Portugal Residential Real Estate Sales Fall 17% in 2023 | Market Report
Stay informed about the significant 17% decline in residential real estate sales in Portugal in 2023. Explore the latest market report to understand the implications and make well-informed decisions.
Residential sales in Portugal experienced a significant drop of 17% in 2023, with a total of 131,700 sales, as reported by Confidencial Imobiliário. The report highlights that the last three months of the year saw approximately 33,000 housing units sold, marking the fourth consecutive quarter of consistent sales volume. This trend indicates a potential recovery from the impact of rising interest rates earlier in the year.
The market's resilience is evident in the reduction of year-on-year transaction variations, which decreased from -20% in the first quarter to -9% in the fourth quarter of 2023. This suggests that the initial shock of the interest rate hike has been absorbed, leading to a more stable market environment.
Throughout 2023, the majority of residential sales in mainland Portugal (88%) consisted of used housing, while the remaining 12% were new housing. The total number of sales represents a 17% decrease from the previous year.
The housing market in Portugal has shown signs of recovery and resilience in the face of economic challenges, with a gradual stabilization in sales volume throughout the year.
Portugal Residential Real Estate Sales Fall 17% in 2023 | Market Report
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