Over the next five years Portugal’s property market is on course to rise by 6%, according to data produced by the Royal Institute of Chartered Surveyors (RICS) and Confidencial Imobiliário magazine and released in the Portuguese Housing Market Survey.
Portugal has been making a steady economic comeback, with record decade-high growth registered in the country last year, and this revival is having a positive impact in the construction industry. New residential projects are now planned, which should bring stability to the property market where currently demand is exceeding supply.
New residential schemes will alleviate pressure on prices
Simon Rubinsohn, senior economist of RICS, said: “We are seeing Lisbon, Porto and Algarve benefit from prices continuing to rise; in fact Porto has seen an ‘acceleration’ in its growth rate. Licences for residential projects increased by 66% in Lisbon and 82% in Porto compared to last year. The impact of new residential schemes will help to reduce the pressure on prices.”
Greater Lisbon set to be the new property hotspot
A prime example of this new wave of investment into construction is the new phase at Belas Country Club (main image) named Lisbon Green Valley, which has already won awards for its ecological credentials and modern architecture with state of the art features. The ‘global village’ concept is the brainchild of Andre Jordan Group, the renowned developers of Quinta do Lago and Vilamoura XXI in the Algarve. Lisbon Green Valley offers a combination of well-appointed residences priced from €500,000 to €1m, located within a rural landscape that includes five-star leisure and sporting facilities, yet within 20 minutes easy access of Lisbon.
Sales director Bruno Martins of Andre Jordan Group said: “After many decades as the main buyers in the Algarve region, the sophisticated British expatriate has discovered that the Greater Lisbon area enjoys a similar climate to the south of Portugal, but with the attractions and accessibility of an historic but vibrant European capital, combined with a great lifestyle.
“Very few major cities benefit from urban, beach and hillside living opportunities within less than half an hour of excellent communications. On the financial front there are the valuable attractions of the non-habitual resident status and the tax exemption for retirement pay.”