The information was revealed by Confidencial Imobiliário, which, in a press release, reveals that "37,750 homes were transacted in mainland Portugal in the first quarter of the year, representing a 9.4% drop compared to the previous quarter, when approximately 41,600 transactions were recorded." According to the same entity, the performance "confirms the trend of less dynamism observed since the second half of last year."

Ricardo Guimarães, director of Confidencial Imobiliário, quoted in the press release, states that "new factors are emerging with an impact on the residential market, namely international instability and expectations of rising interest rates, which tend to condition demand and investment in housing." However, the executive emphasises that “despite the reduction in activity in 2026 compared to 2025, the volume of transactions remains aligned with the average observed since 2019. The market seems to have reached the peak of its growth capacity, but continues to operate at this level.”

Prices continue to rise

Despite a decrease in transactions, prices continue to rise. Confidencial Imobiliário says that “in the first quarter of 2026, sales values ​​registered a chain growth of 4.6% — in line with the previous quarter — and 21.1% in the annual comparison. Although this latter value represents a slight slowdown compared to the historical maximum of 23.4% observed at the end of 2025, it confirms the persistence of strong pressure on prices.”

The entity also says that the continued rise in prices, in a context of lower activity in the real estate sector, reflects “the structural scarcity of supply, particularly in the intermediate segments of the market.”

Even though construction is registering positive figures, "the volume of new homes reaching the market remains significantly below the levels recorded two decades ago."