Source: Freepik Author: Redaction The National Institute of Statistics (INE) advanced this Tuesday with data on the median values of bank valuation in housing, which increased in February, 10 € compared to the previous month . The value is thus fixed at 1,560 euros per square meter, with an annual rate of change of 5.5%, compared to 4.4% recorded in January. This is an increase of 0.6% , with the number of bank valuations around 28.3 thousand. Highlighted is the Autonomous Region of the Azores, with the steepest increase compared to the previous month, of 2.6% . The remaining regions also showed positive variations, however, the Autonomous Region of Madeira was the only one with zero variation and, compared to February 2023, the median value of the evaluations increased 5.5%. It was also in the Autonomous Region of Madeira that the variation was more intense, 19.1%, without any decrease. The INE bulletin also adds that in February, the median value of the bank valuation of apartments was 1,741 euros per square meter , increasing 4.8% compared to the same month last year, with the most pronounced values occurring in Greater Lisbon and the Algarve . In the Centre, on the other hand, the lowest value was recorded. Read: Less residents in Portugal bought a house in 2023 , More and more banks are partners of credit intermediaries
Source: Freepik Author: Redaction The luxury residential market in Portugal continues to grow, with the Algarve, Porto and Lisbon highlighted. These findings are in The Wealth Report , an annual study by consultant Knight Frank, a partner of real estate firm Quintela and Penalva since 2021, which also reveals that one million euros gives only to buy 67 m 2 in Quinta do Lago, while with the same value it is possible to acquire 110 m 2 in Barcelona or 90 m 2 in Lake Como, Italy. The study, sent in a statement to SUPERCASA Notícias , shows that the Algarve is in the top 5 of the world markets in the luxury residential sector, where prices performed best in 2023. According to the study, among the top 100 destinations in the world in terms of price appreciation in 2023, the Algarve appears in fourth position, with a price increase of 12.3%, o nly behind destinations such as Manila (Philippines, 26.3%), Dubai (United Arab Emirates, 15.9%) and Bahamas (15%). With one million dollars, it is possible to buy in Quinta do Lago, in the Algarve, a luxury residence second home with 67 square meters (m 2 ), while with the same value it is possible to acquire 110 m 2 in Barcelona, Spain, or about 90 m 2 in Lake Como, in Italy. The lack of supply and the unique character of Quinta do Lago, explain the sharp growth in prices. Lisbon and Porto continue to grow In the list of cities and regions with annual growth in stable or positive prices are the cities of Lisbon and Porto . The two cities remain on positive ground, with growth in the order of 2.2% and 5%, respectively. Thus, Porto appears in 29th position , ahead of, São Paulo, Rome, Barcelona, Milan or Paris. Already Lisbon, is in 60th place, and surpasses cities such as Dublin, Vienna, Tokyo, Berlin or New York. The Knight Frank study also reveals that the price of luxury real estate in Lisbon is still expected to grow in 2024, in the order of 2.5%, being preceded by Seoul, South Korea, Zurich, New York or Paris. For Francisco Quintela, CEO of Quintela e Penalva, Knight Frank’s partner in Portugal , Lisbon remains on the radar and is in the top 10 of the survey in terms of location for new buyers, as stated in The Wealth Report. The forecast for growth in luxury prices in Lisbon remains very significant, as demand remains very strong in the luxury housing market, particularly in Lisbon, Cascais and Comporta, where the demand for luxury properties has increased significantly . He adds that this reality is mostly corroborated by the interest and realization of business by foreign investors, with high investment capacity. According to The Wealth Report, which tracks the performance of luxury properties in 100 key locations (including cities, sun and ski destinations), 80 locations experienced stable or positive annual price growth. Manila (26%) leads, but last year’s leader Dubai (16%) fell just one place. Asia-Pacific (3.8%) overtook the Americas (3.6%) to gain the title of best-performing world region, with Europe, the Middle East and Africa lagging behind (2.6%). As predicted last year, sunny locations continued to outperform, with an average increase of 4.7%, closely followed by ski resorts (3.3%) and cities (2.7%). According to Knight Frank’s The Wealth Report 2024, the number of UHNWIs in Portugal - those with a net worth of $30 million or more - will increase by 25%, reaching 1000 individuals by 2028. For Kate Everett-Allen, Head of International & Country Research at Knight Frank , in the note to which SUPERCASA Notícias had access, this fact, combined with the expectation that the ECB will start reducing rates in the summer, along with the recovery of the tourism sector in the country, will attract more second home owners and investors. It is thus expected that luxury prices will increase 2.5% in Lisbon in 2024. Follow more topics like this in SUPERCASA Notícias
