Meanwhile, the language in the latest (April 2024) RICS/Ci Portuguese Housing Market Survey is all about steady and stable trends, with prices starting to increase again in response to a resurgence in demand.

The latest research by Property Market-Index adds further positivity. Its review of the luxury market flags Portugal's high-end hotspots as likely to increase in value by 5.6% in 2024. Lisbon and the surrounding areas, Porto, Braga, and parts of the Algarve and Silver Coast are all tipped for higher-than-average market growth during this period.

Looking further ahead, indications are also positive for the Portuguese property market. Tarrant Parsons, RICS Senior Economist, comments that: “Further improvements in disposable incomes in tandem with the prospect of falling interest rates across the eurozone should further facilitate activity within the real estate industry over the remainder of the year and particularly through 2025.”

Back in the more immediate term, sales expectations are particularly high in the Algarve for the next three months, according to RICS/Ci. Real estate developer Kronos Homes mirrors this confidence, with Regional and Real Estate Director Alda Filipe commenting: “A number of new instructions and exclusive opportunities, as well as the diversity of the Algarve's property offering, should deliver excellent results for home sales in the region over the summer, as well as through the end of 2024. A strong appetite from foreign buyers underpins this, along with stable domestic demand.”

The latest figures from the Bank of Portugal reflect the strength of international interest. Of the €1,000 million worth of foreign direct investment that poured into Portugal during the first three months of 2024, €682 million was invested in real estate.