For years, the sector has grown, driven by external and internal factors: low interest rates, international demand, tourism and a solid economic recovery. Today, the context is different. Geopolitical instability, interest rate developments and greater investor selectivity are shaping a more demanding market.

But there is one factor that remains constant: the shortage of supply. And this is precisely what sustains prices, even in a scenario of lower sales volume. The average value per square meter continues to rise, with new housing surpassing, for the first time, the barrier of 4,000 euros/m² in several areas of the country.

This growth is not uniform. It is concentrated in the main urban areas and in higher segments, where new construction is positioned. And here comes one of the biggest challenges in the market: the disconnect between the type of product being developed and what the majority of the population can afford.

We are building, but not necessarily to solve the housing problem. The new offer remains focused on premium segments, while the most relevant demand is in the middle and affordable segments. This reality creates an increasingly segmented market, where access becomes more difficult for a significant part of the population.

On the other hand, investor interest remains strong. Southern Europe has consolidated itself as a strategic region and Portugal benefits from this trend. Segments such as build-to-rent, student residences and alternative living are gaining relevance and attracting institutional capital.

However, without a strategy that allows for increased supply in a balanced and affordable way, the market will continue to grow unevenly. And this growth, while positive in terms of investment, raises important questions about social sustainability.

Real estate in Portugal is no longer just an expanding market. It is a changing market.

And this transformation requires faster, more structured responses that are more aligned with reality.