Source: Freepik Author: Redaction The formalization of the business is the most awaited moment by a seller, especially if it has been a long process to get here. To achieve a higher success rate, you should be accompanied by a real estate agency to guide you through all the bureaucracies and processes until you reach the formalization of the sale , at which stage you should proceed, with your potential buyer, for the signing of a contract-promise purchase and sale (CPCV), and establish all terms and conditions in a clear and legally binding manner. But before going into this topic, SUPERCASA Notícias gathered a set of information that may have relevance for you, the owner, who, without knowledge about this type of business, needs guidance on how to formalize the sales process. Did you know that there are services provided by the Government and legal entities to simplify the sale of the property? Discover them. 1. Home Ready Service Provided by the Ministry of Justice, the Casa Pronta service helps to formalize and treat all procedures related to the purchase, sale or donation of a house. Thus, through this service, you can handle all the bureaucracies associated with the sale, from the contract to the settlement of stamp duty, whether or not the buyer uses a home loan. 2. Simple House, Safe House Provided by notaries, this is a personalized, qualified service that aims to help with the processes and acts related to the purchase and sale of real estate, helping with the bureaucracy associated with the legal part of the transaction, namely through the signing of the deed, in the application for IMI exemption, registration, licences and other documents. In practice, when you purchase this service, you will have a notary take care of everything for you, facilitating all legal procedures. However, and because it is always simpler to use a real estate agency to mediate the sale, know exactly how the processes develop in this situation. Property reservation This is the first indication given to the owner and/ or real estate agency that is mediating the process that a potential buyer is interested in moving forward with the business. At this stage, there is an interest in booking the property, with an agreement with should be made in writing and that implies the payment of a sum in cash. When formalizing this desire, as soon as the amount requested for the reservation is paid, the owner or the real estate must remove the property from the market. The amount to be paid can eventually be considered in part of the final amount to be paid to the amount that is paid , or debited when the Purchase and Sale Promise Agreement is concluded, however, if the deal does not come to fruition, it is common to have the amount returned to the potential buyer. It is important to note, in this sense, that the reservation contract has a short validity, and that it can go up to only 48 hours. However, if there is an agreement between both parties, its term may be extended. It is extremely important that all these procedures are written in a document safeguarding the rights and duties of both parties. And remember: a reservation contract does not produce the same effects as a purchase and sale Promise Contract . Contract promise purchase and sale It was not mentioned above, but we warn that the reservation of the property is optional , not being one of the mandatory steps to follow. In fact, a potential buyer can immediately jump to the conclusion of the Purchase and Sale Promise Contract, if he so wishes, and there is also a mutual agreement between buyer and seller. The contract-promise purchase and sale is optional, however, when concluded, implies the legal fulfillment of the clauses established, committing the potential buyer to the seller of the property in order to ensure compliance with the duties established until the day of the deed of the property. Before concluding the purchase and sale promise contract, it is important that you define the clauses covered , as they will define the agreements with the potential buyer. Which points should be included in the CPCV? 1. Whether or not there is a housing permit. In situations where this document does not exist, it must be requested from the City Council to be able to proceed with the conclusion of the contract-promise purchase and sale, since it is a mandatory document and essential for the realization of the deed. Thus, if you are still waiting for it, the information should be included in the contract. 2. Amount of the deposit paid by the buyer. The law does not stipulate a value for this purpose, and the sign can correspond to 10% or 20% of the value of the good to be sold, in most cases. However, for the buyer, it is important that this percentage is well reflected in the CPCV, as it will have an impact on the financing requested to the bank for the purchase of the property, and proof of payment must be issued after payment. 3. Date of writing. A limit may be set for the signing of the deed, with the agreement of a margin of security for its realization, in case of unforeseen events. All this should be reflected in the CPCV in order to safeguard the parties involved, as well as the sanctions to be applied in the event of non-compliance. The extension of the term of the deed can also be stipulated if there is a paragraph for this purpose, with the agreement of the parties, and the general rules of the Civil Code apply if sanctions for non-compliance are not stipulated. 4. Annulment of the CPCV if the potential buyer’s home loan is refused. This clause can safeguard both parties in a situation where, if there is no confirmation of financing for the purchase of the property, the deal may fall. Although a buyer must have a pre-approved credit, there may be details that may call into question the final approval of the credit, so to protect the parties, this is a clause that should be included. 