The year 2025 was remarkable for Portugal's residential real estate market, marked by a period of notable resilience and growth. This performance was shaped by key factors, from the impact of support measures for young buyers to new dynamics in foreign investment, in a scenario where JLL consolidated its leadership.
Historic Sales Volumes: A Market in Full Expansion
2025 established new milestones in the residential market, projecting the second-largest volume of units sold ever and a historical maximum in value. This performance reflects the robustness of a market that managed to overcome macroeconomic challenges. Growth was driven by the domestic market, the main engine of activity, where acquisitions by residents grew 32%. This dynamic confirms Portuguese confidence and the effectiveness of public policies.
The Young Buyers Phenomenon: Generational Transformation
Support for home purchases by young people marked 2025. Driven by IMT exemption and public guarantee, home acquisition by clients up to 35 years old soared nearly 60% (compared to 2023-2025). This immediate success had, however, a double effect: while facilitating access for a new generation, it also increased pressure on supply, accelerating price increases.
Asset Valuation: Portugal in the European Context
According to Eurostat, real estate appreciation in Portugal reached record levels, positioning the country as the second in the EU where prices increased most since 2015 (+169%), only behind Hungary. In 2025, sale prices in Portugal, Lisbon and Porto registered double-digit increases. In contrast, rents in Lisbon and Porto stabilized with slight downward corrections, although they rose nationally, demonstrating market maturation.
International Dynamics: Investment Reconfiguration
The international market reconfigured itself. Despite foreign participation in transactions decreasing, capital volume remained consistent. Their share in total country transactions remained below 10% (INE), confirming that this segment, although strategic, lacks the dimension to single-handedly inflate the national market. Portugal thus consolidates its attractiveness as a mature investment destination, a reality proven by JLL, which transacted with more than 50 nationalities in 2025 alone.
JLL Performance: Leadership and Sustained Growth
JLL consolidated its leadership in 2025 with sales growth of around 10%. Our balanced strategy demonstrated total market adaptation. Performance was notable in new developments and second homes, maintaining strategic balance between both segments. With an active portfolio of 190 projects, this result reflects the confidence of developers and investors in our expertise.
In Summary
2025 was a transformational year for the residential market, with record volumes, new generational dynamics and sustained appreciation. The sector's resilience confirms its structural solidity. Prospects point to price stabilization and maintenance of international interest, while awaiting the impact of VAT reduction in construction. With 10% growth and 190 projects in portfolio, JLL is in a privileged position to support its clients in navigating this evolving market.
