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New Edition of Residential Market Report is presented

27 MEI 2023
Onderwerpen
Imóveis Mercado Imobiliário Mercado Residencial Savills SUPERCASA
The year 2023 will be marked by a more moderate optimism, with more rigorous risk analysis, but continuous development of new projects.
New Edition of Residential Market Report is presented
Source: Freepik
Author: Redaction

2022 was a challenging year, with the macroeconomic environment exerting greater pressure on the market. In the residential segment, rising inflation and interest rates, rising construction costs and labour shortages were some of the challenges faced by the sector last year. In this new edition of the Residential Market Study 2023, Savills Portugal highlights the results achieved in 2022, as well as the drivers and trends expected for 2023 for the regions of Lisbon, Porto and Algarve, according to information received by SUPERCASA Notícias.

Portugal has maintained a privileged position as an attractive destination for foreign buyers. By the end of 2022, foreign residential investment reached 3.6 billion Euros, with a total of 10,722 properties sold. A demand that remains solid, based on strong market fundamentals such as safety, climate and living conditions, also now grounded in the growing transition to the digital economy that allows anyone to work remotely anywhere in the world.

According to the "Savills Executive Nomad Index" cited in the study, Lisbon was considered the best city in the world for digital nomads, surpassing cities such as Miami, Dubai and Barcelona. France, the United Kingdom, Brazil, China and the United States have led the sales charts, presenting buyer profiles that focus their search on areas of greater excellence with a view to acquiring permanent or second homes in prestigious buildings of high architectural quality.

"Looking at the number of international buyers investing in Portugal, they may represent around 15% of the market overall. However, if we look only at the high end market, where we are positioned, foreign clients represent more than 50% of the transactions made, a value that should be maintained. This type of investor does not feel the impact of inflation and rising interest rates in the same way, and continues to consider our market as one of the most attractive," points out Miguel Lacerda, Lisbon Residential Director, Savills Portugal, in the note to which SUPERCASA Notícias had access.

At the end of 2022, approximately 51,000 homes were sold in the Lisbon Metropolitan Area, a number fully in line with 2021. In a challenging year, this result saw a very residual decrease of 1.4% and was above the five-year annual average (49,540 units).The city of Lisbon accounted for the largest share of transactions in the Metropolitan Area of Lisbon with approximately 11,300 homes sold, followed by the municipalities of Sintra, Setúbal and Cascais.

In recent years, Oeiras and Cascais have become the natural areas for expansion in the Lisbon residential market. Oeiras offers a market geared towards larger typologies, with projects aimed at upper-middle to upper income families proliferating. Cascais, on the other hand, stands out for the development of projects designed for the high-end and luxury market.

According to the pipeline surveyed by Savills, over 4,500 new residential dwellings are expected in the next two years in the municipality of Lisbon (considering only projects in current state of construction). However, it is important to stress that at the date of publication of this report, only 32% of the residential units are available for sale, figures that prove the strong dynamics of demand.

The Prime Zone, which comprises prime arteries such as Avenida da Liberdade and Chiado along with areas located in the more peripheral rings of the heart of the city, such as Lumiar, account for the highest number of new dwellings.

Average sales prices for new properties in the Lisbon Metropolitan Area in 2022 fell by almost 7% compared to prices in 2021, closing the year at 5,399 €/m2, a figure that signifies greater stabilisation and a slowdown in the rate of growth compared to previous years, while average sales prices for used property rose by around 5%, settling at 3,225 €/m2.

In the luxury segment (5% more expensive properties) an analysis carried out since 2011 shows that asking prices in the new segment stood at 5,000 €/m². In 2022, they reached 11,500 €/m², with constant growth over the last 12 years.

Faced with the challenges that rising construction costs have imposed on the market, Savills asked three of the most important developers in the residential market in Portugal about the impact of this increase on the final price of their projects.

Alexandra Portugal Gomes said "on the whole, the feeling is optimistic, although more moderately. Projects continue to advance with the accommodation of the rise in construction costs reflected in the asking price of projects in the sales phase. For 2023, we foresee a continued development of new projects, with a slight increase in prices".

Follow this and other subjects in SUPERCASA Notícias
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Imóveis Mercado Imobiliário Mercado Residencial Savills SUPERCASA
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