According to a comprehensive report by Jornal Luso-Chinês, the year 2024 was a record year for the main real estate companies in Portugal. The five major agencies – Remax, Century 21, ERA, Keller Williams (KW), and Zome – recorded significant growth in business volume, transaction numbers, and turnover, with several companies breaking their own historical records.Data indicates that, throughout the year, these five companies carried out more than 130,000 transactions, totaling a business volume of over 18 billion euros, with an average revenue growth of 26.6%.
According to the latest data from the Association of Real Estate Mediation Professionals and Companies of Portugal (APEMIP), house prices increased by 12% in 2024, while the volume of property sales grew by 13.1%. This market trend boosted the performance of real estate agencies, and the sector predicts that 2025 will continue to grow, although at a possibly more moderate pace.
Growth in Property Sales Driven by Strong International Demand
The increase in property sales in Portugal in 2024 was strongly driven by demand from international buyers. In recent years, Portugal has attracted a large number of foreign investors due to its high quality of life, stable investment returns, and favorable tax incentives.
Investors from the United States, United Kingdom, France, Germany, and Brazil continue to play an important role in the Portuguese real estate market, especially in Lisbon, Porto, and the Algarve region. The luxury real estate segment and premium properties saw significant growth in these areas.
The rise in property prices in some regions is directly related to continued foreign investment.
In addition to international demand, the recovery of demand from local buyers was another key factor for the growth of the real estate market in 2024.
Strong Local Demand Drives Transaction Volume to Record Levels
1.Government Support for Young Homebuyers Stimulates Domestic Demand
In 2024, the Portuguese government launched a series of measures to support young people in purchasing their first home. Among these initiatives, the partial exemption of taxes for buyers under 35 and the provision of guarantees for home purchases stand out. These policies significantly reduced barriers to homeownership for young families, leading to an increase in demand from local buyers.
2.Tight Rental Market Boosts Home Buying
In recent years, rents in Portugal have consistently increased, especially in major cities such as Lisbon and Porto. Many tenants realized that the long-term cost of renting is high and opted for homeownership, which further contributed to the dynamism of the real estate market.
Performance of Major Real Estate Agencies
Regarding market share, Remax maintained its leading position in both the number of real estate consultants and the number of offices. The company has 412 offices in Portugal and more than 10,800 real estate consultants. In 2024, Remax facilitated approximately 69,000 transactions (including sales and rentals), recording a 12.8% growth compared to 2023. The total business volume reached 7.12 billion euros, an increase of 24.51%. The president of Remax Portugal, Manuel Alvarez, stated that the company broke several historical records in 2024 and expects continued double-digit growth in 2025, highlighting that in January, revenue had already grown by 30.4%.
Century 21 completed 25,927 transactions throughout the year, a growth of 14.6%, with a business volume of 4.31 billion euros, representing an increase of 17.9%. The company's revenue grew significantly by 30.76%, reaching 117 million euros. Century 21 Portugal CEO, Ricardo Sousa, attributed this performance to the company’s precise understanding of market needs and highlighted the intention to expand its influence in key markets in 2025.
ERA Portugal also recorded a record-breaking performance. In 2024, the company achieved a business volume of 2 billion euros, a growth of 13%. The total number of transactions reached 12,200, an increase of 11.93%. The company’s revenue surpassed 100 million euros, with a growth of 21.4%. ERA Portugal CEO, Rui Torgal, emphasized that despite the weaker performance of the real estate market in 2023, the company managed to grow above the industry average in 2024.
Zome was the fastest-growing company among the five major real estate agencies. In 2024, Zome recorded more than 10,000 transactions, an increase of nearly 40%. The company's business volume reached 1.8 billion euros, growing by 33%. Revenue was 40 million euros, with a forecast of reaching 60 million euros in 2025, representing a 50% growth. Zome CEO, Carlos Santos, stated that property prices will continue to rise in 2025, although at a slower pace, estimating an average national increase of 2% to 3%.
Keller Williams (KW) Portugal also recorded its best-ever performance in 2024. The company achieved a revenue of 72 million euros, a 33% increase. KW Portugal CEO, Marco Tairum, highlighted that the company maintained strong growth, with more than 72% of commission revenue being directly paid to real estate consultants.
Outlook for 2025: Moderate Growth and Price Adjustments
For 2025, the heads of major real estate agencies maintain an optimistic outlook, expecting continued market growth but at a more moderate pace. Zome CEO, Carlos Santos, predicts that housing prices will continue to rise, but at a more contained pace, between 2% and 3%.At the same time, the rental market may see a slight increase, especially in Lisbon and Porto, where rental demand continues to exceed supply.
Century 21 Portugal CEO, Ricardo Sousa, believes that housing prices will not undergo major fluctuations but admits that some cities and regions may experience more significant variations.
The lack of supply, especially in affordable housing, remains one of the main challenges in the market. Remax Portugal president, Manuel Alvarez, warned that “the shortage of supply continues to be the central problem of the market, especially in the moderately priced housing segment.” Ricardo Sousa, from Century 21 Portugal, added that “the real estate market in 2025 will continue to be influenced by changes in bank lending policies, with credit accessibility being a determining factor for the sector’s evolution.”
Overall, the Portuguese real estate market experienced historic growth in 2024, driven by strong international demand and increased local demand. Although growth is expected to slow in 2025, the overall trend remains positive, with housing supply, price evolution, and credit policies playing a fundamental role in the future of the sector.