House prices have certainly risen a lot in recent years. But this doesn't mean that Portugal has or will have a property bubble, as there is still a short supply of housing and resilient employment. António Ramalho, former CEO of Novo Banco, said this on the first day of the Portugal Real Estate Summit, an initiative that counts Idealista as a media partner. At the same time as the event, the best property projects in Portugal and Spain were also awarded.
Today, "house price growth is moderating, with adverse base effects and tighter financial conditions. Demand remains resilient, but transactions are slowing down," said António Ramalho this Tuesday (19th September) during the event that ran until this Wednesday in Estoril. But, despite what many people say, Portugal doesn't have a property bubble and will never see one," he emphasised, quoted by Jornal Económico.
"Price growth has not been associated with an increase in household indebtedness," says António Ramalho
And he pointed to several reasons that support his view. First of all, the labour market in Portugal is robust. And the demand for homes continues to be far greater than the supply of existing housing (unlike in the 2008 property crisis, when there was more building than buyers). What's more, it's the demand for homes from abroad and the high level of tourist activity that has fuelled the growth in house prices in recent years.
The former Minister for the Economy and Digital Transition, Pedro Siza Vieira, also ruled out the possibility of Portugal having a property bubble. "What António Ramalho has shown is that the Portuguese market is actually very mature, where most Portuguese own the homes they live in, and a significant part of these almost two million families have their homes almost paid off," he said, quoted by the same newspaper.
"Unlike other peripheral destinations, Portugal remains a low-risk market due to its local importance. I can't say that Portugal is the best property market in the world, but it is one of the best," stressed the former CEO of Novo Banco at the event.
Iberian Property Awards winners now known
At the same time as the Portugal Real Estate Summit 2023, with idealista as media partner, the best practices, projects and players in property investment in Portugal and Spain during 2022 were honoured.
The winners of the first edition of the Iberian Property Investment Awards were revealed on Tuesday night (September 19) at the Estoril Casino for the five categories, according to the event's organisers:
- Business of the Year in Portugal: Merlin Properties - Liberdade Project, presented by C&W and JLL;
- Business of the Year in Spain: Greystar - 2,500 units of a "Flex Living" portfolio, Madrid;
- Green Asset of the Year Initiative: Aedas Homes - Fioresta, Alicante;
- Social Impact Initiative of the Year: Lar España - Kilometres Solidarios, Alicante;
- Investor of the Year Report: Sonae Sierra;
The jury that decided the winners was made up of more than 40 experts from Portugal and Spain with different backgrounds and specialisations, from developers to consultants to bankers.
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