The course of history in Europe, as well as the shock waves felt at the most diverse levels, are changing the global situation at a pace never seen before. In this sense, it brings new challenges to the real estate market and creates a dichotomy between new and existing construction.

This sudden situation is bringing new challenges to the real estate market and creating a dichotomy between new and existing construction, largely due to the rising prices of raw materials and energy, which will be reflected in the final value per square meter. 
With time, we will know better the effect it will have on the already built real estate and how both will compete in the market. What is certain is that the impact of the conflict is already being felt all over the world, and soon it will reach your neighborhood and the property that you intend to buy, but also the one you intend to sell. In the latter, in a positive way, with an appreciation in value, allowing an appreciable financial gain.
Raw materials, such as cement and iron, transportation and everything that depends on fuel and energy in general, have been escalating in prices that are not very affordable for construction in Portugal, particularly for the low and middle class segment.
Add to that the fact that we are witnessing an inflation of land values in the more premium areas, which, together with materials, labor, architecture and design, will make the used real estate market to experience golden times for not being exposed to these inflationary factors.
Thus, given my knowledge of the market and my daily experience in the field and in contact with developers, sellers, investors and families, we can already see a growing demand, tending towards the built housing stock, to the detriment of new housing.
In the Portuguese case, this will be good news, given the quality of construction, attractiveness and existence of supply in the market, which attracts families and national and foreign investors.
As history teaches us, investing in luxury real estate always proves to be the safest and most profitable in any economic or financial situation.
Not ignoring the issue, the still low/controlled interest rates are a positive point for the real estate market. Although inflationary pressures are growing, the immediate reaction of the mortgage market (and rightly so) was to control the interest rates that had been rising.
We know that inflation slows demand and can lead to a scenario that no one wants, which we have ruled out, backed by macroeconomics experts. Real estate buyers today know exactly how much their investments are worth. And this certainty and stability is the most valuable thing.