Berkshire Hathaway HomeServices has launched their Real Estate Report 2024, which indicated Lisbon as an attractive real estate market but characterised an enormous challenge: the significant lack of properties.
As maintained by the report, there is a necessity for around 300 thousand properties and the pace of construction is not keeping up with demand, which resulted in a consequential increase in prices. This rise in demand and lack of properties, associated with the current political and economic instability of the country, contributed to the considerable decrease in property sales in 2023.
The report from Berkshire Hathaway HomeServices, a global leader in real estate services, revealed a 25 percent decrease in sales in 2023, however, the Portuguese real estate market remains resilient and has good prospects. Among the reasons for this optimism is the growing interest from foreigners, including digital nomads, which has boosted the Portuguese real estate market. Currently, there are more than 700 thousand foreigners living in Portugal, who value factors such as climate, low crime rate, and the beauty of the Portuguese coast.
The Real Estate Report 2024, also highlights that buyers in Portugal are looking for modern energy-efficient homes, preferably located in regions such as Lisbon and Cascais. In 2023, buyers from the USA represented 40 percent of sales, particularly from New York and California, followed by buyers from France and the United Kingdom. The majority of these buyers intend to rent their homes and therefore look for properties in excellent condition. Around 80 percent are seeking single-family homes, mainly townhouses.
In 2023, “prices increased by more than 10 percent compared to 2022, driving the average price per square meter to €4,800, with peaks of up to €10,000 in some areas”, stressed César Santos, owner and CEO of Berkshire Hathaway HomeServices Atlantic Portugal. Despite global uncertainties, Michael Vincent, CEO and President of Berkshire Hathaway HomeServices Portugal Property, has confidence in the Portuguese market, “the country continues to be a reference destination. We are well-equipped to face the challenges and capitalise on the opportunities in 2024. Many foreigners want to live out their retirement in Portugal”, he stated.
The Berkshire HomeServices Real Estate Report 2024 offers an in-depth perspective of the real estate market, providing valuable guidance for buyers, sellers, and investors.
For more information, please visit: Berkshire Hathaway HomeServices 2024 Real Estate Report by Berkshire Hathaway Homeservices - Issuu
I have been residing in Lisbon since 2015. Because the police don't really care about petty crimes here, the rate of minor crimes has sharply increased. It has happened to me personally; I phoned the police regarding a robbery case in my shop, and they stated they would be there in 40 minutes, even though the police station was only two minutes away. When I visited the police department later, they asked me to provide their criminal history report and proof of residence so they could follow up. They want the victims to complete ninety percent of their work, which is to sit in the office and talk, laugh, and smile. I wonder if they would understand if one of their family experienced the same thing. The police are jokes here; don't anticipate assistance in small cases from them, and be aware of this before coming here.
By Su from Lisbon on 10 Apr 2024, 18:34
Totally agree with Su. Even violent crime especially against a foreigner is dismissed and they don't want to know.
By David Clark from Algarve on 14 Apr 2024, 08:28