Ramalho: Portugal does not and will never have a property bubble

Housing prices in Portugal are rising, but this does not mean that the country is experiencing a real estate bubble. This statement was made by the former CEO of Novo Banco, Antonio Ramalho, during the first day of the Portugal Real Estate Summit, an event in which Idealist is participating as a media partner. The summit also awarded the best real estate projects in Portugal and Spain.

"House price growth is moderating, with unfavorable base effects and stringent financial conditions. Demand remains robust but the number of transactions is declining," Antonio Ramalho said on Tuesday (Sept. 19) at an event held through Wednesday in Estoril. "Despite what many say, Portugal does not have' 'real estate bubble and will never face it,' he emphasized, as reported by Jornal Económico.

António Ramalho cited several reasons to support his point of view.

The former Minister of Economy and Digital Transformation, Pedro Siza Vieira, also rejected the possibility of a real estate bubble in Portugal. "What Antonio Ramalho has shown demonstrates that the Portuguese market is really very' 'mature, where the majority of Portuguese own their homes, a significant proportion of these nearly two million families have already paid off their mortgages,' he said, as reported by the same magazine.

"Unlike other peripheral markets, Portugal remains a low-risk market because of its local importance. I can't say that Portugal is the best real estate market in the world, but it is one of the best," the former CEO of Novo Banco emphasized at the event.

The winners of the Iberian Property Investment Awards

Along with Portugal Real Estate Summit 2023, with Idealist as media partner, the best practices, projects and participants in real estate investment in Portugal and Spain in 2022 were recognized.

Winners'. 'The first Iberian Property Investment Awards were announced on Tuesday evening (September 19) in Estoril in five categories, according to the event's organization:

• Deal of the Year in Portugal: Merlin Properties - Liberdade project, represented by consultancies C&W and JLL;
• Spain Deal of the Year: Greystar - 2,500 units in the Flex Living portfolio, Madrid;
• Green Asset Initiative of the Year: Aedas Homes - Fioresta, Alicante;
• Social Initiative of the Year: Lar España - Kilometros Solidarios, Alicante;
• Investment Report of the Year: Sonae Sierra;

The jury that selected the winners was made up of more than 40 experts from Portugal and Spain with different backgrounds and specializations, from real estate developers to consultants and bankers.