Portugal\u2019s Property Market Continues to Deliver Value Compared with Major International Real Estate Markets<\/p>\n<\/div>\n
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<\/a><\/p>\nSteve Philp, Director Portugal Pathways<\/p>\n<\/div>\n<\/div>\n
Real estate prices in Portugal continued to outstrip those of the rest of Europe last year, according to a new study.<\/i><\/p>\n \u2014 Steve Philp, Director Portugal Pathways <\/p>\n<\/div>\n LISBON, PORTUGAL , February 19, 2024 \/EINPresswire.com<\/a>\/ — The Portuguese Real Estate Market is Outpacing Traditional International Markets<\/p>\n Real estate prices in Portugal continued to outstrip those of the rest of Europe last year, according to a new study.<\/p>\n Independent research by Property Market-Index revealed an 8.1% increase in 2023 for the major real estate markets in Portugal\u2013 compared to a 1.7% decrease in the euro area and a 1.1% decrease across the rest of the European Union.<\/p>\n Traditional Portuguese property hotspots such as the Algarve and urban powerhouses Porto and Lisbon remained buoyant \u2013 driven in part by the nation\u2019s increasing popularity among affluent expats.<\/p>\n The Property Market-Index study revealed that Portugal’s real estate prices averaged a 6.5% increase across the country with Lisbon, Porto, Braga, Cascais, and the Algarve seeing the highest increases year-on-year.<\/p>\n The Algarve\u2019s popularity saw the highest rise at 15% over the same period and many areas in and around Lisbon were not far behind according to the report. There are, however, signs that house price growth in Portugal, while forecast to be strong compared with other international markets, is not likely to see the double-digit growth figures that we saw in 2023, apart from a few isolated property hotspots where supply and demand is still very high.<\/p>\n New housing legislation passed by the Portuguese government adds a new layer of complexity to the property scene in the nation.<\/p>\n The new Mais Habita\u00e7\u00e3o (More Housing) Portuguese bill aims to increase the supply of affordable rental properties across Portugal for the local population. Few, however, expect the housing bill to have any meaningful impact on the luxury end of the property market. This sector has been predominantly driven by wealthy expats and international investors.<\/p>\n Anne Brightman, founder and CEO of luxury and investment property firm the Brightman Group said: \u2018\u2019While this new housing bill is encouraging for those looking for more affordable housing, it is still important to mention that at the top end of the luxury real estate market we are seeing really exciting developments coming on stream in and around Lisbon and the Algarve for 2024.<\/p>\n \u201cThese are highly sought after by international investors and affluent buyers in Portugal, proving that Portugal\u2019s luxury property market continues to evolve and become even more sophisticated.\u2019\u2019<\/p>\n Amanda Collins, a spokesperson for Property Market-Index which compiled this latest report on Portugal\u2019s property market, added: “Portugal’s real estate market remains strong compared with many other international real estate markets as we move further into 2024. <\/p>\n \u201cAlthough interest rates are still high, they have started to come down which will start to create more demand as the year progresses and moving forward into 2025 and beyond.\u2019\u2019 <\/p>\n The nation\u2019s attraction to foreign investment remains high \u2013 despite the recent decision to eliminate property investment as a gateway to the popular Golden Visa.<\/p>\n Despite the changes, the Golden Visa \u2013 an accelerated pathway to residency and access to the Schengen area which continues via a variety of approved investment options \u2013 remains hugely in demand through over 40 regulated investment funds now on offer that are non-real estate based.<\/p>\n Steve Philp, partnership director at Portugal Pathways<\/a>, an online platform that supports people\u2019s relocation and investment needs in Portugal said: “Portugal’s luxury property market continues to be attractive to international buyers as we have seen through our community and real estate events. Portugal Pathways is staging a webinar later this month, featuring a host of real estate industry experts who will be discussing Portugal\u2019s thriving property market, key trends, and insights for the year ahead.<\/p>\n Taking place on February 27 at 4pm Lisbon time, you can register for the webinar titled \u2018Unlocking Portugal’s Real Estate Investment Opportunities in 2024\u2019 Despite the government-introduced changes to buoy housing stock and signs the property market is settling down, Portugal still continues to outpace most other international real estate markets. <\/p>\n The backbone of foreign investment and the growing popularity of such emerging hotspots in the Algarve, Lisbon, and surrounding areas, Silver Coast, Porto, and Braga suggests Portugal remains an attractive investment opportunity.<\/p>\n For more information, please contact steve.philp@portugalpathways.io <\/p>\n About Portugal Pathways: Portugal Pathways is dedicated to assisting individuals in optimising their relocation or life strategy in Portugal. Collaborating with leading professional organisations, they provide essential information and advice for prospective and current residents of Portugal Steve Philp
\nMeanwhile, data from Portugal\u2019s National Institute of Statistics (INE)<\/a> revealed that by October 2023, the median price of dwellings in Portugal rose by 6% before the Q4 figures were added in for 2023 and are tracking in line with the new report from Property Market-Index. <\/p>\n
\nAmong the changes it will usher in is a push to turn short-term rentals into long-term leases. <\/p>\n
\n\u201cWe are seeing a major surge at the top end of this market and our inbox has been flooded with inquiries about investing in Portugal whether that\u2019s through a regulated Golden Visa fund, unrelated to property, or direct investments in real estate in the country.\u2019\u2019<\/p>\n
\nIt will look at how while affordability concerns and policy shifts may introduce nuances to the marketplace, underlying strengths such as foreign investment, rising tourism, and vibrant property hotspots in various regions of the country \u2013 suggest there remains continued growth in the Portuguese real estate sector for the next few years at least. <\/p>\n
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