Buying a home in Portugal: market trends and what to expect
Similar to what happened in 2021, when real estate demand in Portugal returned to figures comparable to before the pandemic, this year property sales are expected to be one of the most promising sectors in Portugal. And this tendency is steadily growing as countries resume their normal economic activity, and people can travel freely to Portugal to buy their dream home.
“More and more international property buyers are especially interested in new real estate projects, namely because of Portugal’s competitive property prices.”
This trend can be seen in several nationalities that come to Portugal in search of a simpler life, where the landscape, security and unbeatable cost of living are major draw points. But this trend has also emerged among Portuguese property buyers, who are also hunting for homes with more space, comfort, natural light, and greater energy efficiency.
What modern homebuyers are looking for
There is clearly a "before COVID" and "after COVID" profile of real estate buyers in Portugal. In the wake of the lock-downs of the last two years, the way we think about our home has shifted.
“Homebuyers in Portugal look for more than just high-quality properties in popular locations!”
Today, the challenge for real estate consultants in Portugal is to meet each client's expectations and lifestyle. No matter whether they are retirees, investors or digital nomads... modern-day homes must reflect the individual needs of today's buyers.
Another challenge is to find a property! At this moment, the Portuguese real estate market has considerably more demand than properties available. This is true both in the rental market — where rental properties are quickly leased — and especially in the new construction segment, which also leads to new properties launched being sold out fast. Generally, 100% of units in new build projects sell out even before the construction begins!
Advantages of buying new-build properties
It is no coincidence that one of the biggest trends in Portuguese real estate is buying new build properties. The advantages are mainly centred on more affordable prices available during launch phases, modern construction with eco-efficient technology, and new living space designs such as open-plan layouts and large floor-to-ceiling windows that also allow savings on energy costs.
An example of this is our most recent launch, Vale do Paraíso Villas, in São Martinho do Porto, which brings together several elements of what the real estate market in Portugal is yearning for.
This project includes single-level detached villas, all with a private garage, garden and pool, thermal insulation, a stylish contemporary design, and a location that makes the most of the quiet rural countryside and is only a few minutes from one of the best beaches on the Silver Coast! As for the price, the launch phase is selling for values impossible to match in many of our international clients' countries.
Vale do Paraíso Villas are also an example of another trend which is providing full-service packages that meet the needs of international buyers who want to relocate or invest in Portugal.
With solutions such as the Simple Life Home Pack, it is possible to buy a property with the added peace of mind and support of different property specialists. Namely accounting and tax services, after-sales support during the construction, furniture packages, etc… All the support you will need to transition to a simple life in Portugal!
Author: Tim Demeyer, Sales Director at Immo Portugal - Belgium
Want to know more about buying a home in Portugal?
Immo Portugal’s team of international property specialists is always happy to share their experience with Portugal and introduce you to a selection of properties for sale.
