The majority of Portuguese people are unable to buy a house, or even rent it, due to its high price. This is one of the main conclusions of the study Housing in Portugal 2024: What has changed in recent years, by the 21st century, which will be released today in Lisbon, at a conference promoted by this real estate network. As the document reveals, the cost of housing in the country is the reason that prevents 55% of survey participants from buying or renting a home.
The report, which focuses on the dynamics of housing supply and demand in Portugal and the way they have evolved in recent years, notes that even in 2018, the main reason preventing a deal from taking place was related to a mismatch between what potential buyers wanted. And what was on the market (42% of respondents). Now, only 18% say they can't find the home they want.
These market trends are also reflected in the Lisbon Metropolitan Area (AML). According to the document, 51.2% of AML citizens do not buy or rent due to high housing prices. 27.9% say this is not a good time to buy a property, more than 23% across the country.
Nationally, 50% of respondents prefer homes priced between €100,000 and €200,000, with the average price they end up paying at €189,823. For rent, 55% are looking for a property worth up to €500, but the average rent paid is around €589. In combating money laundering, the demand is generally no different from the national level. However, the average purchase price rises to €216,466, and the average income rises to €666.
Given the value of homes, supply on the market, and disposable income, Portuguese end up choosing smaller homes. As the study indicates, most people look for T3 to buy or rent, but end up deciding on T2. Also, the spaces are smaller than intended, and apartments are preferred.
The cost of housing in the country is also changing buyers' preferences when it comes to location. Although the majority want to buy a home in the center or in the areas surrounding the city centre, there is a greater acceptance of the suburban option. The report reveals that 21.8% of participants are willing to move to space cities, while only 14.8% acknowledged this possibility in 2018.
The age group between 30 and 39 years is the most active in searching for a home, as are families of two to three people. Interestingly, women (63%) are the ones searching most for housing. In 2024, the main motivation for buying or renting a home is no longer marriage or an actual union, but independence. In this context, the ambitions to have a better home and expand the family that prompted the Portuguese in 2018 to change housing, have given way to financial reasons and the desire to have more suitable housing.
Meanwhile, the share of demand that uses the sale of an old home to finance the purchase of a new home has doubled, from 12% in 2018 to 25%. Owning a home remains the aspiration of the vast majority of Portuguese people (92%), although 65% of people already live in their own home and 32% in a rented home.
The study, coordinated and analyzed by Century 21 and Vida Imobiliária, was based on Portuguese residents aged 18 or over who have sold, rented or looked for a home in the past 12 months or who intend to do so. over the next 12 months.
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