The latest Portuguese Housing Market Survey from RICS and Portuguese market specialists Confidencial Imobiliário (August 2024) reports that “supply continues to dwindle” in Portugal. The August 2024 survey points to a headline net balance for new instructions of -20%, following almost identical figures in June and July.
Alda Filipe, Real Estate Director at Kronos Homes, explains: “In January 2024, the Portuguese President of the Republic signed a decree to reform and simplify urban licensing. The aim of this is to reduce bureaucracy and streamline real estate operations. It has had an immediate impact, as projects that would once take months or even years to receive approval for construction can now fast-track their way through the system. As a result, buying a land plot and building a home is now a much speedier process.”
Kronos Homes is seeing plenty of demand for its land plots – something which it anticipates will continue through 2025. At the Algarve’s prestigious Vale do Lobo, owned and operated by Kronos Homes, land plots are being sought out by both investors and lifestyle buyers, according to the company. “Investors are keen to develop the plots and bring new homes to the market, helping to ease supply pressures whilst lifestyle buyers look to build homes that meet their specific needs, having failed to find such properties already completed”.
“We anticipate the exceptional interest in our land plots at Vale do Lobo will continue for at least the next year. Buyers are keen to develop unique homes with ocean and golf views, close to the many amenities that Vale do Lobo has to offer. Continuing supply constraints will mean more and more buyers seek to construct their own homes, developing bespoke properties that meet their individual needs”, said Alda Filipe, Real Estate Director, Kronos Homes.