Is buyer demand decreasing? Not exactly. The market has changed, and selling without control can be expensive.

Many property owners have been hearing a recurring phrase: “buyer demand has decreased.”

The phrase sounds simple, but it can be dangerous when used without context.

Data from the PHMS RICS/CI shows that the Portuguese residential property market is not standing still; it is becoming more selective, more cautious, and more demanding.

The PHMS is a survey produced by RICS in partnership with Confidencial Imobiliário, based on the opinion of professionals regarding prices, supply, and demand in the Lisbon, Porto, and Algarve markets.

In the April 2026 edition, agreed sales returned to positive territory, with a net balance of +7%, after -4% in March. At the same time, new buyer enquiries remained slightly negative nationally, but improved clearly: moving from -18% in March to -5% in April.

In other words, we are not facing a market without buyers. We are facing a market where buyers exist, but are less willing to move forward with properties that are not well positioned, well presented, and properly justified in terms of value.

In the Algarve, the reading is even more relevant for property owners. While Lisbon and Porto continued to show negative balances in buyer enquiries, the Algarve moved into positive territory, with +7% in buyer enquiries. This challenges the generic idea that “there is no demand.”

There is demand, but it is more filtered.

The problem is not just demand. It is the quality of the strategy.

Some agents are already saying that they feel lower demand because they are receiving fewer contacts, fewer viewing requests, or fewer offers. But fewer contacts does not automatically mean a weaker market.

It can mean several things:

• • The property may be above the price range that buyers are willing to accept.
  • The presentation may not be communicating enough value.
  • The photos may not be creating desire.
  • The description may be too generic.
  • The listing may be reaching the wrong audience.
  • Direct competitors may be better positioned.
  • The available information may be creating doubts instead of confidence.

The mistake is to look at the symptom and immediately jump to the conclusion: “we need to lower the price.”

Lowering the price may be necessary. But it should be a data-based decision, not a reaction to a lack of method.

When a property is spread across several agents, the owner loses diagnosis

One of the biggest risks for a property owner is giving the property to several agents without a centralised strategy. At first glance, it seems logical: more agents, more exposure, more chances of selling.

In practice, the opposite often happens.

The same property starts appearing on several portals, with different photos, different descriptions, sometimes different prices, incomplete information, and misaligned messaging. For the buyer, this does not communicate strength. It creates noise.

And when there is noise, there is a loss of trust.

The buyer starts asking:

• • Why does this property appear so many times?
  • Why are there different descriptions?
  • Why are the photos not the same?
  • Is there urgency to sell?
  • Can I negotiate harder?

An excessively scattered property can stop looking like an opportunity and start looking like a tired product on the market.

But the main problem is not only the public image of the property. The biggest problem is the loss of information.

When several agents promote the same property independently, it becomes difficult to understand what is really happening.

• • Who is generating qualified leads?
  • Which listing converts better?
  • Which photos work?
  • What type of buyer is reacting?
  • Which objections keep coming up?
  • Are people not booking viewings because of the price, the location, the photos, the description, the condition of the property, or the lack of information?
  • Are viewings not turning into offers because of poor value perception or because buyers are comparing it with competing properties?

Without control of the information, the owner receives scattered opinions, but not a diagnosis.

And when there is no diagnosis, there is no precise intervention.

Almost always, the easiest solution is the one left on the table: lower the price.

More exposure without control is not strategy. It is noise.

Publishing the property in many places is not, by itself, a commercial strategy. It is merely distribution.

A sales strategy must control four essential elements: the message, the channels, the data, and the reading of buyer behaviour.

• • The message defines how the property is presented.
  • The channels define where and to whom it appears.
  • The data shows how many people viewed, clicked, enquired, and visited.
  • The feedback shows what is blocking the decision.

Without these four elements aligned, the owner loses the ability to manage the sale.

They may have many listings, many agents, and many opinions, but very little useful information.

The April 2026 edition of the report indicates that prices remained positive, with a national net balance of +17%, and that the Algarve showed the strongest reading, at +30%. This does not mean that every property sells at any price. It means there is still positive pressure on prices, but the market has become more selective.

It is precisely in these moments that strategy matters most.

In a very fast-moving market, almost everything gets attention.
In a more selective market, only well-prepared properties stand out.

What the data is really telling property owners

The document shows three important signals.

First: agreed sales improved. This indicates that buyers are still moving forward.

Second: buyer demand improved, even though it remained slightly negative at national level. This indicates recovery, but with caution.

Third: the Algarve showed positive buyer demand and strong price pressure. This indicates that, regionally, the market continues to have relevant fundamentals for property owners.

The practical conclusion is not: “the market is bad.”

The correct conclusion is: the buyer is more demanding, and the property owner needs to sell with more method.

