Of the 47,200 homes available in the final quarter of last year, 17,600 were new and the remaining 29,600 used. The lack of inventory was particularly evident in the metropolitan areas of Lisbon and Porto. The number of homes for sale in Portugal has fallen to a 15-year low. According to a study by the Confidencial Imobiliário database 2022 ended with a record of 47,200 residential homes for sale in mainland Portugal in the fourth quarter of the year – the lowest figure since 2007. Of the inventory accounted for at that time, 17,600 were new homes (37%) and 29,600 were used (63%). According to the study, this situation “Consolidates two years of successive reductions in the portfolio of housing available for sale in the country”. In the same study, CI notes that, “although these contractions are tenuous, they reflect a persistent trajectory, in such a way that the 47,200 homes registered in the fourth quarter of 2022 are 25% below the levels observed at the start of 2021, when accounting for a volume of around 63,000 units”. Ricardo Guimarães, director of Confidencial Imobiliário, explains that “the lack of inventory has been visible in both new and used homes, reflecting the double circumstance of a low replacement capacity for new products and an expanding demand, which it has also resulted in a high rate of absorption of existing homes. This structural lack of inventory remains one of the main reasons why the home values continue to rise.” The study, carried out within the scope of the SIR (Sistema de Informação Residencial - Residential Information System) also concludes that the tendency to reduce inventory has been particularly evident in the metropolitan areas of Lisbon and Porto. Ricardo also underlined that in the fourth quarter of 2022, there were a total of 20,700 homes available in the Lisbon region, and was also a minimum of 15 years and in contrast to a quarterly stock of around 29,000 registered two years earlier. “But, more importantly, in less than half of what the standards of this market were in years 2009 and 2010, when the stock on offer per quarter exceeded 50,000 units”. In the Porto Metropolitan Area, the inventory volume in the fourth quarter of 2022 totaled just over 7,000 homes. According to CI, "in the case of this region, despite the downward trend, the fourth quarter stock is not the lowest in 15 years, matching the reality of mid-2019". In closing, real estate home values are all about supply and demand, and that is why Portugal continues to see an increase in home values and contradicting the trend in rest of Europe with home values on the decline, due to the many who are looking to either invest or move here, and we will continue to see an increase in home values until we can catch up with all the demand… If you feel it is expensive to buy a home in Portugal today then expect a higher price tag throughout 2023!!! Feel free to schedule a call at your convenience on our calendar through Calendly, and let’s see where we can add value to your move or additionally investing in Portugal, as our trusted Lawyer and Tax Attorney can walk you through the NHR | Residence Visa or Portugal Residence Permit and our Loan Broker and Currency Exchange Broker will additionally be able to add value to your buying process!!! Link to schedule call on Calendly
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