How are things looking in the real estate market in Portugal for 2023?Despite the geopolitical and macroeconomic context, 2022 presented itself as a dynamic (and memorable) year for the real estate market in Portugal and beyond. Now looking at 2023, the outlook is optimistic - even though uncertainty is still on the table. According to UCI Portugal specialists, property renovations and the continuation of foreign investment are two of the trends that will mark the market in 2023. Let's have a closer look at thePortugal property market outlook 2023.
"Real estate renovation has two essential motivations that go together. One is the financial question, since, as a rule, it is more affordable to acquire a property to renovate. This type of business is also interesting for investors, who can buy these properties and put them on the market later, and make a profit. Another is the environmental issue, since property renovations, if you take into account energy efficiency, can reduce the emissions of a house. Therefore, renovation and sustainability often go side by side", says Pedro Megre, CEO of UCI Portugal, quoted in a statement.
Another trend that will mark 2023 will be a continuation and, possibly, an increase in foreign real estate investment in Portugal. "Portugal is in a privileged geographical position, far from conflicts, at the same time that it continues to be a good base for those who want to live in Europe, a few hours by plane from two major decision-making centers, while offering good weather, beautiful landscapes, security and a good quality of life. Recently, Americans have stood out as a growing nationality among buyers, something that must be maintained", continues Pedro Megre.
A third trend, bearing in mind the war in Ukraine and its economic consequences, will be unpredictability. "The last few years will teach us that there are unpredictable factors, since the behavior of the major European economies, that can influence the actions of the ECB, and thus determine how the year can go. For better or for worse, we are at the mercy of the international market, which can both mean that 2023 will be an excellent year, as well as a year with more conservative results", concludes the head of the UCI in Portugal.
