Source: Adobe Stock Author: Redaction Prepare the documentation before the sale Before advertising the property, gather the necessary documentation and check that the information is up to date. Relevant documents include the Urban Property Tax Register , the Permanent Land Registry Certificate and the Energy Performance Certificate . The propertys planning status should also be checked. Following the changes introduced by the Urban Planning Simplex, it is no longer mandatory to present or prove the existence of the use permit and the housing technical file as part of the purchase and sale process. Having the documents organised makes it easier to answer potential buyers questions, avoid delays and facilitate the stages leading up to the deed. Set the price and understand the costs Setting an appropriate price is essential to sell a property. Location, size, condition, energy efficiency and the prices charged for similar properties in the area should all be considered. A professional valuation can help determine a price that is better aligned with the market. It is also important to calculate the costs associated with the sale. These may include documentation, the Energy Performance Certificate, any works or improvements and the commission charged by an estate agent, where applicable. Property capital gains are another aspect to consider. The sale of a property may be subject to income tax, with the calculation carried out according to the applicable tax rules and after taking certain eligible expenses and costs into account. In the case of a permanent main residence, tax may be excluded when the sale proceeds, after deducting the loan used for the purchase, are reinvested under the terms provided by law. Reinvestment can take place between 24 months before and 36 months after the sale. However, there is an important condition: the property being sold must have been used as the owners or their households permanent main residence, as evidenced by the tax address, during the 12 months preceding the transfer or, where earlier, the date of reinvestment. Exceptions apply in certain exceptional circumstances. Prepare the property and organise the sale The presentation of the property can influence buyers interest. Before viewings, clean thoroughly, organise the spaces, make the most of natural light and fix minor issues that could negatively affect the perception of the property. The Promissory Purchase and Sale Agreement (CPCV) remains an important stage of the process, allowing the terms agreed between buyer and seller to be established, such as the price, deadlines and deposit amount. Using an estate agent can simplify the sale, from defining the strategy and promoting the property to negotiating and overseeing the various stages of the transaction. In 2026, selling a property therefore requires more than setting a price and finding a buyer. Having the documentation ready, understanding the tax costs and assessing the terms of the transaction in advance can help avoid surprises and make the process simpler and safer.
Source: Adobe Stock Author: Redaction Former factory becomes student residence The former Fábrica Confiança in Braga will begin a new chapter in its history in September 2026, with the opening of the Residência Universitária Confiança. The project represents an investment of more than €29 million and will have capacity for 786 students. The new residence will be managed by the University of Minho and is primarily intended for students living away from home, particularly those attending the Gualtar Campus. The facility aims to strengthen the supply of student accommodation and reduce dependence on the private market. Accommodation from €94 per month For the 2026/2027 academic year, prices at the student residence will vary according to room type and the students status. For scholarship students, the monthly fee will be €94 for a shared room and €150 for a single room. For non-scholarship students, the prices will be €163 for shared rooms and €213 for single rooms. The fees include expenses such as water, electricity, gas and internet. The different price levels aim to provide a more affordable housing solution for students who need to live in Braga during the academic year. Facilities designed for students In addition to the rooms, the Residência Universitária Confiança will have several facilities designed to support residents daily lives. These include equipped kitchens, study and social areas, a laundry room and a gym. The project involves adapting the former factory while preserving the historic building and constructing new structures. The intervention aims to ensure suitable levels of functionality, comfort and sustainability for students. New accommodation could free up homes in Braga The opening of the residence could have an impact beyond the academic community. By providing accommodation for 786 students, the new facility could reduce demand for apartments in the citys private market. Providing more beds for students could therefore help increase the supply of housing available to other Braga residents, at a time of high demand in the housing market. With its opening scheduled for September, the Residência Universitária Confiança will become part of the citys student accommodation offer, with lower prices than those available on the private market and capacity for hundreds of students.
