“Unlike other peripheral destinations, Portugal continues to be a low-risk market due to its local importance,” said banker and economist António Ramalho at the Portugal Real Estate Summit in Estoril last week.

Cited in the Portuguese newspaper Jornal Económico, the former CEO of Novo Banco said: “Despite what many say, Portugal does not have a real estate bubble and will never see one.”

He reasoned: “House price growth is being moderate, with adverse base effects and stricter financial conditions,” while “demand remains resilient, but transactions are decreasing”.

Arguing that Portugal is still a low-risk market, the ex-banker notes that the rise of property prices has been influenced by overseas demand, the boom in tourism and “insufficient supply”, given that the construction of new builds has stagnated.

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