Luxury Home Prices in Portugal Soar: Porto, Algarve, and Lisbon Rank Among Top Markets in 2024
Jornaleconomico.sapo.pt3 months ago
940

Luxury Home Prices in Portugal Soar: Porto, Algarve, and Lisbon Rank Among Top Markets in 2024

Economy
luxury
realestate
portugal
investment
marketgrowth
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Summary:

  • Porto, Algarve, and Lisbon ranked in the top 30 for luxury home price increases in 2024.

  • Porto saw a 6.8% increase, Algarve 5.6%, and Lisbon 5.3%.

  • These regions outperformed markets like Zurich, Barcelona, and Paris.

  • Lisbon improved its ranking from 60th to 28th compared to last year.

  • Market growth is driven by lifestyle, security, and cultural attributes.

Luxury Home Market Growth in Portugal

According to the Knight Frank report, Portugal has placed three regions among the top 30 for the most significant annual increases in luxury home prices in 2024. Porto, Algarve, and Lisbon have all seen remarkable growth, with Porto rising to 17th place with a 6.8% increase, Algarve at 25th with 5.6%, and Lisbon at 28th with 5.3%. These regions outperformed notable markets such as Zurich, Barcelona, Oslo, Lake Como in Italy, and Paris.

Luxury Home Prices

In comparison to last year, Lisbon has improved its ranking significantly, moving from 60th to its current position, while Porto has jumped from 29th to 17th.

Last year, luxury residential markets across Europe experienced an average growth of 2.5%, with Southern Europe being the most impactful region. Notably, Corfu led with 8.9%, followed by Porto and Lucca.

Francisco Quintela, founding partner of Quintela + Penalva, highlights that the strong performance of Portuguese markets reflects the quality of offerings and sustained demand, driven by appealing factors such as lifestyle, security, and culture, making Portugal a prime target for investors.

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