After a year of pandemic, and still, in a context of uncertainty, it is difficult to make predictions regarding the evolution of the real estate market in 2021. According to CBRE, the market will register different speeds.

Thus, according to the report “Trends in the Real Estate Market in 2021”, there are the following possible scenarios:

• The logistics sector will show an impulse;
• The offices are expected to show some resilience;
• Trade will depend on the country’s economic evolution;
• Tourism will start again as soon as the vaccination plan proves to be effective.

 

With Portugal being targeted by foreign investors, there are encouraging prospects. During the presentation session of the Real Estate Market Outlook 2021, Nuno Nunes, responsible for CBRE’s investment area, shared that “the expectation is that 2021 will be a new year, if not a record year”. Everything will depend, of course, on the country’s response to COVID-19.

In this article we will explore four trends in the real estate sector in 2021:

Real estate investment can reach 3 billion euros

The Portuguese real estate market continues and will continue to be an attractive asset for investors. After, in 2020, having registered the third highest value in investment, there is an expectation that the sector will again overcome the barrier of 3 billion euros in 2021.

The real estate agents will be busy, given that there is a huge shortage of habituation. On the other hand, Portugal remains not only within the radar of the international investment community but also at the local level.

Despite remote work, the search for offices will continue

COVID-19 came to dictate a new concept in the lives of workers: remote work. Even so, the office purchase and rental market are expected to remain dynamic. Even if companies adopt a hybrid model of work, the need to go to the office will continue to exist.

The gradual recovery of shopping centers starting in the spring

With the new confinement, shopping centers were once again closed. However, it is expected that after spring there will be a gradual recovery.

It should also be noted that Retail Parks, in open space, avoided a drop in demand. In certain cases, in fact, some of the business categories registered better results compared to the previous year: supermarkets or DIY stores.

House prices are expected to remain stable

Despite the pandemic, the price of houses (for purchase or rent) has not suffered a big drop. Bearing in mind that the demand for the product continues to exist, the variation in the values ​​was not felt. Still, in 2021 it is expected that the price of second-hand houses may be more evident.

On the other hand, with the possibility of remote work, the interest in properties far from urban centers is expected to increase, as well as their investment cost.

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