

A report by international estate agents Berkshire Hathaway HomeServices has found that the average price of residential properties in Portugal went up 10% in 2023 while sales fell 25%.

The report says Portugal is lacking around 300,000 properties to meet the demand for housing, but that the current rate of construction is not keeping pace with demand.
The average price stands at €4,083/m2 with some regions of the country seeing prices as high as €10,000/m2 according to Berkshire Hathaway HomeServices Portugal Property, which says that Lisbon has a particularly attractive property market, but has the challenge of a signifiant lack of properties for the market.
The report from the company led by millionaire Warren Buffett shows that Lisbon needs an additional 300,000 properties, and that the rate of new build is not keeping pace with the increase in property prices (driven up by demand and lack of supply).
On the other hand there was a significant annual fall of 25% in house sales although the report says that Portugal’s real estate market continues to be resilient and with good prospects for the future, particularly because of the growing interest of foreigners in buying and renting property in Portugal, including digital nomads.