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Algarve is one of the most sought after luxury destinations in the world !

18 May, 2023 General

In the rankings the Algarve appears in seventh place and Porto appears in tenth place, ahead of the Hamptons, Zurich and Cannes. In the same ranking, Lisbon is in 40th position (it maintains the same position), on a par with Florence, Madrid and Val dʼIsère, in France. 


The data is contained in the Prime International Residential Index, extracted from The Wealth Report, which tracks the performance of luxury properties in 100 key locations (including cities, sun and ski destinations).

The Algarve was in the top 5 of the most popular sunshine destinations, with Dubai being ranked in first position followed by Miami, then the Algarve, the Bahamas and Athens.


These and other data were revealed this Wednesday, May 10, 2023 in Lisbon, at the presentation of The Wealth Report, an annual study designed by Knight Frank, brings together the most important trends and perspectives of the world real estate market. This initiative was promoted by Quintela + Penalva | Knight Frank, who since 2021 has been associated with London-based real estate, a leader in its sector. The report was presented by Alex Koch de Gooreynd, who has been working with Knight Frank since 2005, and is currently responsible for the Portuguese, Austrian and Swiss networks.


Despite a context of inflation and war on the European continent, the luxury real estate market grew in Lisbon, a city which registered a 6% increase in the price of luxury property. In Porto, the increase was greater, 12.7%, with the tendency to be even higher in the Algarve (15.5%) – an example of this are the luxury properties available in Quinta do Lago, with a base price at €3.5 million.


According to The Wealth Report, in the 25 cities monitored for this purpose, it is expected that, on average, luxury property prices will increase by 2% in 2023, with Dubai leading this forecast (13.5%). In this sense, the Lisbon market (4%) registers continuous growth in terms of the luxury segment, being preceded only by Dubai and Miami – the Portuguese capital is on a par with cities such as Dublin, Madrid and Paris, and comes ahead of Monaco (3%) and New York (2%).


Taking into account the most expensive residential markets in the world, the report also shows that Lisbon is ahead of Dubai, with one million dollars making it possible to buy 96 square metres - in the city of the United Arab Emirates, the same amount makes it possible to buy 105 square metres. Madrid is right behind, with 106 square metres. Monaco, Hong Kong, Saint Tropez, New York and Singapore equal to London make the top 5 most expensive destinations taking into account the price per square meter.