As we step into the spring and summer seasons of Portugal, Porto and Lisbon continue to reinforce their standing within the premium real estate sector, captivating global attention with consistent growth and the roll-out of groundbreaking projects.
Looking towards 2024, these cities are set to keep offering unique opportunities for investors and buyers seeking exclusivity and substantial investment returns.
Recent data underlines the ongoing trend in Porto where prime areas like Foz do Douro remain highly sought after, with property prices around €7,500 per square meter, marking a 5.5% increase from 2022.
In Lisbon, Chiado and Avenida da Liberdade remain the investment hotspots, with the average sales price around €10,000 per square meter, up by approximately 6% annually.
Regarding property types, luxury apartments with comprehensive services and exclusive villas are in high demand. These properties boast cutting-edge technology and sustainability, increasingly important to discerning buyers who prioritize a sustainable and smart lifestyle.
In a global market context, Lisbon and Porto are compared with other European cities and continue to offer significant advantages over other destinations like Barcelona or Milan, thanks to a comparatively lower cost of living and a safe, stable environment.
The quality of life in these Portuguese cities is enhanced by robust infrastructure and a favorable tax regime for foreign investors.
This continues to attract investors with high purchasing power or those associated with international investment funds, aiming to diversify portfolios with properties that have high long-term value potential. In 2023, around 70% of luxury property buyers in Porto were foreigners, mainly from France and Brazil.
Looking forward to 2024, the luxury real estate market in Lisbon and Porto is expected to maintain its growth trajectory. The anticipated stabilization of mortgage rates and the ongoing improvement of the global economy are seen as key factors that will sustain the demand for luxury properties in these areas.
Recent escalations in conflicts in the Middle East and the ongoing war in Ukraine could prompt international investors to strengthen their positions in Portugal, a country far from these zones of international tension.
It is clear that the premium real estate market in Lisbon and Porto is not just an option for those seeking an exclusive property but also a wise choice for those looking for a solid investment in a culturally rich and economically stable environment.
Projections for 2024 suggest that Lisbon and Porto will continue to be preferred destinations for this real estate segment in Europe.