Source: Adobe Stock Author: Redaction Statistics Portugal revises household wealth data The National Statistics Institute (INE) revised the results of the Survey on the Financial Situation of Households (ISFF) for 2024, after identifying an error in the calculation of the weights used in the analysis. Following the revision, average net wealth of households in Portugal increased by 21% in real terms between 2020 and 2024, below the 29% initially reported in May. INE also indicates that the average net wealth per household in 2024 was revised downwards by around 7%. Despite this change, the main conclusions of the analysis remain unchanged. Net wealth reaches €278,300 According to the updated data, average net wealth of households reached €278,300 in 2024, while the median value reached €143,300. Net wealth corresponds to the difference between the value of assets held by a household and the amount of its debts. Both the average and median values recorded real growth of approximately 21% compared with 2020. The evolution was mainly driven by the increase in the value of real assets, which grew by 21.1% on average over the period analysed. Housing influences wealth growth The growth in real assets was largely associated with the appreciation of housing. Rising house prices contributed to increasing the value of Portuguese households’ property assets. The new data therefore show that household wealth continued to grow between 2020 and 2024, although at a slower rate than initially estimated by INE. According to the institute, the revision does not alter the overall reading of the Survey on the Financial Situation of Households. The wealth of Portuguese households maintained a positive evolution, with real assets, particularly housing, playing an important role in this growth.
Source: Adobe Stock Author: Redaction What does dual solar orientation mean? Solar orientation is an important factor when choosing a home, particularly when looking for a property with good natural light and comfort throughout the day. A property with dual solar orientation receives natural light through two different façades or sides. For example, an apartment may face east and south, south and west or north and south. This configuration allows different rooms to receive sunlight at different times, contributing to greater comfort when using the spaces. To identify a propertys solar orientation, you can use a compass, check its location on maps or visit the property at different times of the day. What is the best solar orientation in Portugal? The most suitable solar orientation depends on the characteristics of the property and the preferences of its occupants. In Portugal, south-facing properties are generally valued because they receive more hours of direct sunlight and help naturally heat the home during winter. East-facing properties receive sunlight in the morning and are often preferred for bedrooms. West-facing properties receive more sunlight in the afternoon, although this can increase indoor temperatures during summer. By contrast, north-facing properties receive less direct sunlight and tend to have cooler and more humid spaces. In an apartment with dual solar orientation, a south and east or south and west combination can offer an interesting balance between natural light and comfort. More natural light and energy efficiency One of the main advantages of dual solar orientation is the greater amount of natural light. With different façades exposed to sunlight, it may be possible to reduce the use of artificial lighting for much of the day. Solar exposure can also contribute to thermal comfort. In winter, sunlight helps naturally warm some rooms, while effective ventilation and solar protection can help control excess heat during summer. This feature can also improve the homes energy efficiency by reducing the need to use heating or cooling systems. Windows on different façades can also provide cross-ventilation, improving air circulation and helping to reduce humidity-related problems. Solar orientation can increase property value In addition to everyday comfort, solar orientation can influence a propertys appeal in the real estate market. Homes with good sun exposure tend to be sought after by buyers who value natural light, efficiency and quality of life. In new-build apartments, this feature can be particularly important when combined with energy-efficient solutions, adequate insulation and solar protection. Therefore, assessing solar orientation before buying a home allows you to better understand its potential for comfort and energy consumption. A well-planned exposure can benefit not only the experience of living in the property, but also its appeal for a future sale.
Source: Author Author: Jorge Garcia, Real Estate Specialist In Portugal, to be realistic, you need to believe in miracles! The phrase attributed to David Ben-Gurion, one of the founders of the Jewish State, regarding Israel, seems to apply to Portugal. Access to housing continues to worsen Access to housing is now one of the main sources of social inequality and distributive conflict in Portugal. The real estate sector appears to have improved its performance in the first half of 2026, confirming the year-on-year data released by the Statistics Portugal (INE) for the first quarter. Growth was driven by a 17.8% increase in prices, while transactions fell by 8.7%. Fewer families gained access to housing and, for the most part, those buying were families that already owned property. In the second half of the year, pressure on prices and the contraction in sales are expected to continue. In 2026, the market is likely to remain active while housing affordability deteriorates further. Demand will continue to come from those with incomes compatible with rising prices, those able to access mortgage credit under stricter lending rules, or those who already own a property to sell. For those looking to buy their first home, and for middle-income families whose earnings no longer match current market prices, the barrier to entry