Real estate consultancy JLL estimates at least 1,800 million
euros in investment for 2023, although the amount may change, given the
volatility of operations.
The consultant anticipates a “natural” slowdown in the
dynamics of demand for both occupation and investment compared to last year,
due to the double circumstance of facing worsening economic conditions and
“comparing with record levels of activity”. However, it does not anticipate
disruptive breaks in terms of transacted amounts and absorption, still
predicting that prices and rents may maintain a positive, but smoother
trajectory. The low supply replacement capacity, which remains scarce in all
segments, is one of the explanations for this behaviour.
“We are not under the illusion that the worsening economic
conditions in Portugal and Europe will stop contaminating the real estate market,
but, in general, we are very confident that we will maintain good levels of
activity in 2023, in line with market dynamics. The base of real estate demand
to be satisfied is very large and is also diversified in its motivations,
financial capacity, and origin”, says Pedro Lancastre, CEO of JLL.
Even so, the official stresses that the “pace of real estate production should slow down, because even if developers and investors do not anticipate significant drops in demand, there will be greater difficulty in accessing financing for new projects, in a context in which construction costs stabilize and in which licensing takes too long”.