The property market in Portugal and on a larger scale has already proved its resilience, first in the pandemic crisis and now in the context of inflation marked by the war in Ukraine. The purchase of luxury real estate in Portugal has been buoyant in 2022, suggesting that this type of investment is a refuge for high-income families against inflation which reached record highs in Portugal in 2022. Everything indicates, therefore, that the demand for luxury homes in Portugal will continue to rise, concludes the report published by Christie's International Real Estate.
In an analysis of luxury real estate, the international real estate network concludes that the market is today at an "important point of maturation after an unprecedented year 2021 and a 2022 of great dynamics," reads the publication. This means that two years after the initial pandemic shock, the premium property market in Portugal will reach a moment of stabilisation and gradually return to "normal levels" similar to 2019.
"In 2021, we had the highest turnover ever for the company and 2022 has been a very positive and very dynamic year, with a sharp growth of 65% (in sales and leases) compared to last year, where sales have a special focus," notes Rafael Ascenso, general director of Porta da Frente Christie's, the brand's representative in the Greater Lisbon and Alentejo regions, quoted in the document.
How can luxury real estate protect from inflation?
Demand for high-end real estate is growing. And "the number of mid-market and high-end transactions in the first half of the year proved that investing in so-called 'hard assets' can be one of the best options against inflation," say experts at Christie's International Real Estate. This is because many high income, high net worth families are now worried about the possibility of a recession in the short term and see residential real estate as a "fundamental safeguard", a "valuable protection against inflation".
"For those who have savings available today there is no better solution than to take the money out of the bank and invest in real estate. Imagine an investor or family with a million euros available, with 7% inflation, they will lose 5,000 euros a month if they do not invest this amount in a profitable asset. The same happens with foreigners who have the same problem with inflation and who find in Portugal a mature real estate market at a much lower price than in their countries of origin", adds Rafael Ascenso.
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