5. Possibility of cancellation of the CPCV. This is a clause intended to safeguard the parties in the event of a cancellation of the contract. This is a point that defines the situations in which the cancellation of the contract may arise and the maximum period for this purpose, stipulating sanctions to the party not in compliance. In addition to these paragraphs, a purchase and sale promissory contract shall comprise: • The identification of the buyer and seller - with name, address, marital status, NIF and citizen card number • Property data - with their location, typology, property description and other parts of the property • Maximum period for the realization of the deed • Sale value and payment method • Amount of the signal paid • License to use or build Completion of the sale: deed of the property After the agreements between buyer and seller, through the signature of the CPCV, the next phase is the deed of the property, being met all the conditions for the sale of the house. The deed will legitimize and legalize the contract of sale. And only after signing this document can the buyer receive the key to the dwelling, becoming the current owner. 1st phase of writing: signature of the CPCV At this first moment, the purchase and sale promise contract is signed, in which the transaction is legally formalized. 2nd stage of the deed: mutual contract with mortgage In a second moment, if the buyer has used a home loan, it is necessary to conclude the mutual contract with the mortgage , in which the financing conditions are stipulated. It is only after the conclusion of this contract that the bank can release the amount necessary to pay the missing amount of the seller. The buyer will have at this stage several expenses at his expense, namely transaction taxes (IMT), stamp duty and notary registration expenses, however, your goal has been achieved: he sold his house! It is free of obligations and can decide at this stage what to do with the sale value. And if you want more information about the phase after the sale, we advise you to read What are the assets of the property? Know all
Source: Freepik Author: Redaction Youre getting closer to the final goal: formalising the deal to sell your house. At this stage, the first thing you need to do is get all the necessary documents in order, including deeds, energy certificates, building licences and any other relevant paperwork. By organising these papers, even before the deal is formalised and the promissory contract signed, youll save time when the time comes to go ahead with the deal. This proactivity should come from you, regardless of whether or not you are being accompanied by a real estate agency. However, it is most likely that, while the publicity processes and visits to the property are taking place, the agency accompanying you will ask you to start gathering this essential documentation. But lets break it down. Do you have an interested party for your property? Well tell you what to do from here! Discuss the sale price of the house Youll need to start negotiating as soon as someone expresses an interest in the house youre selling. From the outset, and if youve followed all the steps weve explained to you in previous articles, namely Valuing the property when selling: how and why , you should have already set a final value for the sale , however, and because many buyers like to haggle, this can be a changeable figure. Even so, you shouldnt lower or raise the price just because you have to . In negotiations, you should always set a reasonable minimum target that you cant go below, and negotiate according to this. Once youve agreed on the price, make sure you have all the documents well talk about below so that you can finally proceed with formalising the deal. What documents you need to have in order to proceed with the sale If youre not familiar with the bureaucracy associated with selling a house or know little about the property market and how these procedures work, all you need to know is that, in order to go ahead with the sale, you must have in your possession a series of important documents, required by law during the sale process, to formalise the sale: - Up-to-date permanent land certificate - Caderneta predial urbana - Licence to use - Technical data sheet for the property - Energy certificate - Property description - Building plans - Deed of sale - Citizens card Well explain what each of these documents is about. Updated permanent land certificate You can obtain this document from the Land Registry Office , which basically allows you to c onsult the entire history of the property - with information about construction, inheritance or possible associated liens. Caderneta predial urbana In this document, youll have access to all the information about the property from a fiscal point of view , namely the owner of the property and its tax value, as well as its location and characteristics. This will be one of the most important documents for formalising the deal through the promissory contract of sale. Using the urban land registry you can calculate the Municipal Property Tax (IMI) and the Property Transfer Tax (IMT), so its essential to keep it up to date. Licence to use The purpose of this document is to prove that the property has been previously inspected and is in full compliance with the work carried out, projects approved by the competent authorities and the legal regulations in force , as well as to prove the suitability of the building or autonomous