After several years of strong pressure on the rental market, the most recent data indicate that rental growth in Portugal began to slow down at the end of 2025. According to data released by the specialized press, the annual variation in rents was around 3%–4%, a significantly lower value than observed in previous periods, when growth frequently exceeded 7% or 8% per year. This slowdown in rents in Portugal raises a central question: is this merely a cyclical adjustment or th