Real estate industry experts anticipate 2023 to be a year of unpredictability, due to the impact of inflation, increasing interest rates, potential economic slowdown, or energy crisis.
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.
In the first quarter of 2022, 5.9% of property transactions were carried out involving buyers with tax address outside Portugal, according to data released by Engel & Völkers in its Market Report.
The Israeli group Fortera wants to build Portugal's tallest building in Vila Nova de Gaia (Porto), where it hopes to accommodate a 5-star hotel and a number of luxury apartments. The building, baptised as Skyline, will have 28 floors, and the investment is expected to be around 150 million euros.
The real estate market has experienced another moment that has made history Portugal. The first house sold entirely in cryptocurrency happened on Thursday 5th May 2022. It is a 3 bedroom flat in Braga that was bought for three bitcoins, the equivalent of about 110,000 euros.
In January and February 2022, the investment amount obtained through golden visas in Madeira was around 2 million euros. In total, four Golden Visas, officially known as Residence Permits for Investment Activity (ARI), were granted in the autonomous region.
Palheiro Village is a development located in São Gonçalo, Funchal, which offers excellent conditions to live or spend your holidays.
This development has 70 properties, currently with 8 houses of typologies V3 and V4, 3 urban lots and rustic land, in commercialisation.
Despite the current uncertainty about the real impact that the war in Ukraine will have on the economy, Cushman & Wakefield predicts a continued recovery of the real estate market in Portugal in 2022.