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What is the forecast for property prices in Portugal?

What is the forecast for property prices in Portugal? - portugal news
What is the forecast for property prices in Portugal? - Portugal Business News

Portugal news - What is the forecast for property prices in Portugal in 2023? House prices in Portugal are following a steep upward trend since the last two years and are expected to increase by 8.2% per year according to a new study by the University of Munich.

Rising foreign demand in Portugal, that is due to its sunny weather and secure environment, is leading to higher-than-average price increases compared to other western European countries, where property price increases are expected to be at around 7%. In other southern European countries, the expected price rise is around 10 to 15%. Globally, the highest property price increases are in Eastern Africa and Southern Asia, where they are expected to rise by 20% yearly.

In Portugal, the real-estate market, that is already booming due to both local and foreign demand and that is making news headlines due to unaffordable prices for the average Portuguese, is still heating up and experts say that the rise in prices is not expected to slow down.

For the average Portuguese, buying a property has become a challenge since the down-payment to buy a house has doubled within only 5 years between 2017 and 2022 according to a study by the Francisco Manuel dos Santos Foundation.

According to the real-estate market study, the initial capital required to make a 'down payment' on a medium-sized house increased from around 30,000 to 56,000 Euros in Lisbon, while it increased from 16,000 to 37,000 Euros in Porto within only 5 years.

Access to housing has become a hot topic and the Portuguese Government recently took a series of bold measures to increase the housing stock.

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