will become even higher. The problem has never been knowing what to do After decades in which public housing policies were absent or proved ineffective, policymakers have finally placed access to housing on the agenda. Public housing remains negligible. Until now, the Portuguese State has left access to housing largely to bank lending and the market. While credit was easily available and affordable, and buyers were mainly domestic, the system worked. With the deterioration of Portuguese households incomes and the arrival of foreign buyers with greater purchasing power, the market became unbalanced. There has been no shortage of studies, analyses and endless debates about possible solutions. Due to political incapacity, but above all resistance to change from vested interests within the public administration, these problems have persisted and worsened. Taking advantage of this window of opportunity, it is crucial that the measures adopted are given the time, scale and implementation conditions needed to deliver results. In Portugal, the problem has never been knowing what to do. It has been doing it. A recent study by Nuno Palma and Nobel Prize-winning economist James A. Robinson, Unlocking Portugals Growth – Structural Reforms and Challenges in Implementing Economic Policies, highlights Portugals real problem: the States inability to implement. A State that fails to meet deadlines, fails to decide and fails to act. An institutional model built on layers of legal risk control, where the rational decision is often not to decide. Producing legislation, strategies, action plans and widely publicised reforms is simply not enough. Portugal still clings to the idea of competitiveness based on production costs, resulting in an economy of low wages and low productivity. Todays global economic competitiveness is determined by the speed of decision-making. Licensing, regulation and taxation are more than State functions; they are competitive economic factors. Implementation is the real challenge Returning to the issue of access to housing, the supply of homes for younger generations and an increasingly impoverished middle class, the estimated housing shortage of 150,000 homes, and the missed opportunities under the Recovery and Resilience Plan (RRP), it is reasonable to believe that only industrialised and modular construction can significantly address the problem. Technology also already makes it possible to establish binding deadlines for municipal licensing, full digitalisation and the public registration of planning decisions and their beneficiaries. The Construction Code and the National Single Urban Planning Platform should already have been implemented, but they have not. Portugal is not facing a sudden crisis, but rather a slow structural decline. That is Portugals problem, one that must be faced with realism, speed, courage and determination.
Source: Adobe Stock Author: Redaction Lisbon expands its affordable housing supply Lisbon City Council (CML) will move forward with the construction of a new affordable housing building near Jardim da Estrela. The project includes 11 municipal homes, helping to increase the supply of housing for families seeking more affordable living solutions. The building will be constructed on a currently vacant plot on Rua do Jardim à Estrela and is part of the Dispersed Building Intervention Plan, which aims to regenerate urban spaces and transform them into new housing opportunities. New building will include 11 homes The future building will have three floors and include different housing types, meeting a variety of needs. It will feature studio apartments (T0) and two-bedroom apartments (T2), distributed across the three floors, as well as technical areas, storage rooms and support facilities. The project will be awarded through a public tender, with a base investment of more than €1.4 million, plus VAT at the applicable legal rate. The expected construction period is 515 days, with completion depending on the various stages of the procurement and construction process. More housing to meet demand The construction of this new affordable housing building represents another investment in expanding municipal housing in Lisbon. Increasing the supply of homes remains one of the citys priorities in response to strong housing demand. In addition to providing new homes, the project will regenerate a previously unused site, promoting urban renewal and making better use of municipal assets. With new affordable housing projects, Lisbon aims to expand the options available to residents facing difficulties in accessing housing, while responding to the need for more affordable housing solutions adapted to current market conditions.
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 Sectors 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 Paretos 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.
Source: Author Author: Jorge Garcia, Real Estate Specialist Portugal at three speeds The real estate market in Portugal continues at three speeds. The speed promised by national and local decision-makers, the more or less rapid speed at which operators move according to their capabilities and skills, and the slow speed of the Public Administration. Recently, the government approved a set of necessary measures, with the intention of addressing the serious housing access crisis. Gap between decision and execution At different speeds, operators in the real estate ecosystem have been trying to adapt to internal and external constraints that affect their activity, while the responsible authorities, namely those in charge of licensing, remain in a lethargic state. In public entities, nothing has changed; technicians continue to “pass upwards”, and obstacles remain. Faced with new challenges and constraints, when it is necessary to respond to the shortage of housing supply, the Public Administration continues to fail as if the time and money of real estate developers and taxpayers were free. Invisible costs of administrative time Over the long period that