Jorge Garcia, Real Estate specialist, analyses recent developments.
Source: Author
Author: Jorge Garcia, Real Estate Specialist
Regulation, Professionalisation and Certification Across the Real Estate Value Chain
On 30 June, with the participation of around 700 professionals from the real estate brokerage sector, the 4th edition of the APEMIP IMOCIONATE Convention took place. Particularly noteworthy was the presence of Fernando Batista, President of IMPIC – Institute of Public Markets, Real Estate and Construction. His intervention marked the end of a long period without public statements regarding the long-awaited regulation of the sector.
It appears that the Government is on the verge of presenting new legislation adapted to the new realities of this market, providing for greater regulation and improved qualifications for real estate brokerage professionals. Another significant point was the disclosure that, at that date, 11,574 real estate brokerage companies were licensed, highlighting the instability of this market. In 2025, 2,417 licences were granted and 1,455 were cancelled.
Professionalisation as a Competitiveness Factor
The qualification and competitiveness of demand, particularly from international clients, have led to greater, although not widespread, professionalisation of the activity. As in other sectors, there still seems to be a belief in the cultural trait of improvisation under pressure. This provides fertile ground for motivational training with little substance or focused solely on operational matters.
Systematic training leads to results that do not depend on the talent or luck of the most capable consultants. Training based on a model similar to that of the NAR – National Association of Realtors, combining self-regulation, training, strategic vision, practical skills and multidisciplinary knowledge in technology, asset valuation, legal and regulatory matters, ethics and institutional representation.
Scale, Productivity and the Sector's Sustainability
The market is made up of small and medium-sized local agencies, agencies belonging to real estate networks and large internationally aligned consultancies. As there is currently no official register of real estate consultants, although this apparently will become mandatory, the estimated average number of consultants per agency is close to six. Given that, in 2025, the number of residential property transactions reached 170,000, this would represent an average of 14 to 15 transactions per agency per year and two to three transactions per consultant per year.
Here too, the figures do not add up. Does Vilfredo Pareto's Law apply to this business? Do 20% of agencies account for 80% of completed transactions? Do the 20% most productive real estate consultants generate 80% of agencies' turnover?
In a highly competitive market such as real estate brokerage, companies will need to achieve greater scale to make professional management possible. A regulated and credible activity that attracts talent and fosters a culture of continuous learning. A valued profession, consistent with the sophistication of investment, financing, property management and maintenance professionals, as well as property owners and buyers. Professionals who are prepared to develop new skills and set aside others that have become irrelevant.
Credit Intermediation and Condominium Management: A New Regulatory Phase
Within the real estate value chain, condominium management and credit intermediation are becoming increasingly professional as supervision is strengthened. Since 2018, the credit intermediation sector has doubled in size, and the Bank of Portugal has introduced new rules to fill the regulatory gap.
The activity of "credit intermediaries" and "credit managers" is not limited to attracting clients and forwarding their contacts to financial institutions. Collecting all the necessary documentation and carrying out pre-qualification are crucial to the success of financing operations. Digitalisation is a critical factor: by streamlining processes and ensuring transparency, it improves the customer experience.
In credit intermediation, success will also depend on the qualifications of professionals supported by efficient technology. Credit intermediation is decisive in completing the majority of real estate transactions.
A new legal framework aimed at regulating and professionalising condominium management and administration is also currently progressing through the legislative process.
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