Retrospective and perspectives of the real estate market: Goodbye 2023, welcome 2024! Happy Holidays!
As we approach the end of the year, it’s time to look back and reflect a little on what has happened in the property and housing market in recent times. Without a doubt, it was a year of significant changes, with many ups and downs.
So, I decided to end the year with a little retrospective and also a perspective! In other words, I will analyze the main trends and events that shaped the real estate and housing market in 2023, and I will analyze the prospects for 2024 and what we can expect in the near future. Prepared?!
Retrospective: The trends that marked the real estate and housing market in 2023.
This year, the real estate and housing market has faced many challenges and significant changes. According to an analysis by BNP Paribas REIM:
- Access to credit has become more expensive and difficult, limiting the sector’s expansion; It is
- The pandemic continued to have a significant impact on the real estate and housing market, causing a widespread drop in investment.
However, let us not be discouraged, as the prospects for the real estate and housing market are encouraging. Well, let’s see!
Perspectives for the real estate and housing market for 2024
According to an article by Família Poupança, the real estate market in Portugal has been a point of interest for investors and buyers, due to the combination of quality of life and opportunities. This sustained demand is expected to continue into next year. Namely:
- Regions such as Lisbon, Porto, Algarve and the Silver Coast should continue to be the most sought after areas. As buyer preferences and needs evolve, new property types may rise to prominence.
- In this sense, compact and modern apartments, especially in urban areas, continue to be a popular option for young professionals and investors.
- Furthermore, houses in rural areas are also attracting attention, as more and more people are looking for a peaceful lifestyle and direct contact with nature.
- Home loan interest rates are also expected to stabilize next year. This can bring some benefits to families. For example, the possibility of planning the value of your monthly payments more accurately, and also increasing confidence in the real estate market. An additional guarantee to help you purchase that property you so desire.
- Environmental awareness is also shaping property buying and selling decisions around the world, and Portugal is not immune to this trend. Therefore, an increase in demand for sustainable and energy-efficient properties is expected.
- Finally, digitalization has transformed the way we interact with the world, and the real estate market is not left behind. Online platforms, virtual visits and digitalized purchasing processes have gained ground. This is a trend that is expected to continue to grow and gain momentum, allowing national and international buyers to explore properties without leaving home.
Goodbye 2023, welcome 2024! Happy Holidays!
As we say goodbye to 2023, we express our gratitude for the experiences shared and lessons learned. May the memories of this year be the foundation for a 2024 full of achievements, joys and new achievements.
I say goodbye to this year, wishing everyone a Christmas full of love, surrounded by the warm company of family and friends. May the New Year bring prosperity, health and unforgettable moments.
Goodbye 2023, welcome 2024! Happy Holidays and a New Year full of achievements!
Don’t forget, my success is reflected in your satisfaction. See you in 2024…