Buying or renting a house in Portugal: will prices drop in 2024?

The real estate market situation in Portugal in 2023 was complicated by an unpredictable economic environment, which hindered moves to new homes. This led to a slowdown in the growth of housing prices for both buying and renting. However, how will the situation develop in 2024 after the parliamentary elections?

Many real estate specialists do not expect a sharp correction in housing prices in Portugal, as this would require a significant increase in the supply of homes for sale and rent in the country. But should we expect a decrease in home prices? This is a question that many experts are asking themselves.

Many realtors and real estate analysts believe that property prices in Portugal will continue to rise, as demand exceeds supply. Additionally, the country's economy continues to grow, the labor market is almost fully staffed, and there are social support programs for families in difficult situations.

It is important to note that both for buying and renting, housing prices continue to rise, which is related to a shortage of supply and an insufficient amount of new housing on the market.

Many expect that the demand for housing in 2024 will remain high, but high interest rates may make it difficult to access financing for home purchases, which could lead to an increase in rental rates. However, with a number of events, such as the end of the gold visa programs and the non-renewal of resident status, demand from foreigners may decrease. Despite this, foreign interest in Portugal as a place to live remains, and the country continues to be an attractive place to live.

It is expected that the real estate market in Portugal will remain active in 2024, despite some restrictions and challenges. The demand for housing will remain high, while the supply may remain limited, which will affect the dynamics of housing prices. It is important to closely monitor the situation in the country's real estate market in order to make informed decisions when buying or renting a home.