In 2023 the real estate sector will continue to be dominated by urban regeneration and growing foreign investment.
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The rehabilitation and continuity of foreign investment in Portugal are two of the trends that will mark the real estate market in 2023, experts believe.
“Real estate rehabilitation has two essential motivations that can go hand in hand. One is the financial issue, since, as a rule, it is more affordable to acquire a property to rehabilitate. This type of business is also interesting for investors, who can buy these properties and put them on the market later, in search of an increase in value”, says Pedro Megre, CEO of UCI Portugal.
In the opinion of this official, “the other issue that arises is the environmental one, since rehabilitation, if energy efficiency is taken into account, can reduce a property’s emissions. Rehabilitation and sustainability often go hand in hand”.
Another trend that will mark 2023 will be the continuity and, possibly, the increase of foreign investment in real estate in Portugal.
Portugal is in a privileged geographical position, far from conflicts, while it continues to be a good base for those who want to live in Europe, just a few hours by plane from the main centers of decision, while offering good weather, enchanting landscapes, security and a good quality of life.
According to Pedro Megre, recently, North Americans have stood out as a growing nationality among buyers, something that should be maintained.
A third trend, given the war in Ukraine and its economic consequences, will be unpredictability.
“The last few years have taught us that there are unpredictable factors, first of all the behavior of the largest European economies that can influence the actions of the ECB, and thus determine how the year can go”, says the head of the UCI in Portugal, stressing that “ for better or for worse, we are at the mercy of the international market, which can either mean that 2023 will be an excellent year, or a year with more conservative results”.