This is a conclusion presented by Knight Frank's 'The Wealth Report 2024', which places Portugal among the 10 preferred countries to buy luxury homes in 2024.
International investors were asked in this study about the countries in which they would probably buy a new house in 2024. They indicated that there is a 3.8% probability of buying luxury houses in Portugal, placing Portugal in ninth position in a ranking that has 10 countries.
Buyers from the United Kingdom are most likely to buy a new home this year (17.7%), followed by the USA (9.8%) and France (7.2%).
The Knight Frank study predicts an increase in international investors, with a net worth equal to or greater than 30 million dollars. In 2023, 800 luxury housing investors were registered, 3% more than the previous year. By 2028, the outlook points to Portugal attracting a thousand investors, which represents a growth of 25% compared to last year.
The study shows that the Algarve is most sought after by the English, Irish, and northern European markets. The Lisbon and Cascais market is seeing an increase in demand from American and Brazilian investors, according to Alex Koch de Gooreynd, responsible for the Swiss, Austrian and Portuguese markets at Knight Frank, cited by Jornal Económico.
Prices of luxury homes in the Algarve rose 12.3% in 2023 compared to the previous year, the fourth biggest increase among the 100 cities analysed. In Porto, prices rose by 5% and in Lisbon by 2.2%. However, the high cost of housing in these regions is unlikely to influence demand from wealthy foreign investors, with demand even expected to grow this year.
By TPN, in News, Portugal, Property · 17 Apr 2024
