Foreigners boosting luxury property market

  • 17 February, 22

The pandemic and teleworking have helped to whet the appetite of foreigners looking to settle in Portugal and the demand for high quality houses is helping to boost the already buoyant sector.

The increasingly accentuated imbalance between the new supply and demand for housing in central Lisbon, together with the growing trend towards the acquisition of ready-to-live-in properties, is boosting the resale housing market in the premium segment.

These buyers, who according to the sales made by the consultant in 2021 are essentially American, French and British, want “practically new or renovated houses, often with significant improvements and updates compared to the initial project, well located and in about 50% of cases already furnished. Basically, they are looking for turnkey housing, ready to be inhabited overnight without having to invest or worry about remodelling”.

The offer of houses for resale with these characteristics is very scarce, especially in the more traditional areas of Lisbon and which tend to be more sought after by foreign families, such as Lapa, Estrela, Santos and Príncipe Real. This shortage is even more evident in apartments with typologies above T3, as they are also the ones that best meet the requirements of these families.

Cre:Portugalnews

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