The luxury real estate market proved resilient during the pandemic, and so it should continue. At least this is the perspective of Quintela + Penalva l Knight Frank, which foresees a "demanding but very promising" year, taking into account the increasing qualification of clients who seek Portugal to live or invest. Porto and Lisbon will continue to compete with other cities in Europe as attractive investment destinations offering quality projects.
For Oliver Banks, Knight Frank Associate in the International Residential Developments area, "Lisbon and Porto continue to offer unique conditions for international clients who want to invest or live in Portugal". According to him, "the high demand we have seen in the last two years, given the scarcity of supply in the luxury segment, allows prices to be sustained. Lisbon and Porto are in the Champions League, in the sense that they compete with Barcelona, Vienna, Berlin and Dublin in terms of interest from international investors."
"This trend should continue in 2022, as people should continue to favour quality of life," adds Oliver Banks.
Demand for luxury homes is real
According to the real estate company, the quality of supply in the luxury residential segment, "although scarce compared to demand", has been crucial to sustaining business, particularly in the last three months of 2021. "Demand is real and sustained not only by international clients, but by national ones as well. The interest is increasingly focused on projects that combine quality finishes, sustainability in construction, space, and services such as concierge, gym, decoration pack, among others," reads the statement sent to the newsroom.
According to Francisco Quintela, Partner of Quintela + Penalva l Knight Frank, "the business area of developments in Quintela + Penalva l Knight Frank, registered a solid performance in 2021, observing a growth above expectations in the area of new developments, which allows us to face 2022 in an optimistic way and more consolidated in the face of the uncertainty that the market has experienced in the last two years.