fraction for the intended purpose. Property technical sheet This technical sheet will give you information on the technical and functional characteristics of an urban building for residential purposes , once the construction or reconstruction work has been completed. It can be requested from the National Civil Engineering Laboratory and the Directorate-General for the Consumer, and the requirement for obtaining it is that the buildings have been built or have undergone extension, construction or reconstruction work after 30 March 2004. Energy Certificate This is a document where you can find not only an assessment of the propertys energy efficiency, on a scale from very inefficient (F) to very efficient (A+), but also information on the propertys characteristics , such as insulation, types of ventilation, air conditioning and hot water production, and their effect on energy consumption. It also includes improvement measures that suggest ways to lower energy consumption and an indication of the tax benefits and types of financing available. Property description You only need to present this document if there is a mortgage associated with the property , which is presented at the time of the public deed when the property is transferred, as it proves the cancellation of the mortgage associated with the house you are trading . It is a document issued by the bank. Property plans These drawings of the property describe its constitution, in terms of rooms, available spaces and other elements that can help with the sale of the property, as they will give you a complete view of the house and its areas . You should have this document in your possession, as i t may be requested by the bank from the property buyer when applying for a home loan, or by the buyer themselves when making their decision. Deed of sale This document is mandatory in order to proceed with the sale of a property, as it verifies the conditions of the previous transaction. Once these documents have been gathered, you will move on to the crucial stage of the process of selling the house, which is formalising the deal. You can find out all about this in the next SUPERCASA Notícias article!
Source: Freepik Author: Redaction In February, activity in the office market was driven by the strong dynamism of demand, with absorption levels more than tripling monthly in both Lisbon and Porto. In accumulated terms, the capital market is the one where the resumption of occupation is most evident, being very close to the barrier of 50,000 m2 to one month from the end of the quarter. The data are released by JLL under the Office Flashpoint, in a statement to SUPERCASA Notícias , a monthly report that presents the performance of the occupational market of offices in Lisbon and Porto. Exhibiting exceptional levels of activity, in February 18 operations were carried out that totaled an office occupation of 42,300 m² in Lisbon, a volume that is six times higher, both compared to the previous month and compared to the same month of 2023. February is also marked by the completion of several businesses involving large areas, which translates into an average area per operation of 2,350 m² and six operations involving spaces greater than 1,000 m². The monthly occupation was impacted by the change of the headquarters of the Caixa Geral de Depósitos (CGD) to the WELL BE building, in Parque das Nações, which involved an area of 26,700 m2 and is believed to be one of the largest of the year. In any case, other large operations are highlighted, namely the installation of Monday by Urbania in Marquês de Pombal 2 (3,850 m²); and a 2,240 m² outlet operation in zone 4. Mirroring the impact of the change from CGD to the results of the month, zone 5 - Parque das Nações was the most dynamic in this period, concentrating 64% of the monthly absorption, while the Financial Services sector led the occupation side, with an identical share. Likewise, the sale of space accounted for 63% of the occupation, with the lease representing only 35% of the monthly absorption. JLL has served on four of these operations, placing a total area of 5,500 m² this month. In cumulative terms, in the first two months of 2024, 49,060 m² have already been occupied and 30 operations have been completed in the capital’s office market, with the volume of absorption more than quadrupling from the 10,600 m2 taken in the same period. In these two months of 2024 were registered nine operations involving areas greater than 1,000 m², contributing to the average area per operation has increased to 1,635 m². More than half (57%) of the area traded since the beginning of the year is in Parque das Nações (zone 5), with Prime CBD (zone 1) being the second most dynamic axis, with 18% of the occupation. The Financial Services sector was the major driver of demand, ensuring 60% of occupancy. February was also a favorable month for the Porto market, which reached an occupation of 4,850 m² and growth of 233% compared to January and 27% year-on-year. Of the five completed businesses, four were advised by JLL - which guaranteed 98% of the monthly occupancy, 4,740 m² -; three of which involved spaces greater than 1,000 m², boosting the average area per operation to 969 m². In terms of typology, all operations were leased for immediate occupation. Zone 3 - Oporto Business Zone received 57% of the occupation, strongly driven by the installation of two new entities in ICON Offices, namely Fujifilm (1,624m²) and Vodafone (1,046 m²). These two operations were advised by JLL, which