The offer of housing in Portugal has remained virtually unchanged in the last 10 years, having seen a slight increase of only 1%, according to data revealed by the ‘Living Destination’ study by the consultancy JLL presented this Tuesday, 19th of October.
Between 2011 and 2021 the increase in the number of available homes in the country was 80 thousand, from 5.88 million to 5.96 million homes, with only one third of this stock being less than 20 years old, so there is a clear need to rehabilitate the housing stock. Despite the slight increase in the supply of homes, the growth trend of the last twenty years persists.
However, if we look at the three regions (Lisbon, Porto and Algarve) analyzed in this study, only one area of the Algarve saw its number of housing units increase in the last 10 years, from 380,126 thousand in 2011 to 390,861 thousand homes in 2021.
In turn, the city of Porto saw a drop in the supply of almost five thousand homes, from 137,891 thousand to 133,193 thousand homes, while in Lisbon the drop was exactly seven thousand homes, from 326,881 thousand to 319,881 thousand.
Despite being the only region to grow in terms of housing supply, the Algarve is the one whose inventory is older (39%), compared to 16% in Porto and 15% in Lisbon.
“There is a potential for development in the sector, whether through the renovation and rehabilitation of the inventory existing, or through new projects, in order to align with expectations and demand requirements and reduce pressure on prices”, historic Joana Fonseca, Head of Strategic Consulting and Research at JLL.