Despite the geopolitical and macroeconomic context, 2022 was a dynamic year for the real estate market. According to specialists from UCI Portugal, renovations and the continuity of foreign investment are two of the trends that will stand out in 2023.
“Real estate rehabilitation has two essential motivations that can go hand in hand. One is the financial issue, since, as a rule, it is more affordable to acquire a property to rehabilitate. This type of business is also interesting for investors, who can buy these properties and put them on the market later, in search of an increase in value. The other is the environmental issue, since rehabilitation, if energy efficiency is taken into account, can reduce a property's emissions. Rehabilitation and sustainability often go hand in hand”, says Pedro Megre, CEO of UCI Portugal, quoted in a statement and reported by Idealista.
Another trend that will mark 2023 will be the continuity and, possibly, the increase of foreign investment in real estate in Portugal. “Portugal is in a privileged geographical position, far from conflicts, at the same time it continues to be a good base for those who want to live in Europe, just a few hours by plane from the main centres of decision-making while offering good weather, beautiful landscapes, security and a good quality of life. Recently, Americans have stood out as a growing nationality among buyers, something that must be maintained”, continues Pedro Megre.
A third trend, given the war in Ukraine and its economic consequences, will be unpredictability. “The last few years have taught us that there are unpredictable factors, first of all, the behaviour of the largest European economies that can influence the ECB's actions, and thus determine how the year can go. For better or for worse, we are at the mercy of the international market, which can either mean that 2023 will be an excellent year, or a year with more conservative results”, concludes the head of the UCI in Portugal.