"Considering that the luxury real estate market in Portugal is constantly evolving, Engel & Völkers has communicated some of its predictions for trends that will shape 2024 and shape the sector, such as a preference for strategic locations and smart homes.
Asserting that the current scenario in the sector is "dynamic" and marked by a "growing demand for exclusive properties," the mediation company foresees changes that will be reflected in the preferences of luxury property buyers, highlighting key expected trends for the luxury real estate market:
The preference for exclusive and strategic locations continues to be a determining factor for luxury property buyers. Regions that offer privileged access to services, culture, and are surrounded by green areas stand out. According to the statement, these characteristics continue to "attract investors seeking unique experiences." Location remains a "crucial factor in the purchasing decision." However, the mediator emphasizes an evolution in buyer preferences, as they are not limiting their search only to traditionally prestigious areas but also considering locations that provide a combination of convenience, privacy, and access to exclusive amenities.
Leisure, Experiences, and Well-being Spaces:
Properties that offer experiences such as private spas, leisure areas, and outdoor spaces are being "highly valued in the luxury market," according to the statement. This increased focus on quality of life has significantly influenced the design and conception of exclusive properties. "Increasingly, luxury properties are designed to provide dedicated spaces for leisure and well-being," reflecting a growing demand for "elegant homes but also environments that promote a balance between luxury, comfort, and health," states Engel & Völkers.
Integration of Cutting-edge Technology:
According to Engel & Völkers, smart homes with integrated technology are becoming increasingly common in the luxury market. The presence of home automation systems, advanced security, and technologies used for leisure play a crucial role in determining the attractiveness of a property. In luxury properties, these features are interpreted as standard elements expected in luxury residences and not exclusive characteristics. The luxury mediator notes, therefore, a "growing importance attributed to connectivity and practicality, positioning smart homes as an effective response to the expectations of the contemporary luxury market."
Source: Magazine Imobiliário
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