Not only is Porto in fashion, it's on the radar. Whose radar? That of investors and international markets. That's not all: "Porto is positioned as an attractive area for large real estate transactions," says Juan Magalhaes, CEO of Predibisa, a real estate consulting firm specializing in northern Portugal.
The real estate market is boiling and the numbers are revealing. The consulting firm Predibisa grew by 50% last year, closing transactions with a total value of 150 million euro. Of all the business areas, the residential area stands out, which is intrinsically linked to the development and urban regeneration of the bay of Porto, which registered significant growth between 2016 and 2017 (125%).
The residential sector is the one that registered the highest growth in the last year. However, "transactions were also closed with investment clients looking for income in the restaurant, retail, office, hotel and catering sectors, but particularly in the short term," the company points out in a press release. "This dynamic was due in large part to the increase in tourism and the promotion of Local Accommodation (Alojamento Local or AL)," he adds.
"Porto, with a very attractive area for large real estate transactions, is increasingly on the radar of the international market. The appearance of real estate products, in line with the quality of the offer, explains this reality," explains João Magalhães.
Throughout 2017, Predibisa added important businesses to its portfolio. Among them are the commercialisation of residential developments such as the Leica building located in Rua Sá da Bandeira, the Flores 77 project in Rua das Flores, the Palácio dos Príncipes in Cedofeita and the Starbucks in Rua Mouzinho da Silveira.
"We believe that 2018 will be an exciting year, as we see a lot of interest in investing in Porto. The transactions that have already been made and those that we already have in our portfolio are proof of this," he says. "It is clear that Porto is attractive to investors, since it is not just a matter of being fashionable. More and more multinational companies are choosing the city to establish themselves in rather than other European cities," concludes the Director General of Predibisa.