Demand was high, supply was low, properties remained on the market for a short time, and many buyers felt they had to decide quickly; otherwise, they would miss the opportunity. In this context, the idea was instilled that prices could only rise and that any property would find a buyer, regardless of location, state of conservation or asking price. The latest data suggest, however, that this phase may be ending. And that does not necessarily mean that the market is going into crisis. It may just mean that it is finally returning to normality.

In the second quarter of 2026, the national average selling price fell by 3.4% compared to the previous quarter, while the average value of rents fell by 4.2%. The decrease was more pronounced in the medium and high segments, while the average period of sale of houses increased and the absorption rate slightly decreased. There were also very different developments between regions, with increases in some districts and corrections in others. These numbers show a more selective, less automatic market and more dependent on the relationship between price, location, quality of the property and the financial capacity of buyers.

For too long, we confuse dynamism with speed. A healthy market is not one where everything is sold in a few days and at any price. It is the one where there is information, negotiation, risk assessment and time to decide. When buyers analyse better, when banks evaluate more prudently, and when owners are forced to adjust expectations to reality, the market becomes more transparent. This change may be uncomfortable for those who have become accustomed to selling without negotiating, but it is positive for the sector as a whole.

The current fix also does not solve, by itself, the problem of accessibility. Even with a slight drop in prices, the instalment associated with the purchase of a house continues to absorb a very high part of the income of many families. In addition, the supply available for purchase decreased in most regions of the country, which means that structural pressure remains present. Therefore, it would be wrong to interpret these data as the beginning of a generalised fall or as the end of the housing crisis. What seems to be happening is different: buyers are more demanding, credit is more expensive and the market is starting to better distinguish good properties from properties that are simply overvalued.

For professionals in the sector, this new phase requires more rigour. It is no longer enough to put a property on the market and wait. It will be necessary to better advise owners, substantiate prices, improve the presentation of assets and understand in greater depth the reality of each territory. Real estate brokerage gains importance precisely when the market is no longer easy.

Portugal does not need a market at a standstill, but neither does it benefit from a permanently accelerated market. It needs balance, predictability, and decisions based on real value.

Perhaps the correction now observed is not a sign of weakness. Perhaps it is the first sign of maturity.