Imovirtual, one of the main digital real estate portals in the country, currently has around 15 thousand properties for rent, an increase of 25% compared to the average of just over 12 thousand that constituted the offer in 2023. However, this greater availability in the housing market had no impact on prices, according to a report by Dinheiro Vivo.

According to Tiago Ferreira, director of Imovirtual and OLX Imóveis, the average rental value reached 1,300 euros in April, an increase of 8% compared to the same month of the previous year. Although this official sees “signs of stabilization” in the increase in announced values, everything points to these increases being based on high demand and low supply.

Supply of property to buy

The supply of homes for sale is falling. The portal, owned by the group that owns OLX and StandVirtual, has more than 232 thousand properties in 2024, while in the previous year, there were around 240 thousand. This decrease in supply “is a reflection of the current macroeconomic context, where the cost of new construction is still very high and we still have many challenges, such as the time for new licensing and vacant houses on the market”, explains Tiago Ferreira. In April, the average price of houses for sale advertised on Imovirtual was 325 thousand euros, which represents an increase of 10% compared to April 2023.

This data from the beginning of the year confirms “that the real estate sector continues to face a persistent challenge: the lack of supply of properties”, says the person in charge. This shortage “is a problem that needs to be addressed urgently to balance existing demand”. To resolve this, it is essential “to implement policies that encourage the construction of new housing” such as, for example, “the reduction of VAT to 6% on new construction” to accelerate the pace of development of new real estate projects and “the significant reduction taxes when purchasing your first home”, he argues. Even so, Tiago Ferreira admits that in the coming months, the market could achieve a better balance between supply and demand, given “government incentives and better economic conditions, which are bringing more favorable interest rates”.