With over 30 years of experience in the real estate market, INS Portugal is one of the most renowned companies in the country. Operating out of offices located in Lisbon, Cascais and Oeiras, INS Portugal is a well-known expert when it comes to the world-famous Estoril Coast. Here, Executive Assistant Rita Ribeiro discusses the current state of the luxury market—and how it’s set to evolve as we head toward the future.
Please describe your current housing market.
Rita Ribeiro: We’re in the midst of a buyer’s market, where houses don’t remain listed for long. As prices continue to rise due to there being more demand than supply, I believe the market will stabilize within the next year before it begins to decline. Average home prices depend on the location of the property, which is consistent with real estate markets across the board. While a small villa in Cascais can range from €300K to €1M, you can find an apartment in Lisbon that’s priced anywhere from €250K all the way up to €2M or €3M.
Tell us about the types of properties in your market and which are most popular.
RR: The most popular and best-selling properties are those located in attractive neighborhoods, with good views of the city, river or sea. Beachfront villas in Estoril and Cascais—as well as properties in private condominiums complete with a swimming pool, gym, spa, Jacuzzi and 24-hour security—are also popular.
What types of buyers do you work with? Are they predominantly local, or mixed from other countries?
RR: The buyers we work with are predominantly from other countries. The real estate sector in Portugal has registered increased investment levels in both the commercial and housing segments, with the majority of capital originating abroad. The evolution of the real estate market has taken place mainly in the last five years, with a noticeable increase in tourism leading to the construction of new projects, thus attracting investors from other countries.
What are some of the most important trends in your market?
RR: The international trend in the real estate market has turned toward smaller cities, and Lisbon has been seeing more notoriety in the international scene due to both its quality of life and safety. Linked to the improved Portuguese economy, Lisbon has been attracting foreign companies and investors with its Golden Visa and Non-Habitual Resident tax regimes.
What are your biggest challenges/opportunities for growth?
RR: The main market for international investors is the luxury segment, which is one of our strengths. While most of the offers in the home-for-sale portfolio will come from this premium segment, the domestic market is also undergoing an economic recovery and focusing on this sector.
How does being part of Leading Real Estate Companies of the World® help advance your business?
RR: Being part of LeadingRE gives us access to the largest global network in real estate, which positions us in the international market and provides us with notoriety, visibility and connections with a unique network of real estate agents around the world. As members, we have access to properties all over the world, creating the conditions for our clients to buy or sell across borders.