According to the consultancy firm, there is a growth trend in the residential segment, with 37 thousand transactions carried out in the first half of 2024, more than the 33 thousand registered in the same period last year.

“The total value of accumulated transactions reached 14,600 million euros, compared to 13,700 million euros last year. This increase in transactions reflects high market dynamics”, despite the increase in interest rates, namely Euribor, which has a direct impact on the instalments paid to the bank for housing loans, the note reads.

Quoted in the document, Francisco Horta e Costa, CEO of CBRE, adds that, in 2022, “around 90% of active real estate loans had variable interest rates, making homeowners particularly vulnerable to rising interest rates.”

“As a consequence, the value of residential property transactions fell from an all-time high of 31,000 million euros in 2022 to 28,000 million euros in 2023. However, despite this decline in transaction volume, house prices maintained an upward trajectory marked by the lack of supply, a trend that has continued since 2013, when there was a general decrease in the construction of new properties. This shortage of supply continues to sustain the increase in prices, even in a scenario of greater economic uncertainty”, he explains.

With regard to the rental market, CBRE concludes that it is “also on the rise”, with the average price in Portugal set at around 8 euros per square meter (€/m2). “Compared to the previous year, Lisbon saw prices increase from €14.54/m2 to €16/m2, while Porto saw an increase from €11.95/m2 to €12.85/m2. However, this growing trend is not restricted to large capitals, and has been transversal across the country”, indicates CBRE.