Portugal Property Digest

Topics

Preços

Opinion 9 Nov 2026

Louçã: property funds drove about 80% of transactions in the first half, and the Government is "fingir que faz"

Francisco Louçã

In a Lusa interview published on 7 November, ahead of his final lecture at ISEG, economist and former Bloco de Esquerda coordinator Francisco Louçã said property funds accounted for roughly 80% of property purchases and sales in the first half of the year and argued the country should take power away from them. He also criticised the PS's public guarantee and tax-benefit proposals as price-inflating, preferring rent-controlled release of existing homes, and called the PRR a missed opportunity. Treat the 80% figure as his claim, not a published statistic.

“fingir que faz”

Why it matters: It is the clearest statement yet of the argument that fiscal support for buyers feeds prices rather than supply — the line any guarantee or exemption in the OE2027 will have to survive.

proposed 9 Nov 2026

Government signals it could exempt second-home sales up to €300,000 from IRS capital gains

After meeting Prime Minister Luís Montenegro at São Bento on 5 November, PS secretary-general José Luís Carneiro said the Government showed openness to the PS proposal to exempt from IRS mais-valias the sale of second homes worth up to €300,000, where the buyer takes the property as their own permanent residence and it sits in a zona de pressão urbanística. The PS package also carries a three-year exceptional regime, reduced taxation for homes between €300,000 and €500,000, and imposto do selo exemption on the purchase and the related housing loan. Carneiro also reported a "relative" agreement to raise IMT for buyers who neither live in Portugal nor buy for housing. No text has been agreed and ECO reports no on-record government statement; the measures are PS proposals the Government says it is open to.

Why it matters: If it lands, selling a non-primary home below €300,000 to an owner-occupier in a pressure zone would become tax-free at the IRS level — and a higher IMT band for non-resident, non-housing buyers would cut the other way for foreign purchasers.

Commercial property investment reaches €2bn, up 7%, with Q3 up 33% on the quarter

Dils Portugal puts commercial real estate investment at €2 billion so far this year, 7% above the same period of 2025, with €630 million transacted in the third quarter, 33% more than the second. Retail led Q3 with €195 million (31%), lifted by the sale of Forum Algarve, while offices had their best quarter of the year at €112 million; year to date, hotels stand at €590 million and industrial and logistics at €384 million, the latter on track for its second-largest annual volume in a decade.

Why it matters: Capital is still arriving and rotating towards retail, logistics and hotels — a useful read on where institutional money, and therefore exit pricing, is currently willing to go.