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In 2023, the buying and selling market felt – a lot – the effects of economic changes, marked by high inflation and rising interest rates on housing loans. So much so that house sales in Portugal fell 18.7% in 2023 compared to the previous year, reaching “the lowest record since 2017”, reveals the National Statistics Institute (INE) this Thursday.

“136,499 accommodation units were transacted in 2023, translating into a reduction of 18.7% compared to 2022 and corresponding to the lowest record since 2017”, INE begins by explaining in the bulletin published this Thursday, July 18th.

Used homes continued to represent the majority of sales in our country. But there was also a greater drop in transactions for existing homes than for new homes, as the data shows:

    Used homes: 108,380 units were sold in 2023, 21.4% less than the previous year;
    New homes: 28,119 homes were purchased, corresponding to an annual drop of 6.1%.

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If you decide to purchase a property, it is essential to hire a competent lawyer. Your lawyer will be responsible for checking several aspects of the property: whether there are any liens, restrictive clauses, or if it’s possible to build (in the case of land). The lawyer will also verify if the Local Urban Planning Plan (PLU) from the 'Câmara Municipal' (the municipal council) aligns with the current status of the property. This check should be done before signing the sales agreement to avoid purchasing a property built without proper permits or one that is under seizure.

It is advisable to provide your lawyer with a 'Procuração Pública' (public power of attorney), a document specifying the conditions under which they can act on your behalf. If you have not arranged the power of attorney in Portugal, it is also possible to do so in France through the Portuguese embassy and a French notary. However, we recommend arranging it directly in Portugal as it will save you both time and money.

Lawyer fees and legal costs generally range from 1% to 1.5% (+ VAT). If you need a recommendation, we would be happy to assist.