elapses until the licensing of a new housing development, real estate developers incur financial costs, access to affordable housing is denied to future residents, those who can are paying higher rents in other locations, and municipalities are losing tax revenues from IMI, IRS, among others. These are easily quantifiable costs that are not assigned to anyone. The cost of decision time is a significant economic cost which, together with others, has led to “the numbers not adding up” in many affordable housing projects. Compliance with outdated construction regulations also continues to generate additional costs, with bureaucracy acting as a “protective shield” for technical and political responsibilities. Bureaucracy, blockages and structural challenges Stagnation has a high cost, but change brings a lot of work and headaches when it interferes with the multiple corporate interests embedded in the numerous state bodies. In recent events we have attended, operators’ complaints remain unchanged. When discussing building or renovating for affordable housing, implementing energy transition and building decarbonisation programmes, modernising construction, digitalisation and technological innovation, the WFD - Water Framework Directive, and the transformation of urban spaces, we are faced with major challenges. We have an ageing housing stock with around 70% of buildings being energy inefficient, ageing urban and building water networks, degraded and in some cases containing contaminating materials, a lack of skilled labour and funding sources, regulatory complexity, and slow licensing processes. Industrialisation of construction and productivity But the issue that is most concerning in the short term, given the need to increase productivity and decarbonise, the shortage of labour, and the need to reduce delivery times for housing units, is the industrialisation of the construction process at scale. According to recent statements by Miguel Garcia at the “Real Estate Shapers” event organised by “Magazine Imobiliário”, a building with 77 units could be delivered in less than a year. Would the “heavy state machine” be up to it? Last but not least! On 9 June, ADIT – Brazilian Association for Real Estate and Tourism Development celebrates its 20th anniversary. It will take place in Maceió, State of Alagoas, where it all began. I had the privilege of being a speaker at the first edition of this event related to tourism and real estate investment in Brazil. When it was founded, the organisers sought inspiration abroad. Two decades later, it is in Brazil that it can be found, in the best that is done on a global scale. Thank you Felipe Cavalcanti for your entrepreneurship and for continuing to be a source of inspiration.
Source: Adobe Stock Author: Redaction What is Porta 65 Youth Porta 65 Youth is a public rental housing support programme aimed at young people aged between 18 and 35. In couples, it is possible to apply provided one member is up to 37 years old and the other does not exceed 35 years old, in compliance with Porta 65 Youth rules. This Porta 65 Youth support consists of a monthly rent contribution, calculated based on the contractual rent, household income and rent burden rate. The Porta 65 Youth programme is managed by IHRU – Institute for Housing and Urban Rehabilitation. Applications for Porta 65 Youth are submitted online via the Housing Portal and can be made with or without an existing rental contract, although in the latter case it must be submitted later within the deadline defined in the Porta 65 Youth regulations. How Porta 65 Youth works Porta 65 Youth grants a monthly financial support for 12 months, corresponding to a percentage of eligible rent. The support can be renewed annually, up to a maximum of five years, consecutive or non-consecutive, under Porta 65 Youth rules. To access Porta 65 Youth, the following requirements must be met: Age within the limits defined by Porta 65 Youth Rental contract or promissory contract Permanent residence in the property Rent burden within the established limits Household income within legal limits No ownership of another residential property No outstanding debt from previous Porta 65 Youth or housing support programmes The rental contract under Porta 65 Youth must have a minimum duration of 12 months or be renewable. The property must also be suitable for the household size according to typology limits defined in Porta 65 Youth regulations. The support calculation is based on the lower value between actual rent and the maximum reference rent for the area, applying a percentage defined by scoring brackets assigned in the Porta 65 Youth application. Porta 65 Youth application Applications for Porta 65 Youth are made exclusively online via the Housing Portal. The process requires authentication with tax number and Tax Authority password, Mobile Digital Key or Citizen Card. To submit a Porta 65 Youth application, the following data are required: Tax number (NIF) and Social Security number (NISS) of all household members IBAN/NIB for payment of the support Rental contract or promissory contract Income tax declaration or proof of income Identification of applicants Porta 65 Youth allows applications without a contract, but the document must be submitted later within the legal deadline after approval or submission, as provided in the rules. After submission, Porta 65 Youth is assessed within approximately 45 days. Results are published on the Housing Portal and beneficiaries receive the support via bank transfer. Additional rules and framework for Porta 65 Youth Porta 65 Youth also defines rent limits by geographic area and housing typology criteria, adjusted to household size. The support may include increases in specific situations, such as housing in historic areas, single-parent families or households with dependents or disabled members. The final value depends on the score obtained, combining income, financial effort and housing conditions. The system is periodically reviewed and subject to current IHRU regulations.
