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Real Estate Market - What is expected for 2023

This subject was widely discussed at a conference held by Remax.

Beatriz Rubio, CEO of the largest real estate network in the country, Remax Portugal, José Cardoso Botelho, CEO of Vanguard Properties, the largest private real estate investor and Hugo Santos Pereira, president of APPII (Portuguese Association of Real Estate Promoters and Investors) – at the conference “ Investing in Portugal: The Future Lives Here”, organized by Remax and which aims to discuss the future of the market, the first of a cycle of debates on the sector.

With the Euribor rates rising in recent months, the question arose as to the impact this could have on the ability of many Portuguese to access the purchase of a home.

Plus: if demand slows down, will that impact property prices?

Doubts that lead to the most pertinent question: are we about to enter a new real estate crisis?

For the luxury market, the logic is different, as explained by the CEO of Vanguard Properties. Having money sitting in the bank at a time when the inflationary spiral is sweeping all countries is synonymous with a loss of capital, consequently leading to the intention of investing it in a less volatile option such as real estate. “For this reason, we do not believe that demand will decrease in 2023. Quite the contrary.

At Vanguard Properties, for example, we have witnessed an increase in the diversity of nationalities, some of which were not even very common in Portugal. We are looking for customers who come from Chile, Uruguay, Mexico or Colombia, for example, who want to invest in Spain or Portugal”, says José Cardoso Botelho, who does not foresee a slowdown in this external demand in 2023. “And as the supply of properties will remain low, I doubt that prices will change”, adds the Vanguard manager, who owns, among others, Herdade da Comporta and Castilho 203, a building where the only Portuguese resident is Cristiano. Ronaldo.

See the full article here!

Source: Visão (Marise Antunes)


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