was also the consultant responsible for placing i-Charging in an area of 1,730 m² in Marechal 50 (zone 1), in what was the largest business to date. The TMT’s & Utilities sector was the most dynamic on the demand side, ensuring the uptake of 98% of the space transacted this month. The good performance of February raised to 6,300 m² the accumulated occupancy of the Porto office market in 2024, slightly below (- 8%) the level of activity reported in the same period last year (6,900 m²). The number of businesses completed since the beginning of the year decreased by 18%, to a total of nine, of which three comprised areas exceeding 1,000 m². Still, the average area per transaction rose to 700 m². Zones 3 - Zona Empresarial do Porto and 1 - CBD Boavista are the most dynamic, receiving 47% and 45% of the cumulative occupancy, respectively; the TMT’s & Utilities sector is responsible for taking 92% of the spaces. Sofia Tavares, Head of Office Leasing at JLL comments: The results of February confirm our projections for this beginning of the year, with the Lisbon market clearly leading this movement of recovery of demand; which is not surprising, since it was also in the capital that the occupation stopped more in 2023. We are optimistic for 2024 and confident in the evolution of occupation in both cities, which should approach the annual average of recent years. Go to SUPERCASA Notícias for more topics about the real estate market
Source: Freepik Author: Redaction If you begin to receive requests to visit the property you are selling, it is a sign that the disclosure of it is bearing fruit. This is a very positive result for you, the owner selling the house, as it means you are closer to completing the process. After completing the first steps in the sales process, and that go through the valuation of the house, find the sale price and find the best platforms to disclose it, You will see along with a series of other processes that are coming up when potential stakeholders begin to feel interest in a visit to your home. At this stage, you should expedite visits to the property to find the right buyer. Here, it’s important to keep in mind that you’re going to have to let strange people into the house you’re selling, and when that happens, make them feel at home, show them all the advantages and positives of the infrastructure, and even talk about the surroundings, services nearby, and as it is, in the skin of those who once lived there, live in that area. The conversation you will make with the potential buyer is essential in the sales process. However, if you do not feel comfortable participating in this dialogue, it is advisable to seek the help of a real estate agency to accompany you throughout the process. With the help of these professionals, you do not even need to be present at the visits, as they will do all the commercial part for you. Open-house: the strategy that can accelerate the sale of your home At this stage, you are expected to receive requests for visits from potential buyers and, if you are being mediated by a real estate agency, they will be the ones who will make the appointments and intervene in your favor in the dialogue with potential stakeholders. You will have the opportunity to accompany them throughout the process, if you so wish. To speed up the sale of your home, a strategy often used by real estate agencies, is the concept of open-house in which you will literally leave your home open to potential buyers who pass by and wish to visit it. Open-house is a strategy widely used in the North American real estate market, known to be effective, fast and more productive than several visits from different stakeholders, on different days and times, which require greater availability. With the open-house, it solves this problem by allowing several people to visit your home at the same time, in real time, being accompanied by the host of the open house . Advantages of open-house By doing an open-house, the likelihood of any of the visitors nurturing a real interest in your property increases, as a visitor can appear without warning, making the visit more relaxed and without a true sense of commitment associated. And then, of course, there is the question of convenience - instead of showing the house to each person, on different days and times, you can do it in a single hour. Tips for a good open-house These tips apply to both the open-house and the visits that you make individually to the property you have for sale, being essential in the success of the visit. 1. Avoid having pets present in the house during visits and clean up any traces of them - as you do not know if the person visiting the house is allergic or does not like animals. 2. Give the person space to visit the house at will . If you are not comfortable with having strangers in your home, pack all your personal belongings, or move them, and allow the visitor the freedom to walk around the prope 3. Aromatize the space, making it welcoming, appealing and inviting - you have certainly seen, in movies or series, the famous trays with cookies on the kitchen counter during an open-house; it is not by chance. Make your home as desirable as possible, making the visitor feel at home, comfortable and happy. 4. Keep the house bright, airy and organized. 