According to the Portuguese Investment Property Survey (PIPS) for the 4th quarter of 2023, there is a reduction in the weight of Lisbon in new projects in the portfolio - from 52% in the 3rd quarter to 41% in the 4th quarter - and an increase in intentions for investment in peripheral areas of Greater Lisbon - from 30% to 44%.

The report, an initiative by Confidencial Imobiliário and the Portuguese Association of Real Estate Developers and Investors based on consultation with the main real estate developers, also reveals a loss in the share of developments aimed at international demand - from 24% in the 3rd quarter to 18% in the 4th quarter. Projects for national and international buyers also lost importance (from 52% to 38%), but those targeting the domestic market accounted for 44% of new projects in the 4th quarter, compared to 24% in the 3rd quarter.

This redirection of supply is due to "greater confidence in the evolution of macroeconomic indicators, in a context of slowing inflation and a possible inflection in the rise in interest rates", concludes the PIPS for the 4th quarter of 2023. Ricardo Guimarães, director of Confidencial Imobiliário, considers that “this new pattern represents a return to the record that the market was observing before the increase in interest rates, which led to operators taking refuge in the more resilient “prime” markets”.