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The Average Price for Luxury Real Estate in Portugal Reaches Around 3 Million Euros

23 October 2018

According to data from the Luxury Estate website for 2017 and the first half of 2018, the average amount their buyers were willing to pay for luxury properties in Portugal reached 2,700,000 euros.

In the period under analysis, Portuguese buyers bought the greatest number of luxury properties in Portugal, spending an average of 1,700,000 euros, followed by the Brazilians, who were willing to spend €1,850,000. The French were also at the top, spending an average of €1,750,000. The Spanish and Italians took fourth and fifth place, spending €2,400,000 and €1,350,000, respectively.

The consultancy noted the average prices in the sector are highest in the Algarve, reaching €4,700,000. Lisbon-Cascais is the second most sought-after region with spending at €2,900,000. Porto came in third, with an average price of €1,100,000, significantly lower than the two most sought-after areas.

Luxury condominiums and rural houses generated the most interest in the south of the country. Whether buying penthouses in Lisbon or manors in Cascais, the Portuguese, French and Brazilians are the most avid buyers.

The main buyers in Porto were once again the Portuguese, followed by Brazilian and French investors, with the Spaniards and Poles rounding up the top 5. The northern city is attracting increasing amounts of interest due to its culture, magnificent landscapes bathed by the river Douro and the famous Port wine.

Silvio Pagliani, the founder of Luxury Estate, believes that “climate, cuisine and safety are undoubtedly the principal drivers of the increase of tourism and, consequently, for decisions to acquire luxury properties. There are various possibilities for potential buyers of properties in this category from Porto to Faro and we are confident that Portugal is and will continue to be a growing market for our business.”

The website includes more than 350,000 luxury properties in 120 countries.

Original Story: Diário Imobiliário

Translation: Richard Turner