Despite the pandemic, a total of 11,765 new residential projects – comprising 27,600 dwellings – were submitted for municipal licensing in Portugal, an increase of 20% compared to the same period in 2019, says a recent report.

The figures were released as part of the Property Pipeline (Pipeline Imobiliário), calculated by the real estate data bank Confidencial Imobiliário based on the energy pre-certificates issued by the energy agency ADENE.

From these projects, 83% of the portfolio refers to new construction, the equivalent to more than 22,900 dwellings included in 9,520 projects. The remaining 17% applies to urban rehabilitation, which represents 4,650 homes spread across 2,250 projects.

Apartment buildings continue to represent most of the units in the portfolio (57%, in a total of 15,800 dwellings). This is 12% more than the 14,200 units accounted for in the same period of 2019.

However, according to the report, this year has seen a growing focus on villas. The 11,750 houses accounted for in the first half of 2021 is 25% above the half-yearly average for 2019, when 9,400 units were registered.

The main destination for investment in residential development is still Lisbon, with 172 projects in the first six months of the year, representing a total of 1,970 homes submitted for licensing. Despite this, this pipeline was 11% below the half-yearly average pace of new home launches in 2019 (2,200 units).

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