What you can do as a property owner

1. Centralise the sales strategy

The property owner should avoid allowing the property to be promoted in an uncontrolled way, with different messages and without aggregated data analysis.

A well-managed sale needs one clear strategic line: price, presentation, arguments, channels, feedback, and reporting.

This does not mean limiting exposure. It means controlling exposure.

The property can, and should, reach buyers, partner agents, and international networks. But that exposure must be coordinated, measured, and monitored.

2. Measure before lowering the price

Before reducing the price, it is necessary to understand where the blockage is.

If there are many views but few enquiries, the problem may be the presentation, the entry price, or the listing title.

If there are enquiries but few viewings, there may be a lack of information, misaligned expectations, or unresolved objections.

If there are viewings but no offers, the problem may be the condition of the property, the perception of value, or comparison with alternatives.

If there are very low offers, there may be a mismatch between the asking price and the perceived value.

Each scenario requires a different intervention. Lowering the price without understanding the problem can destroy margin without solving the cause.

3. Improve the perception of value

The buyer does not decide only based on area, location, and number of bedrooms. The buyer decides based on the economic and emotional story the property communicates.

A four-bedroom property can be presented as four rooms. Or it can be presented as space for family, a home office, guests, and quality of life.

A house needing renovation can be seen as a problem. Or it can be positioned as an opportunity for personalisation, provided that costs, potential, and context are clearly explained.

A plot of land can be just an area in square metres. Or it can be presented as privacy, a project, patrimony, and future potential.

The value is not only in the property. It is also in the way the buyer understands the property.

4. Prepare the property to compete

In a selective market, the first impression carries more weight.

Weak photos, poorly prepared rooms, generic descriptions, lack of video, absence of floor plans, incomplete data, or excessive repeated listings reduce trust.

When trust drops, the buyer does not offer more. The buyer offers less — or moves on to the next property.

Preparing the property is not cosmetic. It is commercial strategy.

5. Work with the right buyer

Not all buyers value the same things.

• • A local buyer may look at price and functionality.
  • A foreign buyer may value lifestyle, security, services, and ease of process.
  • An investor may focus on yield, liquidity, and costs.
  • A family may value schools, access, bedrooms, and outdoor space.
  • A retiree may value comfort, healthcare, tranquillity, and proximity to services.

The same home can have different arguments for different audiences. If the communication is generic, it loses strength with everyone.

Three possible paths for the property owner

Plan 1 — Centralised strategy without changing the price

This plan makes sense when the property has not yet been properly presented, has not had a structured campaign, or is being promoted with scattered information.

The intervention involves centralising communication, standardising the listings, improving photos and description, defining the target buyer, and tracking metrics.

Advantage: it protects the price before making rushed reductions.
Risk: if the price is clearly above the market, better presentation may not be enough.

Plan 2 — Price adjustment with repositioning

This plan makes sense when the data shows enough exposure, weak viewings, poor conversion, or an unfavourable comparison with competing properties.

The reduction should be accompanied by new communication, new images, new framing, and a commercial relaunch.

Advantage: it creates new energy in the market.
Risk: if poorly communicated, it may look like desperation and attract opportunistic offers.

Plan 3 — Repositioning for another type of buyer

This plan makes sense when the property has potential that has not yet been properly explored: investment, second home, income, retirement, family project, tourism, land, renovation, or future appreciation.

Advantage: it can open demand where there was previously no response.
Risk: if the potential is promised without documentation, licences, or clear context, it creates distrust.

Plan 4 — Hybrid strategy

The strongest approach combines the three plans: control of information, improved presentation, data analysis, and a possible price adjustment only if the indicators justify it.

This is not about hiding the property. It is about exposing it better, with more consistency and a real reading of market behaviour.

My recommendation

The best decision for most property owners is not to start with the price. It is to start with the diagnosis.

Before lowering the price, you should answer these questions:

• • Is the property well presented?
  • Is the message clear?
  • Is the right buyer being reached?
  • Is the data being measured?
  • Is viewing feedback organised?
  • Is the promotion controlled or scattered?
  • Is there coherence between price, condition, location, and competition?
  • Does the property communicate trust or confusion?

Only after that should you decide whether it is necessary to adjust the price, improve communication, change the target audience, or relaunch the campaign.

The phrase “buyer demand has decreased” is too simple for a market that remains active, but more demanding.

The real question is different:

Is your property being sold with strategy and control, or is it simply spread across the market waiting for someone to appear?

When a sale is managed with information, there is room to correct.
When a sale is handled without control, almost always there is only one solution left: lower the price.

Bruno Aragão
Real Estate Consultant
RealKasa eXp Portugal
realkasa.pt