Ombria Algarve was recently featured in an Expresso newspaper article by journalist Elisabete Soares, titled "Luxury Housing in the Algarve sees over triple the value increase compared to Lisbon". The article discusses the rise in luxury residential property prices throughout the Algarve, which rose by an average of more than 70% between mid-2021 and late 2023, in contrast to a 21% increase in Lisbon during the same period.
The data was provided by SIR (Residential Information System) and reveals that the appreciation of luxury housing in the Algarve was over three times higher than that recorded in Lisbon. This brings average prices in the Algarve closer to those in the Portuguese capital. "In the second quarter of 2021, the average price in the luxury sector in the Algarve was €5,479 per square metre, reaching €9,354/m² in the last quarter of 2023.”
The article highlights that this price increase is linked to investment in units purchased while still in the planning stage and the launch of new developments with high-end real estate products. "The price rise is evident in two residential/tourist developments, both currently under construction and being marketed since the beginning of the decade, which are located in different areas of the Algarve. This includes [...] Ombria, located inland in Querença, Loulé.”
João Richard Costa, Chief Commercial Officer of Ombria Algarve, highlighted that "during the initial construction phase, sales values have increased by approximately 50% since January 2020.” Prices have recently been updated and now range from €780,000 for T1 apartments to €1.1 million for T2 types, with sizes between 75 to 145 m². It should be noted that Ombria's residential options consist of Viceroy Residences, with "only three units remaining for sale out of a total of 65 apartments,” and the Oriole Village development units which "are still in the pre-marketing phase, with 20% already reserved.”
Despite the end of the golden visa programme for real estate purposes in October 2023, João Richard Costa stated that there had been no impact on sales, and demand from foreign investors remains strong. "The golden visa programme for real estate purposes ended in October 2023; however, we have not felt any impact from the end of this programme and the NHR (Non-Habitual Residents) regime on our sales, as we continue to see strong demand from foreign investors," emphasised João Richard Costa. "The quality of life that Portugal offers continues to be recognised internationally, as well as its great healthcare and education services, gastronomy, landscapes, and climate."
Expresso - June 13, 2024