Portugal Sotheby’s Realty, a luxury residential real estate brand, closed more than 300 transactions in the first ten months of this year, representing a growth of 53% compared to the same period in 2020.
The value still represents an increase of 39% when compared to the same period of 2019, “demonstrating a sustained and progressive growth over the years”, says the real estate company in a statement.
The average transaction price was 1.1 million euros in this period and the highlight goes to the month of September, which is considered by Portugal Sotheby’s Realty as “one of its best months ever”.
With regard to the nationalities of its customers, the company sold luxury properties to 22 different nationalities in the first ten months of the year. Portugal, United Kingdom, United States, Brazil and Spain appear as the top five nationalities of the clients who most bought luxury properties.
“The first 10 months of 2021 were marked by the marked growth and strong dynamism of our brand, both nationally and internationally, with an emphasis on September, one of our best months ever”, says Miguel Poisson.
The CEO of Sotheby’s Realty adds that “the numbers achieved are quite proven and prove not only the economic recovery, heavily penalized by the pandemic, but above all the robustness of the luxury real estate market, in which Portugal Sotheby’s Realty is a reference” .
At the base of the growth of Portugal Sotheby’s Realty are several external factors, such as low interest rates, “which place real estate as a refuge sector”, as well as the paradigm shift of investors “who started to bet on the real estate market to the detriment of from the stock market, the growth of new construction and strong external demand; but also internal factors, such as a strong commitment to marketing and technology, the strengthening of teams and their motivation, due not only to the return to normality, but also to the change in the commission model, which is today one of the most desirable in the market”.
“With the recovery of economic activity, the return on investment and the improvement in tourism indicators, a positive performance of the real estate market is expected by the end of the year, as well as in the next year 2022”, adds Miguel Poisson.