The hotel and logistics sectors have played a huge role in these figures, as they are the most attractive real estate assets for national and international investors, representing almost 90% of investment in real estate.
The reason for this phenomenon in the Portuguese market lies in its geographical location within Europe, and its stability amongst rising uncertainty, rising costs and interest rates, which is of the utmost importance in the real estate investment sector.
It is difficult to say how things will be in 2023 - as this would require a crystal ball - but there are already signs of a slowing economic growth, due to rising uncertainty about the duration of the war, and the direct and indirect circumstance it may provoke in the global economy, over the coming months.
The real estate financial crisis in China should also be taken into account, as is the tension between the United States and China over Taiwan's geopolitical position and independence.
There is however light at the end of the tunnel, which is expressed in the steady level of demand in the residential segment which is expected to remain high. In this segment the international and national demand for higher value and superior quality homes stands out. This is a market that is not likely to dwindle, but one in which a great deal of growth is expected over the coming years.
Another area which will not see a slowdown in demand will be residential rental in Portugal. However, structural, legal and fiscal reform is needed so that this can function in our country following the example of other countries such as Germany, where 75% of residents live in rented homes, but with a fiscal policy which favours those who create and make housing available to third parties.
Although this is not the only issue that can make it difficult to make rentals work in Portugal, we also have licensing problems, taxes and other obstacles, which make projects more expensive.
It is not the lack of promoters and investors that make Portugal a country without a rental market. It's the fiscal policies and the easy banking of mortgages that hold us back and prevent us from developing. Those who buy a house are always tied to this housing and cannot follow the best employment opportunities, because if they follow employment they are left with two burdens: a house bought and a house rented.
We have to rethink our urban policy and housing programmes, so that in the future those who invest in housing for others can be sure that they won't be left in a difficult situation. Above all, we have to ensure that our youth can leave home without being obliged to buy a house that may force them to stay their whole life in a place where employment is scarce, and poorly paid.
This is a national problem and has to be treated as such by our leaders, taking seriously what the population needs and abandoning political ideologies that benefit no one, not even their children.