by buymeprestige 
The luxury residential market in Portugal continues to grow in relation to neighbouring countries because it is considered as a safe haven, taking into account all the uncertainties that are living and feeling in Europe, marked by the inflation rate, rising interest rates and construction costs.
Many of the customers looking for this type of housing are foreign nationals, such as the French, English, Americans and, given the popularity of Portugal and the Algarve, the first Asian and Brazilian customers also appear. They are nationalities with a strong purchasing power in our country and are looking for houses to live in annually or every six months from a certain level of wealth. The most requested properties are penthouses, buildings for reconstruction, apartments with sea views and villas. However, around 40% of customers who carry out this type of transaction are Portuguese and choose the Algarve for investment and holidays.
For these reasons, the luxury market has shown signs of resilience even during the pandemic and now with inflation it remains a good bet. At a time when investors and buyers are feeling more insecure about banks and the economy, it is no secret that there is nothing better and safer than betting on real estate.
Since the last economic crisis, Portugal has been delighting its visitors, who end up becoming more than that, and this has continued throughout these years, including the year 2022 which saw the biggest real estate and hotel boom. Foreigners began looking for Portugal to live and, given our economic power, it leveraged us and boosted the market.
In the Algarve, we are already feeling the great demand for the luxury real estate market in strategic areas such as the acclaimed Golden Triangle, more specifically Quinta do Lago and Vale do Lobo, but this perimeter has been increasingly extending alongside the entire Algarve area: Lagos, Albufeira, Vilamoura, Quarteira, Faro, Tavira and other municipalities. We dare to say that this is the new Beverly Hills of Portugal.
A major trigger for this demand was the granting of the Golden Visa, which greatly encouraged foreigners to buy a house in Portugal for tax benefits. Nowadays and given the exponential increase and saturation of some geographic areas, this benefit already has enough restrictions, being affected only in rural areas or tourist developments.
Regarding the luxury real estate market, proximity to the client helps a lot in recommendations. For this type of client, the real estate consultant becomes a family member or a good friend and they seek him out to receive advice and never forget to represent a friend or relative for purchase. It is a business based on trust, proximity and sharing.