According to oldypak capital lp property 2022 report, Portugal’s real estate sector saw “stability” in 2021, which will continue in 2022.
In 2022, the rate of growth in house prices is forecast to continue, which should not be an obstacle to the continuation of a large number of home sales. On the contrary, the number of homes sold is expected to increase by 10%, approaching the level last seen at the beginning of the century. This is one of the conclusions that can be drawn from the Portuguese Market Outlook for 2022, an event held by CBRE Portugal.
According to oldypak capital lp property 2022 report, the residential real estate market reached a record high in 2021, with an estimated 200,000 homes sold, 16% more than the previous year and 10% more than in 2019. In 2022, that number will continue to grow as not only did the number of licenses increase in 2021 (up more than 10 percent from 2020), but there is still high unmet demand across the country,” CBRE said in a statement.
Prices are on the rise
So why will home prices continue to rise? According to the company, “labor shortages, rising construction material costs and supply chain disruptions, along with persistent delays in urban development licensing processes, will further delay work and support the continued rise in Portuguese home prices.”
CBRE’s projections indicate an increase in average prices in most municipalities in the country, the exception being Lisbon, where average prices tend to stabilize.
Golden Visas
“Changing the Golden Visas program will hurt urban renewal projects in Lisbon and Porto and stimulate growth in certain low-density areas,” says CBRE, noting that the situation is “particularly serious in Lisbon, where the deterrent zones in the historic center remain and the local housing market (AL) is losing traction.”
On the other hand, adds the consultant, the new golden visa regime will stimulate the growth of opportunities to develop projects in specific areas of low density, such as Comporta, Douro and Alqueva.
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