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Lusa - Business News - Portugal: Estate agency reveals the most expensive areas for property in Lisbon

Lisbon, June 21,2021 (Lusa) – The neighbourhoods of Chiado, Santo António, Misericórdia and Estrela are "the most expensive" in Lisbon, according to 2020 data from real estate company Engel & Völkers, with an average price of property around 900,000 euros.
In a statement released on Monday, Engel & Völkers highlighted Chiado as "the most expensive neighbourhood in Lisbon", with a price of 10,000 euros per square metre (m2), and also "one of the most sought after for housing".The neighbourhoods of Santo António (5,395 euros/m2), Misericórdia (5,058 euros/m2) and Estrela (4,347 euros/m2) follow.
The real estate data points out that "the neighborhoods of Chiado, Bairro Alto, Graça, Alfama, Príncipe Real, Avenidas Novas, Belém, Parque das Nações or Estrela are the most sought after by clients in the Portuguese capital to live or make property investments.
"Despite the fact that in the last five years the Portuguese capital has been consecutively awarded tourism prizes, placing Lisbon as one of the preferred destinations for foreigners, 65% of investments in Lisbon are still from Portuguese clients".
The neighbourhoods in the city centre, such as Chiado or Príncipe Real, "are often pointed out as the most fashionable places in Lisbon", with the restaurants, bars, art galleries and boutiques located there making them "the most sought after areas for residence" and the price per square metre can exceed, in the Chiado area, 10,000 euros.
The Belém area, located on the banks of the Tagus River, with views of the 25 de Abril Bridge and the Tagus Estuary and various green parks and open spaces, is also considered "a privileged place to live", with a price per square metre that is around 4,000 euros.
Parque das Nações, presented as "a modern and vibrant neighbourhood that has flourished since its original construction for Expo '98", "is currently one of the most sought after for renting", with a price per square metre of around €4,300.
Also among the most sought-after neighbourhoods for rent is Avenidas Novas, with a price per square metre of 4,700 euros, while in the Estrela neighbourhood, "traditionally an upper-class area", the price per square metre is around 4,300 euros.
In Lisbon, most of the deals registered last year by Engel & Volkers were two-bedroom flats, with approximately 85 square metres when rented and 82 square metres when sold.
Buyers favour the existence of a lift, garage and access to outdoor spaces (balcony or terrace), as well as the surrounding green spaces and good access to public transport.
"In Lisbon most investments are in flats. But, with the pandemic, we have registered a strong demand for properties on the outskirts of the city. Houses with surrounding green areas, gardens, balconies or office space are now the most important thing for investors" explains Vanessa Moreira, responsible for the Lisbon 'Market Center' at Engel & Volkers.
"Most companies in Portugal are applying future remote working models and, in this sense, many 'millennials' [generation born between 1981 and 1996] seek places where they can combine outdoor activities and remote work".
"Given this scenario, we expect residential property prices to increase significantly in 2021 due to increased demand and we also expect the average age of buyers to continue to decrease."

Agency : LUSA

Date : 2021-06-22 10:38:00


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