Rehabilitation and the continuity of foreign investment in Portugal are two of the trends that will mark the real estate market in 2023, believe the experts at UCI Portugal
"Real estate rehabilitation has two essential motivations that can go together. One is the financial issue, since it is usually more affordable to buy a property to rehabilitate. This type of business is also interesting for investors, who can buy these properties and put them on the market later, in search of an appreciation in value. The other is the environmental issue, since rehabilitation, if it takes into account energy efficiency, can reduce a property's emissions. Rehabilitation and sustainability often go hand in hand," says Pedro Megre, CEO of UCI Portugal.
Another trend that will mark 2023 will be the continuity and, possibly, the increase of foreign investment in real estate in Portugal. "Portugal is in a privileged geographical position, far away from conflicts, while still being a good base for those who want to live in Europe just a few hours by plane from the major decision centers, while offering good weather, beautiful landscapes, security and a good quality of life. Recently, North Americans have stood out as a growing nationality among buyers, something that should continue," continues Pedro Megre.
A third trend, taking into account the war in Ukraine and its economic consequences, will be unpredictability. "The last few years have taught us that there are unpredictable factors, right from the behavior of the largest European economies that can influence the actions of the ECB, and thus determine how the year may go. For better or worse, we are at the mercy of the international market, which may mean that 2023 will be an excellent year, or a year with more conservative results," concludes the head of the UCI in Portugal.
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