Among the 18 economies evaluated in the DBRS report, Portugal stands out as the country where the highest housing appreciation was recorded between the last quarter of 2018 and the third quarter of 2023. According to a report by Jornal de Negócios, this is because house prices in the country rose by 60% in five years, and have now reached their peak.
Of the 10 European Union countries analysed, the ranking agency concludes that house prices – although they have risen less than in Portugal – have also reached their peak in Greece, Belgium, Spain and Italy. In Switzerland the cost of housing is also at an all-time high.
This rising housing value in several countries around the world has worried DBRS, although it admits that “the risks to financial stability remain contained”. Regarding Portugal, specifically looking at the results of the 2024 legislative elections, the Canadian rating agency warns that government instability may put the execution of the Recovery and Resilience Plan (PRR) at risk.