2023: what to expect next year?

We must look at the approaching new year with fresh eyes and rolled up sleeves. Not everything is gray and there is always hope and work to be done.

Photo by Francisco Nogueira; Decor by Santo Infante

If there's one thing that the last few years have clearly taught us, it is to expect the unexpected and to know how to plan for uncertainty.

These are the assumptions that we had to rely on for two years, and that we are relying on again in a world marked by economic volatilities and uncertainties, as well as a war.

We must look at the approaching new year with fresh eyes and with our sleeves rolled up. Not everything is gray and there is always hope and work to be done.

Portugal has seen, over the last few years, an enormous growth in construction, not only in rehabilitation, but also in new constructions. Many new projects have started, and many of them have already finished, having been successfully sold or inhabited.

In the uncertainty we live in, it is important to have a holistic view of our country, so that we have a complete vision and thus prepare for the future, with the conviction that there is still much to do.

In the construction sector, and especially in projects that are already being built, it is unlikely that we'll witness a sudden stop. Delays are part of the deal and, due to the situation already identified, may exist. It is in the projects that are about to start that we may see some slowdown.

This scenario is not only related to economic uncertainty, although it obviously weighs in the balance, but also to the lack of existing infrastructure for the development of large projects. This is where we must focus. We look at Comporta, for example, where large investments are advancing, but there is no underlying infrastructure to effectively start. There may not be a lack of investment and the will to start, but there is a lack of local labor and housing to accommodate any external workforce that travel and remains in the region.

The year 2023 thus represents a continuation of uncertainty, and a consequent change of paradigms in all areas. But it must also come with the confidence that we are well prepared to deal with the unforeseen and with the certainty that Portugal continues to be an attractive market for the real estate and construction market, both nationally and internationally. The new year arrives with its challenges, but it will also come with the continuity of new construction and housing projects.