The year 2017 has brought a historic result for the city of porto with regard to its real estate market. For the first time in 2017, this northern city took the first position as the most popular Portuguese city for buying a property in. Exceeding the Lisbon capital for the first time, this city leaves Lisbon in second place, followed by Faro taking the third place.
These data come from the APEMIP (Association of Professionals and Real Estate Agents in Portugal) and show a clear increase in the demand for real estate in the district of Porto, keeping in mind that the increase has been around 17% since 2014.
In addition to having overtaken the capital, Porto demarcated its place on the podium with never seen before figures. In 2017, as indicated by data provided by APEMIP, 39.6% of real estate sales were in the district of Porto; and these figures are clearly higher than the 23.1% in Lisbon and 11.2% in Faro.
Although the given results are positive for all the cities in the country, the highlight of the northern city attracted the attention of the APEMIP, especially its president, Luís Lima, who attributes the event to multiple factors, of which the highlight is the increase in real estate and the quality of life in the Lusitanian capital and the vast development promoted by the city of Porto over the last few years.
This relocation from Lisbon to Porto is, according to Luís Lima, natural and expitable, along with the creation of infrastructures that encourage and justify the result. Likewise, the APEMIP president considers that, people's interest in the real estate sector will end up being felt in other areas of the country by promoting decentralisation.
From Luís Lima's perspective, this transfer to will also be responsible for the reorganisation of investment in the real estate field, in order to take advantage of the imminent investment opportunities that appear bit by bit throughout the Portuguese regions. This scenario will create very positive and desirable investment prospects for the market in question.
The growth of the real estate market in Porto, along with the overall growth of the industry throughout 2017 indicates a clear improvement in this market and is positive news for the national economy.
It should also be noted that, in national terms, the growth in the real estate market has reached 30%. This is a value that is markedly positive and responds to the expectations of the sector, thus contributing to the overall improvement of the national economy.