by buymeprestige 
Despite all the external factors known in 2022 (European War, Covid, Rising Interest Rates, General Increases, etc.), this was a year of high records for the housing market. And for 2023, what will it be like?
Speculations began to emerge at the end of 2022 and they are still heard: Will prices go down? Will the real estate market crash? Will there be a new economic crisis in the country? Opinions are varied and still not very assertive, however doubts regarding the real estate market have already begun to be clarified: Rehabilitation and Investment will mark the year 2023.
According to UCI specialists, real estate rehabilitation has two motivations, namely the financial issue and the environmental issue. The first because, as a rule, it is always easier to acquire a property to rehabilitate; they are sought after by investors who are usually adverse to more popular issues such as increases in rents and prices in general and who intend to buy in a more devout state, at better prices, restore and value later. Regarding the environmental issue, what is on the table is energy efficiency that can reduce the property’s emissions. Rehabilitation and sustainability often go hand in hand and real estate is no exception and who says so is Pedro Megre, CEO of UCI in Portugal.
Another trend that will clearly mark real estate is foreign investment in Portugal, more specifically in the Algarve, this being the most sought after region for the purchase of properties in the previous year. The country is in an enviable geographical position, far from conflicts, with security and a much appreciated lifestyle. In addition, Portugal has three main airports that take foreigners directly to major European cities. North Americans are currently the nationality that buys the most in Portugal and the estimate is for it to remain that way.
In short, we are very dependent on the international market to define the results of the real estate market in Portugal and, more specifically, in the Algarve, but everything suggests that it will be another year of great results and new records.