Real estate investment from the other side of the Atlantic started picking up steam even before the pandemic, and should continue to grow in 2023. dollar appreciation, expected to be American investors Continuing to benefit from its superior purchasing power abroad, Portugal is in the crossfire, as revealed by Sotheby’s International Realty Luxury Outlook 2023, which showcases key trends for the luxury real estate market.
Besides Spain, Greece, France and Italy, Portugal (Lisbon, Porto, Algarve and Madeira) is already becoming one of the top destinations for luxury buyers from the US. In 2022, Sotheby’s finds that, for the first time, North Americans have risen to the top of Portugal’s real estate investors, appearing first in buying luxury real estate in the Lisbon area.
An interest that has been growing steadily and which, as Sotheby’s Realty explains, “recently registered a new surge in demand when, last November, Turismo de Portugal carried out a revitalization measure in times square, New York, regarding the inauguration of the statue of Cristiano Ronaldo at Madame Tussauds.
Safety, quality of life, hospitality of the Portuguese, infrastructure, education and health are among the country’s most valued qualities. And those that make the country one of the favorite destinations for American expats and retirees — and beyond.
“The pandemic has boosted this interest in Portuguese real estate with more and more investors focusing on Portugal. I think that’s the trend North American luxury goods buyers Miguel Boasson, CEO of Portugal Sotheby’s Realty, explained in a statement, that it will continue and grow even more in the coming years.
Luxury real estate trends in 2023
One of the trends that will be strengthened in 2023 in the market luxury real estate It is a donation purchase. Passing on real estate to the future generation would be beneficial, also considering the increasing difficulty of young people in obtaining housing, not only in Portugal but in other countries around the world.
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Nature as the best comfort
In the post-pandemic era, there is a growing interest in luxury real estate located near forests or mountains or with a particularly large outdoor area. named after “nature” , These types of regions are increasingly attracting investors: New Zealand, Greece or Italy are some of the countries experiencing the growth trend. And Portugal is no exception.
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Find new destinations
Investors are no longer just looking for classic second home destinations, they are increasingly interested in emerging areas. Mexico City is one example where 40% of sales went foreign buyersIf in 2023 this figure is expected to increase to 60%. Croatia, which has just entered the Eurozone, is also registering greater demand, as is the case in the Middle East, specifically Egypt, which is registering double luxury developments.
The real estate market is growing beyond the borders of the real world – in the Metaverse area. Buying and leasing is expected to grow in this parallel reality. Incidentally, Sotheby’s International Realty (Florida) has teamed up with Voxel Architects and NFT art collector, Gabe Sierra, to build the Meta Residence, the first mansion in the real world (in Miami) that will have a replica in the virtual world (specifically in The Sandbox metaverse) which It will go up for auction earlier this year.