Property market: analysis and prospects by segments for2024.

It is expected that 2024 will be largely similar to 2023 in terms of activity in the real estate market. "There is a general shortage of supply, a trend towards rising rental prices for premium properties, and stable housing prices," analyzes Patricia Baran, head of the housing department at JLL.

According to her, there are sectors that attract more interest for investment and development, particularly alternative segments. However, in general, Portugal continues to be in the spotlight of the international community, including traditional real estate sectors in terms of both employment and investment.

The geopolitical and macroeconomic situation has inevitably impacted the Portuguese real estate market in 2023, reducing investment volumes in commercial assets and the occupancy of office spaces compared to 2022, according to JLL in their annual activity forecasts. The consultants' forecasts indicate transactions amounting to between 1.8 billion and 2 billion euros in commercial real estate and around 100,000 square meters of occupied offices in Lisbon throughout 2023, which corresponds to a decrease of 45% and 63% respectively compared to the previous year.

"The residential real estate segment has also been affected, although the decline is more moderate, with a projected sales volume decrease of 16%, down to around 27 billion euros in 2023," the press release sent to the editorial office states.

“The international environment has significantly impacted the global investment market, and Portugal has followed this trend.

In the press release, the consultant presents forecasts for the results of 2023 and predictions for the real estate market in 2024. Here’s what to expect in each segment.