Sales of residential real estate have dropped by 17%

In 2023, residential property sales decreased by 17%, totaling 131,700 units, according to a recent report by Confidencial Imobiliário. This information was published in the news in Portugal on January 20, 2024. In its statement, the organization emphasizes that the last three months of the previous year marked the "fourth consecutive quarter" in which the volume of property sales in the country remained around 33,000 units. This indicates a "trend of recovery after the initial decline caused by rising interest rates."

According to the report, "market resilience"is evident in the decrease in the annual transaction dynamics, which improved from -20% in the first quarter to -9% in the fourth quarter of 2023. This indicates that the market is successfully"understood "the negative consequences of the increase in interest rates at the beginning of the year. Throughout 2023, approximately 131,700 residential real estate transactions were completed in mainland Portugal, which is a 17% decrease compared to the previous year.

It is important to note that such figures highlight a significant shift in the market. Although there was a sharp decline in sales at the beginning of the year, in recent months we can see that the market is starting to stabilize. This positive development has been supported by various factors, including changes in consumer sentiment and adaptation to new conditions.

The publication also addresses the need to support local initiatives and actively participate in the news process. The editionThe Portugal Newsstrives to provide its readers around the world with independent and honest information completely free of charge, both online and in print. Their dedicated team ensures communication with the local community, foreign residents, and tourists from various countries through the newspaper, website, social media, and newsletters.

The editorial team expresses gratitude to everyone who can support the publication, noting that even a small contribution will be extremely important for the continuation of their work. In conclusion, it can be said that the residential real estate market in Portugal is undergoing significant changes, and although current figures indicate a decline, the market has every chance of recovery in the future.