Over the last few years, the real estate market has seen several statistics that clearly indicate a positive situation for those who work as agents and sell property in Portugal. With regard to the luxury home market in our country, it is observable that more and more people (foreigners from various nationalities and also Portuguese) opt for buying this type of property.
The data that relates to the luxury home market in Portugal is a clear indicator of this. When in 2014, the amount of commissions for real estate agents was only approaching 33 million euros; according to the figures obtained in 2016, these commissions amounted to 51.4 million euros. This increase, which is equivalent to 57%, is a clear indicator of the upward trend produced by this market over the last few years.
Although foreign investment can not in any way be disregarded and this significant increase in sales in the luxury market is clearly evident, real estate companies also highlight the role of the Portuguese buyer, which is responsible for a large part of the purchases made. This type of investment is partly associated with the investment security in properties in Portugal when compared, for example, to the uncertainty of investment in financial products or bonds.
Among the most sought after areas of the country are Greater Lisbon: the capital, as well as the surrounding regions of Sintra and Cascais, which accumulate some 89% of their turnover in Portugal. We are talking about a region where the average value per property is above 620 thousand euros and the real estate prices continue to increase, both due to its privileged location and the great interest from foreigners in this region - including renowned celebrities.
Among the foreign buyers, the French and the Brazilians stand out, and there is still a significant demand from Asians, the Russians, the Angolans and the British. This interest is also due to the fact that Portugal is considered to be one of the safest countries in the world; the best country to live in; and it also offers Gold visas to foreign investors. The prices in our country, coupled with the high quality of life, are also appealing to these investors.
Since 2014, the combination of all these factors has led to the success of the luxury real estate market in Portugal. This market is currently worth around 1.7 million euros