Sales market loses momentum, but prices keep rising
The Portuguese Housing Market Survey (RICS/Ci), released on 5 August 2026 with data for June 2026, points to a sales market losing some of the momentum seen in previous months. Demand from new buyers and agreed sales both slowed, and short-term expectations turned broadly neutral. Prices, however, are still rising — at a more moderate pace, but with no sign yet of turning.
Casa Gold is one of the agencies that contributes monthly to this survey, part of the panel of estate agencies and developers behind the report, produced jointly by Ci – Confidencial Imobiliário and RICS. It's one of the reasons we follow these figures closely: they're not just statistics we read, but data we help build.
Demand and sales lose steam
The net balance for new buyer enquiries fell to -11% in June, down from +6% in May. Agreed sales followed the same pattern, dropping to -2% (from +9% in May). Expectations for the next three months softened accordingly: the net balance for sales expectations moved to -7%, from +17% in May, and the confidence index fell to -3, from +10 the month before.
The survey breaks results down by Lisbon, Porto and the Algarve — the three metropolitan regions covered by the panel. It's worth being clear about this: Casa Gold's monthly contribution is grouped under the Lisbon figures, since the Oeste region isn't tracked as a separate category in the report. That said, our day-to-day experience on the ground, away from the main urban centres, is that these trends tend to arrive here earlier — and with less cushioning — than the aggregated Lisbon numbers sometimes suggest.
Prices are still rising. Why?
Prices remained in positive territory, with a net balance of +13% in June, moderating from +18% in May. Lisbon continues to post the strongest reading (+21%), followed by Porto (+8%), while the Algarve remains in negative territory (-8%). Three-month price expectations turned broadly neutral, at a net balance of zero, down from +3% in May.
It's a fair question, and one we hear more often: if demand is slowing, why aren't prices falling? Part of the answer sits in another indicator from the same survey — new sales instructions, which remain at -21%, barely changed from -19% in May. Very little new stock is entering the market. When supply stays this limited, softer demand alone isn't enough to reverse the price trend.
There's also a less measurable factor we recognise from daily experience: not every seller is actually in a hurry to sell. Some list a property with a specific target price in mind and would rather wait — even if that means longer on the market — than negotiate below it. That, too, helps explain why prices hold up even as overall activity cools.
12 months out: optimism, but more measured
Looking twelve months ahead, a net balance of 44% of respondents still expect prices to rise — a clear majority, though the lowest reading since mid-2024, down from the recent peak of +62% in February. Optimism remains, but in a more measured form.
Rentals: mixed signals
In the rental market, tenant demand fell to -1%, from +14% in May, while landlord instructions improved to -3%, recovering from -16% the previous month. Rents charged remain in negative territory (-10%), and expectations for the next three months stay subdued, at -20%.
What this means if you're selling
Taken together, June's survey doesn't point to a sharp downturn, but it does confirm a trend we've noticed on the ground for several months now, particularly outside the main urban centres: the market is normalising, not collapsing. If you're thinking about selling, this is a good moment to understand, with rigour, where your property actually stands — not just where you'd like it to be.
If you're considering selling and want an honest read on what to expect, you can ask us for a sale price suggestion, with no obligation.
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