Three out of four properties sell in less than three months

The second quarter of 2023

The second quarter of 2023 showed positive trends in the real estate sector in Portugal, reducing the average time between finding and selling a property by 25%. The ERA Portugal report also indicates that three out of four properties are sold in less than three months. Although the first six months of this year have not reached the 2022 level, analysis of recent months shows a recovery trend, with a 5% increase in May and a further 9% in June compared to the previous month.

Revenues and sales

Revenues for the second quarter of 2023 amounted to €21,741,986, an increase of 9% over the previous three months. Sales volume also increased by 3.5% and transaction volume by 5.4%. The average price of sold properties also''s growth rate is rising, but the growth rate is declining.

Supply and demand

Despite having over 51,000 properties in the portfolio, the supply in the market continues to shrink, resulting in higher real estate prices. However, the number of properties coming on the market decreased 13% from the previous quarter, but remains 11% higher than the second quarter of 2022.

Customers

With regard to customers, the bulk of customers are Portuguese, but there are also customers from different countries such as Brazil, UK, France, Angola, USA, Germany and the Netherlands. In 2023''An increase in the number of clients from Italy, China and the growth of the US real estate market, ranked fifth in the Top 5, is expected. Contacts and customer database are also growing, especially among real estate sellers.