There has been a significant increase in the number of homes sold in Lisbon in recent years as the Portuguese capital grows increasingly popular with property investors.
Fresh data from a sector survey conducted by magazine Confidencial Imobiliário reveals that there were 2,199 transactions recorded last year worth a combined €708.5m (£574.3m), which marks a significant rise compared to the 443 deals worth a combined €160.9m (£124.3m) in 2008 when the global credit crunch hit.
The figures are from an analysis of Lisbon’s 25 traditional neighbourhoods in the administrative parishes of Misericórdia, Santa Maria Maior and São Vicente, that includes information about sales of both buildings and parts of buildings.
The growth in transactions in the city centre “is something of a reflection of the [fact that the] market for urban rehabilitation has become quite attractive for investors,” according to the magazine's editor, Ricardo Guimarães.
Urban rehabilitation, according to Guimarães, initially served as “a refuge for investors”, who viewed it as a lower-risk investment, but sales have been growing since 2013.
It is also reported that strong growth in tourism in Portugal's urban centres is driving up demand for short-lets; an attractive proposition for some property investors specialising in this area of the market.
Guimarães added: “The big buyer is the Portuguese [tourism] operator, the small Portuguese investor, from the point of view of local lodging.”