Employment in the Real Estate Activities sector in Portugal has exhibited varied trends over the past decade. From 2013 to 2018, the sector experienced significant growth, with employment numbers rising from 24.25 thousand Full-Time Equivalents (FTE) in 2013 to 38.67 thousand in 2018, representing a Compound Annual Growth Rate (CAGR) of 9.78%. This robust growth continued into 2019, reaching 42.87 thousand FTE. However, there was a slight decline in 2020, with employment dropping to 41.86 thousand FTE, likely due to the impacts of the COVID-19 pandemic.
The subsequent recovery has been modest, with 2021 employment rising to 43.17 thousand FTE and a slight increase to 43.69 thousand FTE in 2022. As of 2023, the sector employed 44.21 thousand FTE, marking a year-on-year growth of 1.18%. The five-year CAGR leading up to 2023 stands at 2.71%, indicating a slower but steady growth trajectory.
Looking forward, forecasted data suggests a continuation of this moderated growth trend. By 2028, the sector is expected to employ 46.71 thousand FTE, reflecting an estimated five-year CAGR of 0.88% and a total growth rate of 4.46% over the forecast period. This predicts a slow yet consistent upward trend in employment within the sector.
Future trends to watch for include potential impacts of technological advancements in real estate, shifts in housing demand due to demographic changes, and policy changes. New trends in remote work may also influence the commercial real estate market, affecting employment in this sector.
