Portugal's reputation for low crime rates has driven demand for luxury homes in gated communities, but supply is dwindling. Data from idealista/data for the three months leading to February 2026 shows a 27% drop in premium listings (over €1 million) in private developments, leaving just over 2,000 units on the market. Over 85% of this stock is concentrated in the districts of Lisbon, Porto, and Faro. While supply fell across most regions—with Lisbon seeing the sharpest decline at 37%—Setúbal bucked the trend with a 1% increase. Demand rose significantly in Lisbon and Setúbal, while median prices remain highest in Setúbal (€2 million) and Lisbon (€1.8 million). Despite falling supply and demand in Porto, prices there rose by 4%, the highest increase among the areas studied. The study notes that future market dynamics may be influenced by rising construction costs, partly due to energy price fluctuations linked to conflicts such as the one in Iran.