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If you read any financial article it is clear that 2021 marks the beginning of a recession. With the economy on a thin line due to the pandemic the road to recovery is going to be long. It is expected that prices will decrease in real estate as well notably in any investments that were made for shot term rentals.
With the drop in tourists and foreigners passing through we must expect that this market has been and will continue to suffer in 2021.
What does this mean? What are my predictions about it?
– The luxury market will remain stable. There is strong demand and there will continue to be increasing demand for excellent properties that may satisfy this clientele. Albeit housing prices may need to be aligned to the average market prices, some corrections will need to made however the prices will remain stable.
– There will be a rise in demand for properties with outdoor space in areas near international schools such as Lisbon, Cascais and the Algarve. Prices for properties that may suit for families with outdoor space and international standard quality finishings will remain stable.
– Smaller units targeted for short term rentals will slightly suffer.
– With less mortgage buyers, there may be less transactions decreasing the price of properties that may not be on the high end market.
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A.V.B.
*DISCLAIMER: Any information on tax regimes available at this channel is intended for general guidance only and must not be considered a substitute for advice provided by a professional lawyer or tax expert.