5. Highlight the positive points of the property, explaining its history and highlighting the advantages of residing there. If there are questions, always answer cordially, trying to highlight the valences of the property. rty and explore the spaces. How to promote an open-house? With the dissemination of information through the internet , it will certainly be easy to find ways to disseminate your open-house, however, there are infallible means that can highlight the event: • With the help of the real estate agency that accompanies you in the sales process, make posts on social networks announcing the date, place and time of the open-house; • On the day of the open-house, point out that it is happening with some kind of flashy element - such as flags, roll-ups, informational canvas or plaque , which you can ask the real estate agency to accompany you. When people see the name of the real estate agency highlighted at the door, which must be open, the house they are selling, they will realize that it is an open-house, they will stop, ask questions, and be invited to enter. • Pass the word. This traditional method never goes out of style, because information can spread faster than you think, if you have friends who know someone who is looking for a home or know the right people to pass the information. In addition, using the database itself, the agency that will be accompanying you will certainly invite potential stakeholders for this visit, making the match between the needs of the buyer and the type of property. Are you ready to start receiving potential buyers in the house you’re selling? Get the deal done quickly with the help of our foolproof tips! And stay tuned to the next articles, which will expunge one of the most important processes of the sale: the formalization of the business
Source: Freepik Author: Redaction According to a survey conducted by Savills Investment Management and international real estate consultant Savills *, shared in a statement with SUPERCASA Notícias , which involved real estate investors with a total of assets under management (Aum) over EUR 700 billion, EUR 63.8 billion should be allocated to the European Living segment over the next three years. Almost half (48%) of respondents predict that the proportion of their Aum allocated to this segment of the European real estate market will increase significantly by 2026. This figure represents an increase compared to 41% of respondents last year. 54% expect to have more than 50% of Aum invested in this sector by 2026, while 41% expect to have more than 75% of their Aum. The main priorities for investors are: Multifamily housing - 84% (73% last year) PBSA - 63% (65%) Single family homes - 49% (43%) Coliving - 39% (51%) Private investment in affordable housing - 39% (38%) Andrew Allen, Global Head of Research, Product Strategy and Development, Savills Investment Management, says: it is understandable that investors are concentrated in the housing sectors and recognise the considerable supply-demand imbalances and the consequences for growth, as well as the strong underlying drivers of the respective segments. Investors will also be able to focus on the more mature Living segments, namely multi-family residences and PBSA. Marcus Roberts, Head of Europe - Savills Operational Capital Markets, says: The Living sectors became the largest real estate investment market in Europe in 2023 and we expect them to continue to increase their total investment share in the coming years. Given the volume of capital inherent in the sector and the limited amount of high-quality stock available, investors will continue to compete for the highest quality assets in the best locations. We also expect investors to take advantage of price adjustments for certain assets . Richard Valentine-Selsey, Head of European Living Research & Consultancy, Savills, states in the note that SUPERCASA Notícias had access to: While it is great to see investor interest in European Living sectors, it is now up to government entities across geographies to ensure that the unwanted consequences of regulatory changes do not erode their aspirations. Access to stock and size remain challenges for the sector, but as European markets continue to mature, we expect to see players invest more and more across borders. Luís Clara, Capital Markets Associate, Savills Portugal, stresses: Portugal has registered a strong dynamic in practically all Living segments, especially in the student Housing, alongside the activity of many Senior Living and Flex Living operators. In the last 5 years, the investment in PBSA for example, totaled a total volume of about 721 million euros, reflecting a clear interest on the part of investors in this market and that has been decisive to leverage this alternative segment of real estate . Follow SUPERCASA for more news like this
Source: Freepik Author: Redaction The first 3D houses have already arrived in Portugal. This innovation translates into a breakthrough that can revolutionize the way housing is built, allowing to respond to the vulnerabilities of the housing sector, particularly with regard to the lack of houses in the market in view of demand. The Portuguese company Havelar has thus built the first 3D house in Portugal, which will have taken about two weeks to complete. This is a novelty that has been quite common in foreign countries , but now finally comes to life in our country. The dwelling in question, built in Vila do Conde through a 3D printer, has 90 square meters and is T2 , with concrete walls. This structure took more than 18 hours to be erected, prepared to withstand earthquakes and thermal variations. If you are interested in learning more about 3D houses, read Houses 3D printed: the future of the Real Estate Market?