Lisbon continues to be in the "big league" in the European market, with an average of over five million tourists every year. In 2021, the average price per square meter of a dwelling in Lisbon was €3,973, an increase of 4% over 2020 and 6% over 2019.
These data are revealed in the study "Lisbon Residential Market - A Rising Star", released by the real estate consulting firm Savills Portugal.
The number of homes in the capital has risen by 1.7% over the last 10 years, and the consultant says that "in the Lisbon Metropolitan Area, this increase was below the growth of the resident population, putting supply under pressure.
Still, in 2021, more than 11,000 homes were sold, a rise of 17% compared to 2020. When it comes to 2019, last year's sales volume is only 1% below the levels of that still pandemic-free year.
In the luxury residential segment, Lisbon has overtaken cities like Madrid and Barcelona in terms of average purchase values, and Savills estimates that the growth trend will continue.
It was in the Chiado area that the highest purchase values were recorded, between eight thousand and twelve thousand euros per square meter. Next comes the Príncipe Real area, followed by Avenida da Liberdade.
The capital left 2021 with a total of six thousand new residences in the prime sector, portraying 35% of the available supply, reflecting a reduction of 25% buying with 2020.
The study also indicates that between October 2021 and March 2022 a total investment volume of 5,604 million euros was recorded, as a result of the so-called "Gold Visas". However, the changes made in January to the regime for granting Residence Permits for Investment Activity will not have a significant impact on the real estate market, namely in the luxury segment, since the "Gold Visa" investment represented only 3.5% of total sales of houses in Portugal in the same period.
Regarding rentals, in 2021, the average value of new contracts stood at 11.18 euros per square meter, down from 11.69 euros per square meter in 2020 and 11.83 euros per square meter in 2019.
Data from the Residential Information System indicates that the number of homes for rent in the Lisbon region rose by more than 40% between 2019 and 2020, with an addition of about 1,900 homes.
Savills points out that this rise reflects the crisis experienced in the tourism sector, now recovering, in those years, which led many local accommodation owners to convert their properties into rental homes.
Alexandra Portugal Gomes, Director of Research at Savills Portugal, explains, in a statement sent to the press, that "it is very interesting to see the extreme resilience of this segment, which has reached record levels at the end of two years of pandemic, and with very encouraging forecasts for 2022 that promise to continue an excellent performance.
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