Portugal’s Algarve Ranks in Top 5 of World's Luxury Residential Markets



Discover why the Algarve in Portugal is making waves in the luxury residential market, alongside Porto and Lisbon. Find out more here.

The luxury residential market in Portugal is experiencing a significant uptrend, with the regions of Algarve, Porto, and Lisbon taking center stage. According to The Wealth Report, an annual study conducted by consultancy firm Knight Frank, in partnership with real estate company Quintela e Penalva since 2021, it is revealed that one million euros can only purchase 67m2 in Quinta do Lago. The study highlights the Algarve as one of the top 5 luxury residential markets globally, with prices showing strong performance in 2023. Among the 100 most sought-after destinations worldwide in terms of price appreciation in 2023, the Algarve ranks fourth. With a budget of one million dollars, buyers can acquire a luxury "second home" residence spanning 67 square meters in Quinta do Lago, Algarve. The surge in prices is attributed to the limited supply and the exclusive allure of Quinta do Lago.


Portugal’s Algarve Ranks in Top 5 of World's Luxury Residential Markets

Moving on to Lisbon and Porto, both cities continue to witness growth in their real estate markets. Lisbon and Porto are among the cities and regions reporting stable or positive annual price growth, with increases of approximately 2.2% and 5%, respectively. Porto secures the 29th position on the list, surpassing cities like São Paulo, Rome, Barcelona, Milan, and Paris. Meanwhile, Lisbon ranks 60th, outperforming cities such as Dublin, Vienna, Tokyo, Berlin, and New York. The Wealth Report 2024 by Knight Frank predicts a 25% rise in the number of Ultra-High-Net-Worth Individuals in Portugal – individuals with a net worth of $30 million or more – reaching 1000 individuals by 2028.

The luxury residential market in Portugal, particularly in the Algarve, Porto, and Lisbon, continues to thrive, attracting high-net-worth individuals and investors alike. The growth in prices, limited supply, and unique appeal of these regions contribute to their strong performance in the real estate sector.

Portugal’s Algarve Ranks in Top 5 of World\'s Luxury Residential Markets

Support Ogusyis by making a contribution – no matter how small.


Enter your amount
£
Enter your amount
£
Enter your amount
£
Yourname
Email
Phone


Australian Renters Seek Larger Properties Despite Rising Costs

Discover why Australian renters are still drawn to bigger homes despite soaring rents. Find out how to navigate the challenging rental market and secure your dream property today. Act now!

Discover why Australian renters are still drawn to bigger homes despite soaring rents. Find out how to navigate the challenging rental market and secure your dream property today. Act now!

Read more

House Prices Drop 1.3% in Portugal's Major Cities

INE reports correction in house prices in Lisbon and Porto, along with 12 other municipalities, at the end of 2023.

INE reports correction in house prices in Lisbon and Porto, along with 12 other municipalities, at the end of 2023.

Read more

Ireland Real Estate Prices Rise for Seventh Consecutive Month

Ireland's real estate market sees prices increase for the seventh month in a row, driven by a shortage of second-hand homes.

Ireland\'s real estate market sees prices increase for the seventh month in a row, driven by a shortage of second-hand homes.

Read more

Australia’s Queensland Emerges as Top Destination for Overseas Real Estate Buyers Amid Record High Prices

Discover why Queensland is attracting international buyers despite soaring property prices, making it the hottest market in Australia.

Discover why Queensland is attracting international buyers despite soaring property prices, making it the hottest market in Australia.

Read more

Brussels Property Prices Set to Rise According to European Commission Forecasts

The European Commission predicts a surge in real estate prices in Brussels and across the EU due to low housing supply. Stay ahead of the market trends.

The European Commission predicts a surge in real estate prices in Brussels and across the EU due to low housing supply. Stay ahead of the market trends.

Read more

Lisbon Luxury Home Prices Surpass New York in Global Rise

Knight Frank Prime Global Cities Index reveals Lisbon prices surged 4.1% in 12 months, outpacing New York's 3.2% increase.

Knight Frank Prime Global Cities Index reveals Lisbon prices surged 4.1% in 12 months, outpacing New York\'s 3.2% increase.

Read more

Squatter Fears in Southern Spain: Murcia Property Sellers Remove For Sale Signs

Discover why property sellers in the Murcia region of Southern Spain are taking down 'For Sale' signs to deter squatters.

Discover why property sellers in the Murcia region of Southern Spain are taking down \'For Sale\' signs to deter squatters.

Read more

Best Holiday Homes in Switzerland to Rent: Top Towns, Cantons, Regions, and Ski Resorts

Discover the best holiday homes in Switzerland to rent with E-Domizil's top picks for towns, cantons, regions, and ski resorts. Start planning your spring or summer getaway today.

Discover the best holiday homes in Switzerland to rent with E-Domizil\'s top picks for towns, cantons, regions, and ski resorts. Start planning your spring or summer getaway today.

Read more

Renting in Spain: Tenant or Landlord - Who Pays for Repairs?

Discover the legal responsibilities for repairs in rental properties in Spain. Find out if it's the tenant or landlord who foots the bill.

Discover the legal responsibilities for repairs in rental properties in Spain. Find out if it\'s the tenant or landlord who foots the bill.

Read more

Copyright © Ogusyis. All rights reserved. The Content may not be copied, distributed,  republished, uploaded, posted or transmitted in any way without the prior written consent of Ogusyis.