Prices of luxury homes in Lisbon have skyrocketed 98% in the last decade

Prices of luxury properties in Portugal's capital continue to rise

27 August 2020, 10:49

Prices for luxury homes in Lisbon have gone up by 98% in the last decade between 2010 and 2020. This is according to data released by the Savills consultancy firm, which predicts that in the next 5 years, the premium residential sector in Portugal's capital will exceed high-end property prices in cities such as London (UK), New York (USA) and Hong Kong.

According to a publication by Mansion Global, which quotes Savills' report, the rise in prices in Lisbon's luxury real estate has been driven in part by increased demand from international investors, who made Portugal their country of choice as an attractive investment and were attracted by the Golden Visa programme, created by the government in 2012. As part of this programme, visas are granted to foreign citizens from outside the EU, through the purchase of homes costing more than 500,000 euros.

But how much does it cost to buy a luxury house in Lisbon? According to Savills, a luxury property in a prime location costs an average of 8,400 euros/m2, but in the parish of Santo António - which includes Praça do Marquês de Pombal and Avenida da Liberdade - prices can average at up to 11,200 euros/m2.

This is still a much lower value when compared to the average in cities such as Hong Kong (42,400 euros/m2), New York (23,800 euros/m2), London (17,500 euros/m2) and Paris (15,500 euros/m2). The difference could, however, be reduced over the next 5 years.