The New Perfect Balance

03.12.21

Julia Millen spoke to Sally-Ann Shapiro, UK Business Development Director of Portugal Sotheby’s International Realty

The new reality of being able to work more from home has given us an expectation that we can have a better work life balance; this has had an impact on the property market with people looking at different locations and options to meet this new concept.

Sally-Ann Shapiro of Portugal Sotheby’s International Realty explains: “We have seen a trend towards homes that better suit the new work life balance, searching for larger properties, with green features, wellness amenities and high-tech solutions for a sustainable lifestyle. People are increasingly looking for properties out of the busy city centres, in the suburbs, secondary cities and in holiday destinations.”

Algarve, Vale do Lobo

Portugal has benefited from this trend as it offers the perfect conditions for this new way of life, with over 250 days of sunshine a year, high tech services, modern infrastructure, and world class healthcare. The country is known for its beautiful beaches and pristine landscape, historic towns, fantastic food and wine, and internationally renowned golf courses. The Portuguese people are warm and welcoming, and the country has a vibrant culture. Not least, Portugal is ranked by Forbes as the third most peaceful country in the world after Iceland and New Zealand.

On the property side, Portugal has a wealth of exclusive luxury properties from internationally awarded architects, combining traditional and contemporary, embracing the increasing demand for sustainable eco-friendly homes.

Algarve, Vilamoura

The real estate market is one of the most attractive and dynamic in Europe. Sales in value and volume continue increasing year on year - one of the best performing markets in Europe - and the forecast is for continued growth in the medium term.

The market has experienced rising house prices, although it’s still attractive compared to primary western European countries. In 2020 despite the pandemic, the house price index increased by 8.4% with the total residential market valued at €26.2 billion, up 2.4% on previous year.

With life and international travel gradually returning to normal, in the first six months of 2021, the residential market grew 30% and prices by 6.8%, with the Lisbon region growing below the national average and Porto city above it. (INE data)

The market behaviour mirrors the new work/lifestyle trend, with growth mostly in the peripheral areas of Lisbon, Porto and other smaller cities, as well as the Algarve.

Lisbon, Countryside

Despite this, Lisbon is forecast to outperform many of its international peers, as activity picks up once again and investors take advantage of the favourable price conditions.

Additionally, the government has created programmes offering attractive fiscal incentives and benefits allowing foreign citizens to optimise their wealth and lifestyle when buying a home in Portugal.

Portugal’s diverse landscapes lend themselves to making the most of nature and outdoor activities. With dramatic rugged coastlines for surfing and wide sandy beaches and calm waters, along with stunning river valleys, vineyards and mountains for biking, hiking and simply enjoying nature, there’s something for everyone.

The two main cities of Lisbon and Porto are steeped in history and culture, with major exhibitions, theatres, galleries, museums and international music events, as well as world class restaurants.

Adds Sally-Ann: “Our extensive range of exclusive luxury properties match market trends for a better work life balance and sustainable living. We create bespoke solutions for our clients to ensure their home in Portugal perfectly fits their dream lifestyle”.

The Portugal Sotheby’s International Realty specialist team based in the UK is a single point of contact to manage the whole buying experience seamlessly.