There is a Portuguese location in the top 5 of the world's destinations for real estate investments
Portugal is among the top favorite destinations for premium real estate investment. More than the country, the highlight goes to Comporta, which is on the list of the five destinations preferred by international investors, along with Miami, Menorca, Canary Islands and Tirol Trentino Alto Adige (Italy). The ranking, released by Engel & Völkers, shows that the pandemic does not seem to have affected this type of real estate investors who, looking for options that guarantee greater privacy, security and a balance between personal and professional life, have redirected their preferences towards new destinations. In May of this year alone, Engel & Völkers closed 96% more international deals in the premium real estate segment, in homes between two and five million euros compared to the same period last year. One of these destinations is in Portugal: Comporta. The deserted beaches, picturesque villages, acceptable cost of living and advantages associated with Gold Visas make this area of Setúbal one of the most sought after destinations in Portugal, where 80% of buyers are foreigners. At Comporta, the average sale price of premium properties is around two million euros. The Canary Islands is another investor preference. Even during the pandemic, housing prices soared due to strong demand, and buyers, mostly international, sought out villas and properties with large outdoor spaces that allow work and leisure to be reconciled. In the Canaries, the average sale price of premium properties is around four million euros.
Miami, Florida, has seen an unprecedented boom in luxury home sales shortly after the pandemic began, and there are still no signs of a slowdown. With a tropical climate, cultural diversity, dream beaches, and a strong economy driven by tax breaks and rising incomes, Miami's luxury market saw prices soar by more than 20% in the first quarter of 2021. Buyers have been investing in condominiums gated communities, houses by the sea and dwellings on artificial islands. The average sale price of a detached property is between 15 and 25 million euros and condominiums can reach 16.5 million euros. In northern Italy, the Tirol Trentino Alto Adige region has also seen a strong demand for luxury properties, especially for houses with gardens or terraces. Located along the border with Austria and Switzerland, this region is increasingly a place of retreat, especially during the winter months. The sale price of premium properties reaches six million euros. The island of Menorca, in the Balearics, is another popular destination for premium investors. Home prices on this island offer particularly promising return potential as prices are still relatively moderate compared to other destinations. In 2020, the number of online home searches in Menorca increased by 30% compared to 2019. The average sale price of real estate exceeded the one million euros mark, with many investors, especially from France (50% of the market) looking for properties for restoration projects. There is also a high demand for properties overlooking the Mediterranean. The Mercadal and Fornells area in Menorca is where house prices are at their highest, with average prices hovering around 2.5 million euros.