We have the same houses we had 10 years ago - Antonio Ramalho.

The former CEO of Novo Banco claims that there is insufficient supply of residential real estate in Portugal and that demand far exceeds it. Antonio Ramalho, former CEO of Novo Banco, completely denies the possibility of a real estate bubble in Portugal and claims that the country has one of the most developed markets in Europe. Nevertheless, he argues that there is still a structural lack of supply: "We still have the same houses as 10 years ago".

"Real estate always functions on the basis of a reference market, which is the residential real estate market. And the residential real estate market in Portugal is a deficit market, where supply has been significantly higher than demand for several years now," the economist told Expresso newspaper.

He argues that this shortage of housing supply will continue to support prices in the near future. However, in light of the current situation and the increase in interest rates and the related efforts of families, he foresees a likely slowdown in the market that will be "moderate and gradual."