Those who have money still want to invest it. In Portugal the real estate industry did not fluctuate with the intensity of other countries and in addition, the luxury market is inherently less volatile which means in the current climate that in Portugal it remains a safe medium /long term investment. In addition, the reality is that construction grew exponentially in the lower quality residency segment, which created a very uneven supply and demand ratio. In the high end spectrum however, research has shown that demand is just shy of the supply for the national and international markets. As such the big market players continue consolidation strategies in this market segment, focusing primarily on residential tourism and luxury residential developments. Finally, though certainly in Portugal’s traditional foreign markets, England, Ireland and Spain demand has decreased significantly, it is also true that new emerging markets such as Russia, Poland and Germany, are on the rise.