E&V Vila Nova de Gaia Market Report 2022-2023

Stunning views, outstanding beaches, and the bright lights of the wine sellers are all found in Vila Nova de Gaia, ready to welcome incoming expats. 

Additionally, property prices in Vila Nova de Gaia are affordable, and the area is becoming a vibrant place to live, with ample beaches to visit and top-quality luxury restaurants to sample. An extra perk is that the town is less busy than Porto. Investors are rest assured knowing that this is one of the up-and-coming regions in the country. While some locals from Porto joke that the only good thing about Vila Nova de Gaia is its stunning view of Porto, Vila Nova de Gaia is a very attractive location to consider. Vila Nova de Gaia hosts some of the best houses in the region, with a bustling food scene and with long, quiet stretches of beaches where you can unwind and relax. 

Vila Nova de Gaia, or simply referred to as “Gaia” by the locals transports you back to the 17th-century and the first outings of port-wine production. British merchants added a dash of brandy into wine to create a sweet post-dinner beverage. The grand lodges sit on the banks of the Douro River, inviting you for tours, tastings, and dinner with spectacular views of the historic city of Porto on the opposite bank. 

Looking past the famous wine houses, you will find that Gaia is much less touristic and busy than Porto, with perhaps a more authentic Portuguese experience vibe. Plus, with several amazing beaches, top fine dining restaurants, and a reputation as an up-and-coming area, Gaia is an increasingly popular investment opportunity.

An investment opportunity

Property in Vila Gaia is attractive to buyers, as prices are, for the most part, affordable. The average price for a house in Vila Nova de Gaia in 2022-2023 has risen by +11.3% and is 2,535 €/m2, while for apartments it has risen by +5% and is 3,499 €/m2.

Vila Nova de Gaia is the municipality in the country with the highest number of dwellings submitted for licensing from January to August 2022, accounting for 1,900 new units in the pipeline. This activity translates into an average of 240 new units launched per month, a pace that exceeds by 31% the 180 units launched per month throughout 2021.

This municipality accounts for 7% of the national pipeline, which totals 28,350 units in the first eight months of 2022. Similarly to Vila Nova de Gaia, the national activity is also accelerating when compared to last year. The current portfolio reflects an average monthly rate of 3,550 new homes in licensing, which compares upward (+14%) with the monthly average of 3,120 homes registered in 2021.

The residential development activity in Vila Nova de Gaia exceeds that of Lisbon and Porto, which register the licensing of 1,400 and 1,100 new units, respectively, in the accumulated 2022. Lisbon has a 5% share of the national total and Porto another 4%.

The current pipelines of both cities continue to show lower levels of activity than in 2021, but on a downward trend. In the accumulated eight months of 2022, Lisbon registers an activity in the order of 175 new units submitted per month, 17% below the average monthly rate of 2021 (210 units). In Porto, the current monthly average is 135 new units, a drop of 24% compared to 2021 (180 units). Remember that at the end of the 1st semester Lisbon registered a 25% drop and Oporto 38%.

Oeiras is the only other municipality in Portugal with more than 1,000 units in the pipeline for the accumulated 2022, with 1,080 new units in the portfolio. This pipeline reflects the strong activity in July, a month in which around half of the new dwellings accounted for in the year as a whole were submitted for licensing. Even so, and even isolating the effect of this atypical month, Oeiras shows a rate of activity double that of 2021.

Gaia - luxury real estate

Luxury property buyers should be happy to know that when looking for exclusive properties in the region, there are many options to consider. Picture stunning properties with incredible waterfront views of Porto and the Douro River. Failing that, there are many splendid houses with stunning views of the glimmering Atlantic. You will find a range of different properties, from houses by the ocean, to modern apartments, to villas – indeed, you should be able to find the type of property that suits you.

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