Source: Adobe Stock Author: Redaction New model strengthens higher education grants The Government will strengthen the higher education grant system, with a 53% increase in social support funding. With this new grant model, the average annual amount is expected to rise to around €2,660, reflecting a major update in the calculation of grants. The aim is to make grants better aligned with the real cost of studying, ensuring greater coverage of students’ expenses. Grants will therefore be recalculated based on more detailed criteria, including the cost of living per municipality. How new grants will be calculated The new grant model considers the average cost of studying in higher education, including tuition fees, food, transport and accommodation. The difference between this cost and household financial capacity determines the grant amount. With this system, grants become more progressive and better adapted to each student’s reality. The Government estimates that the average grant value will rise from €1,734 to €2,660 per year, a significant increase in support through grants. The minimum grant remains at €872, while the maximum grant will be awarded to students in the most vulnerable situations, reinforcing the role of grants as an equity tool. Impact of grants and transitional regime The new grant system will come into force in the 2026/2027 academic year, with a transitional regime ensuring that no student loses support. Existing grants will remain in place until the end of the course whenever they are more favourable. The reinforcement of grants represents a significant investment in social support, directly impacting around 83,000 students. In some cases, grants may reach more than €7,000 per year, especially for students who are away from home. Grants will also continue to include housing support, with priority access to public residences and additional compensation when no place is available. The new model therefore strengthens the role of grants in reducing inequalities in access to higher education.
Source: Adobe Stock Author: Redaction Public housing and rents in Lisbon More than 60% of municipal rents in Lisbon are below 100 euros, across a universe of more than 21,000 housing contracts. According to Gebalis data, 63% of municipal rents are below 100 euros and around 30% do not exceed 25 euros, highlighting the weight of public housing in the city. The Housing and Urbanism councillor, Vasco Moreira Rato, stressed that these figures demonstrate the importance of public housing, arguing that the structure of municipal rents reflects the financial capacity of the families living in municipal housing. Public housing in Lisbon represents around 10% of the resident population. Public supply and the role of private developers in housing The municipal official highlighted that public housing plays an essential role in responding to the housing crisis, but rejected the idea that it is the only solution. The council’s strategy is to combine public housing, affordable housing and private development, strengthening the overall housing supply in Lisbon. The councillor also noted that the municipality has been working with private developers, mainly through licensing processes and projects with affordable housing components. In a case involving a development in Olivais, the possibility of the developer transferring affordable housing to the municipality was mentioned as an alternative to other facilities. Affordable rent and new housing models Municipal housing continues to be complemented by programmes such as affordable rent, which aim to respond to different income profiles. The municipality considers that not all housing needs can be solved through public housing alone, requiring a combination of solutions. Vasco Moreira Rato argued that the housing crisis does not have a single solution, highlighting that the economic and social context is constantly changing. In this sense, the Lisbon municipality is seeking partnerships with private entities to increase housing supply, recognising that the council does not have all the necessary resources on its own. He also stressed that “everyone will be needed” to address the housing challenge in Lisbon, defending cooperation between the public and private sectors as essential to respond to growing demand.
Source: Author Author: Jorge Garcia, Real Estate Specialist The housing access crisis, the sluggish state and real estate Darwinism There we were once again at another edition of SIL – Portugal Real Estate Fair, where the “star” theme was “built to rent”. In an environment identified by the property developers and estate agents present as one of “more considered decision-making by those buying and investing”. “Built to rent” brings new challenges to property development, being a segment that attracts long-term non-speculative real estate investment, institutional operators such as REITs, sovereign wealth funds, insurance companies and pension funds. A model that changes the objective of the property business: from immediate income through selling properties at the highest possible price, to optimising income over decades. With purchase prices continuing at unaffordable levels for the majority of the population, a “Seller’s Market” with a structural supply deficit and robust demand, renting emerges as an option for affordable housing needs. The slowing property market Until now, in the sales market, well-located properties with market values adjusted to their target audience have seen rapid absorption. In a slightly slowing market, absorption time will tend to increase. Still far from a “Buyer’s Market” situation, for similar properties misaligned with their target and overvalued, buyers will pressure negotiations and owners will either reduce prices or fail to sell. News coming from Italy already reflects a trend towards falling prices. In Portugal, the property market is beginning to show signs of change, particularly in the second-hand segment, given the speculative mentality of most small property owners. Inflation, interest rates and housing credit The suspension of global logistics and energy chains, if it becomes a prolonged disruption, will lead central banks to tighten monetary policy. Alongside greater pressure on construction and refurbishment costs, there may be a significant rise in Euribor rates, worsening the