The most recent data from the luxury mediator Engel & Völkers (E&V) shows that business in Portugal grew in the first half of the year. “This exponential growth is explained by strong domestic demand, which has already shown a strong upward trend since last year, as well as the return to the Portuguese market of foreign investors”, said Juan-Galo Macià, President of E&V for Spain, Portugal and Andorra.
According to idealista, the company registered a record turnover of 119.2 million euros between January and July, which represents an increase of 124.8% compared to the same period last year. The average price of properties sold exceeded 522,000 euros, 30% higher than in the same period last year. The estimates of the German multinational indicate that 2022 will be the best year ever in Portugal, with the turnover achieved last year (168 million euros) expected to be surpassed.
During the first half, E&V brokered a total of 292 transactions, of which 228 refer to sales operations, which represents a growth of 72.7% compared to the same period in 2021. The remaining 64 were operations in the top quality rental market (+23.1% compared to the same period last year).
“The robustness of our results exceeded our most optimistic forecasts. In just six months, we managed to surpass the total volume recorded in the 12 months of 2019, before the pandemic (107 million in 2019)”, said Juan-Galo Macià.
Luxury market boosted by foreign investors
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