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Portugal Real Estate Market Update

Check out this article for an update on the latest trends and prices in the first quarter of 2023. Discover which districts saw the biggest increase in prices and which cities experienced stability. Plus, learn about the current state of rental offerings in Portugal and the Porto area.

New Local Accommodation Regulations in Porto

Starting on May 4th, 2023, new Local Accomodation rules have come into force in Porto. The new regulation establishes containment areas in parishes with greater urban pressure, based on the number of dwellings available for permanent housing or long-term lease and the establishments available for Local Accommodation (AL).

€1 billion injection for innovation

The Portuguese government has announced a €1 billion investment plan for innovation and digitalisation initiatives. The funds will be used to support projects that focus on various areas, including health, education, and sustainability, in an effort to boost economic growth and create more job opportunities. The initiative is part of Portugal's wider strategy to become a leading digital and innovation hub in Europe.

Record breaking airport numbers in Porto

Francisco Sá Carneiro Airport in Porto has experienced record-breaking passenger numbers in the first quarter of 2023. The airport served over 3 million passengers during this period, marking a 20% increase compared to the same period last year. This growth is attributed to the return of international tourism and the expansion of the airport's route network.

Record real estate investment in Portugal

Real estate investment in southern Europe (Spain, Italy and Portugal) reached a record value in 2022, with 31.7 billion euros, and the Portuguese market was the one that registered the greatest increase, according to Savills consultancy data.

International tourists double

According to the latest data from the National Statistics Institute (INE), the number of international tourists visiting Portugal has doubled in the first two months of 2023 compared to the same period last year. This surge in tourism has brought a much-needed boost to the country's economy, which has been struggling due to the ongoing COVID-19 pandemic. The rise in tourism is also positive news for those invested in the Portuguese property market, as it may lead to increased demand for short-term rentals and potential growth in property values.