It was enough to look at the evolution of prices, interest rates, credit or the number of transactions to understand the direction of the market. Today, this reality has changed. In my opinion, the future of Portuguese real estate is no longer decided within the sector. He decides more and more outside of it.

It may seem like a provocative statement, but just look at what is happening in Portugal. When an international company chooses our country to set up a technology centre, an industrial unit or a data centre, it is not only creating jobs. It is also generating demand for housing, offices, logistics, commerce, schools and services. The impact starts in the economy but quickly reaches the real estate market.

The same is true of investments in energy, artificial intelligence, technology, defence, or the blue economy. These are projects that attract qualified talent, create new business ecosystems and transform territories. Where there is sustainable economic activity, there is inevitably pressure on the real estate market. That is why I consider it increasingly reductive to analyse the sector only through the price of houses.

The true value of a property begins long before the building is constructed. It starts when there is a university capable of training talent, companies that create qualified employment, good accessibility, available energy, schools, hospitals, safety and quality of life. In short, it begins when there is a territory prepared to grow.

It was precisely this reflection that emerged during a recent conversation at the Serenatas da Mediação, in the Algarve. Among experts in the sector, the conclusion was practically consensual: we continue to discuss housing when we should be discussing cities. I would add an even more comprehensive idea. We should be discussing regions.

Companies no longer choose only land. They choose ecosystems. They choose the ability to attract people, innovation and investment. And it is precisely here that the public sector plays a decisive role. It is not enough to speed up licensing or approve new projects. It is necessary to plan the territory in an integrated way, articulating housing, mobility, education, health, energy and economic development. Without this common vision, we will continue to solve isolated problems without building lasting solutions.

In recent months, I have been writing about data centres, energy, artificial intelligence, nearshoring, blue economy and foreign investment. At first glance, they seem to be independent themes. In reality, they all directly influence the future of real estate, because they all change the way people live, work and choose the territories where they want to invest.

Perhaps the time has come to stop asking just how many houses we need to build. The most important question is to know which country we are preparing for these houses to make sense.

Because the future of Portuguese real estate will not be defined only by developers, consultants or agents in the sector. It will be decided by Portugal's ability to create competitive regions, capable of attracting talent, companies and investment.

In the end, real estate will no longer be sold only by the square metre.

It will sell, above all, the quality of the territory.