economyportugal

Online sustains Portuguese real estate in 2021

This post is also available in: Português (Portuguese (Portugal))

The Portuguese adherence to online platforms in 2020, as the main channel for real estate discovery, contact with professionals, and subsequent real estate transaction, became, in 2020, the main driving force of the real estate sector in Portugal, and will certainly be the main sector sustainability vehicle for 2021, the year in which the real estate consultant Imovendo – in its monthly report for January – advances as a year of digital consolidation for the sector.

Marked by a deep economic crisis due to the pandemic, 2020 showed, nevertheless, a dynamism to a certain extent surprising with regard to the new housing loans granted, having registered a growth of more than 6% in the first 10 months of the year (compared the same period of 2019) and, thus, ensured, even during the first confinement, a monthly flow of new financing always higher than € 830m.

“This new year is also expected to maintain the expansionary behavior of financial entities, especially from the second quarter onwards, when it will be expected to see the first steps of an economic recovery, when there will also be a greater flow of properties. and transactions in the market, due to the end of the moratoriums granted by banks”, assures Manuel Braga, CEO of imovendo.

The consultant’s study also indicates two other trends that marked 2020 and will continue to be observable in 2021:

– The loss of capacity to rejuvenate Local Accommodation, having seen, in 2020, a drop in new registrations of 53.9% compared to 2019, and 73.9%, compared to 2018;

– A readjustment in residential demand, in order to guarantee more usable space, in addition to the existence of outdoor spaces (public areas, terraces or large balconies), which result from the fact that a house today is much more than just a bedroom.

Imovendo also stresses that 2020 saw a 22.8% increase in traffic from the main real estate portals in the country, despite the fact that the main real estate networks have seen the traffic on their pages drop by more than 4.1%, which demonstrates not only that they had more difficulty adapting their traditional business models to a new, more digital and less face-to-face reality, as most of them did not adopt the technological primacy as a leveraging factor in business.

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