Real estate market, one of the biggest drivers of the Portuguese economy and responsible for success, now faces a difficult future. At national level and certainly also at international level.

No one yet knows what the real effects of the crisis caused by the pandemic will be, but looking at the existing data, and doing a little bit of futurology, it is predictable that the wave of unemployment, together with the decrease in purchasing power, will lead to a retraction of selling houses. And house prices in Portugal have already started to fall, proving the decrease in demand.

But this will not only affect homes. 

The forced massification of teleworking and online shopping will change the demand for commercial and office spaces in Portugal.

The use of teleworking is forcing companies to rethink their work and organization policy, leading to a reinforcement of teleworking and reduced demand for office spaces.

Likewise, there will tend to exist a greater demand for smaller office spaces, since there will be fewer employees working in person and more in teleworking.

And, probably, companies that had the intention of expanding the business, will rethink the pertinence of the moment.

At the commercial level, the scenario is no longer optimistic, with more than likely a wave of commercial spaces to close because they cannot support the lack of customers and high incomes.

In addition, the considerable increase in online sales in Portugal is estimated to continue even after the pandemic, which will remove even more clients from physical stores.

In contrast, there will be a greater demand for warehouses so that companies can make the transition to the online world and start making home deliveries.

I am not as pessimistic as so many, who believe that the habits of companies and consumers will never be the same again. If there is one thing I have already learned, it is that, even after a great crisis, the tendency is to forget the past and return to what was done.

But it will surely take some time before we have what we had.