Engel & Völkers specialize in luxury real estate is now in porto, providing the best services and unique real estate properties to all Porto exclusive clientele of owner and buyers.
Please see below some highlights about the city and the luxury real estate market.
Porto & Surroundings: Porto also known as Oporto,is one of the major urban areas of the Iberian Peninsula. The urban area of Porto,has a population of around 2.5 million, and it is recognized as a gamma+ level global city by the Globalization and World Cities (GaWC) Study Group, and the only Portuguese city besides Lisbon to be recognised as a global city.
Porto is one of the oldest European centers, located along the Douro river estuary in Northern Portugal, its historical core was proclaimed a World Heritage Site by UNESCO in 1996. The western part of its urban area extends to the fantastic coastline of the Atlantic Ocean.The historic Porto is rich in history and monuments like the Iron bridge, Clérigos, Train station and very near to Douro area where you can see all vineyards and historic real estate.
Port wine, one of Portugal's internationally famous exports, is named after Porto, since city and in particular the cellars of Vila Nova de Gaia, were responsible for the packaging, transport and export of the fortified wine. Porto was elected for several times "The Best European Destination" by the Best European Destinations Agency.
Residential Luxury Real Estate in Porto: Porto city and surroundings represents in terms of transactions between 10 to 13% of the total luxury Portuguese market (prices above 400.000€) which means one of the largest places in terms of luxury real estate in Portugal
The average sold price is around 690.000€ representing in total value around 510 millions Euros, 11% of the total Portuguese luxury market and 3,5% of the toal real estate market.
Oporto and surroundings include Oporto / Matosinhos/ Leça da Palmeira and Gaia, business is concentrate mainly in the coastline areas of the Atlantic ocean and centre of Oporto, the main spots are:
- Foz (foz porto)
- Passeio Alegre
- Boavista
- Centro
- Baixa (baixa porto)
- Ribeira (old porto)
- Pinheiro Manso
- Matosinhos Sul
- Lea da Palmeira
- Gaia Coastline
Portuguese Residential Market: In 2017 the Portuguese residential market consolidate a grow of around 15%, producing in global terms around 135.000 transactions. The average price, related to total residential market was around 116.000 € and the total value of the residential market was 16.2 billions €
2018 is expected to be the best year ever for Portuguese real estate market, based on a expected grow between 10% to 15% in the total number of residential transactions allowing the market to achieve a total number around 150.000 transactions.
This grow is based and supported on:
- Growing of sales coming from international buyers, mainly French, English, Brazilian, Chinese and middle east
- The recover of Portuguese banking system introducing again money to finance the acquisition of new properties, supporting the returning of internal buyers
- The recover of Portuguese Economy and the increase of internal rate of confidence
- The fiscal measures to attract external investment in real estate, like Golden Visa and Non habitual residents program (NHR)
- The increase of tourism
Portuguese Residential Luxury Market: In general terms the Portuguese Luxury Market (considering residential properties sold above 400.000€) represents around 6% of the total market, corresponding in terms of transactions to around 8.000 sold properties per year.
The average price is around 620.000€ per property representing in terms of value a market near 4,5 billions €, corresponding to 27% of the total market.
In terms of areas the main business is made on:
- Lisboa
- Cascais
- Porto
- Loulé
- Oeiras
- Sintra
- Madeira
- Lagos
- Carvoeiro