costs of access to housing credit. So far, the European Central Bank has demonstrated assertive prudence regarding the lasting nature of inflationary tensions and in the face of nervousness in the financial markets. Inflation and rising interest rates in a context of low economic growth do not bode well. But while the unemployment rate remains at low levels, demand should remain dynamic, despite the pressure on buyers’ “effort rates”. Interest should persist, but decision times are expected to increase and reveal greater fluctuation between the “asking price” and the actual sale value. Portugal and international buyers Portugal as a destination still has enormous growth potential in attracting foreign buyers in the premium, luxury and ultra-luxury segments, if there is capacity to produce products aimed at these segments on a global scale. There is still much to be done in the field of construction and refurbishment of properties for buyers in these demanding market niches. There are international investors looking for alternatives to Middle Eastern markets. Real estate Darwinism Still widely discussed here are the concentrations of operations that took place in the North American market: Anywhere (C21, ERA, Sotheby’s, Coldwell Banker, Corcoran) and Compass, RE/MAX and Real, EXP and NextHome, Zillow and realtor.com, Rocket and Redfin. In a short space of time, two of the most digital real estate companies in the USA bought the sector’s “giants”, a fully virtual brokerage bought a network of estate agencies, the property portals Zillow and realtor.com joined forces, and the largest mortgage platform Rocket bought the property portal Redfin. It is the principle of real estate Darwinism, the survival of the fittest, where the fittest are those who adapt best. In Portugal, for now, nothing changes. But the “evolutionary environment” is changing and, when it changes, many operators cease to be adapted and do not survive. The sluggish state As for the public bodies on which the property sector depends, “everything remains the same as the sluggish snail”.
Source: Adobe Stock Author: Redaction Investment in residences continues to grow Investment in student residences in Portugal reached around 1.2 billion euros between 2019 and 2025. A large part of this amount resulted from the sale of real estate assets linked to student accommodation, alongside new construction projects. In recent years, the student residence market has attracted the interest of international investors and operators specialised in academic accommodation. The growth in demand for rooms and beds for students has reinforced the attractiveness of this real estate segment. Despite strong investment in residences, supply remains limited when compared to the total number of students in the country. Currently, there are around 26,000 beds available, covering only a small part of national demand. Bed supply remains below demand Student residences continue to struggle to respond to rising demand, driven by both Portuguese and international students. Pressure on the traditional rental market has also led more students to seek this type of accommodation. Porto currently concentrates the largest number of private student residence beds, followed by Lisbon. Even so, the coverage rate remains well below that seen in several European countries, where student accommodation supply is more extensive. In the coming years, new private residences are planned in cities such as Lisbon and Porto, increasing the number of available beds. Even so, the expected growth will have a limited impact on overall student demand coverage. Residence prices vary between cities Student residence prices vary significantly between Portuguese cities. In some markets, rental values remain high, especially in premium options and in areas with higher demand. Lisbon and Porto maintain some of the highest prices in the student accommodation segment, reflecting strong demand and limited supply. Cities such as Braga also show high values in standard residences. Investment in residences is expected to continue growing in the coming years, in line with the increase in student numbers and demand for more organised accommodation solutions closer to universities.
Source: Adobe Stock Author: Redaction Growth of European residential investment Investment in residential real estate continues to strengthen as one of the main asset classes in the property sector. In 2025, the segment reached around 59,000 million euros, the highest value since 2023, confirming the growing interest in residential investment from institutional investors. According to data from Cushman & Wakefield, residential investment is gaining weight in European portfolios, with two-thirds of investors already allocating more than 20% of their assets to this sector. In addition, 96% of respondents expect to increase exposure to residential investment by 2031, reinforcing a structural growth trend. PRS and BTR lead investment strategies In the current residential investment context, return stability remains the main attractiveness factor, highlighted by 74% of investors. This performance is supported by favourable demographic dynamics and consistent demand across different market segments. The most sought-after residential investment strategies continue to be PRS (Private Rental Sector) and BTR (Build-to-Rent), followed by student accommodation (PBSA). At the same time, new forms of residential investment are emerging, such as affordable housing and co-living, which are gaining relevance in institutional portfolios. Outlook for residential investment Outlook for residential investment indicates continued growth, with investors expecting stability in interest rates and prime housing yields. In this scenario, sector performance will depend mainly on rental growth and operational efficiency of assets. In 2026, PRS and BTR are expected to be the best-performing segments within residential investment, followed by PBSA. However, challenges remain such as limited opportunities, price misalignment and regulatory factors. In Portugal, institutional residential investment remains limited, with student accommodation standing out due to strong demand and constrained supply. Growth in residential investment in the country may accelerate with new tax frameworks and increased international capital interest.