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What is the real estate market trend in Portugal for 2024?


What is the real estate market trend in Portugal for 2024? - portugal news
What is the real estate market trend in Portugal for 2024? - Portugal Business News






Portugal real estate news – This is the property market outlook for Portugal showing the house prices in 2023 and the real estate market trend for 2024.



What are the Portugal house prices in 2023?


Portugal house prices have almost doubled between 2010 and 2023, and the upwards trend in property prices in Portugal is opposed to the fall in house prices in other EU countries that have been affected by rising bank loan interest rates. While the ECB interest rate policy has affected negatively most EU countries, house prices in Portugal have been increasing at a fast pace.


“As a result, housing prices decreased in many eurozone countries between the third quarter of 2022 and the second quarter of 2023, but they still increased in Portugal, unlike most other countries”, notes Eric Dor, the director of Economic Studies at IESEG.



What is the real estate market trend in Portugal for 2024?


The real estate market trend in Portugal shows an exponential increase in house prices compared to other EU countries. House prices in Portugal have increased by 95.5% between 2010 and 2023, compared to a 79% increase in Germany, a 46.7% increase in the Netherlands, a 33% increase in France, and a 0.9% increase in Spain according to the IESEG School of Management.


The huge increase in house prices in Portugal compared to other EU countries seems to be concentrated on existing properties rather than on new developments, according to data from Eurostat. The average price of new homes increased by 3.8% in Portugal between 2010 and 2023, compared to 1.7% in the Netherlands and 0.5% in France and a decrease of 5.8% in Germany.


House prices in Portugal have increased at a much higher rate compared to other EU countries and it may be due to the special tax regime for non-habitual residents. However, this tax regime is ending at the end of 2023 and this may have an impact on house prices in 2024. The governor of the Bank of Portugal has however stated that he is not completely convinced that programs such as the non-habitual resident tax regime are the cause of the significant increase in house prices in Portugal. It is therefore expected that house prices in Portugal will continue rising, though at a slower pace, in 2024 with the end of the special tax regime for foreign residents.







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