The city of Porto has been distinguished several times as Best European Destination over the last few years. At the end of last year, the city, recognised for combining modernity and tradition, hospitality and cosmopolitanism, and for its proximity to the river - the Douro River, in this case -, as few cities in the world are able to do (a privilege for those who want to buy apartments and villas with a river view), was voted 9th best city in the world by the "Time Out Index". The readers of "Condé Nast" magazine chose it as the 2nd best city in Europe. Now, the city that gave its name to Portugal is also highlighted in the choices for 2022 of several international companies that look for the best places in the world to invest and, based on that evaluation, publish an annual report with the best luxury properties.
An example of this are the luxury real estate trends shared by Berkshire Hathaway HomeServices and by "Mansion Global Custom Studios", real estate supplement of the American newspaper "The Wall Street Journal", which published a notebook in which they guarantee that Porto is in the sights of real estate investors. This intention corroborates what has already been disclosed in the "Europa Cities Guide 2021", a study prepared by Knight Frank in which the city leads the list of 11 European cities with more demand in the premium segment. The consultancy highlights the quality of life in Invicta, increasingly sought after by national and international families to put down roots in a city that, anticipating what will be the priorities of the future, "offers the best of both worlds" always half a dozen minutes away. But the city also stands out among the destinations of choice for digital nomads, having been voted one of the best cities in the world for teleworking.
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According to the "Global Luxury Landscape", a document that reveals the favourite places to invest in 2022, Downtown Porto and Cedofeita areas are a must for those looking for an opportunity: the two locations offer a setting where you can find plenty of restaurants, bars, art galleries, cultural facilities such as Casa da Música or Museu de Arte Contemporânea de Serralves, and palaces built by the nobility in the 19th century, which have attracted foreign investment, namely from markets such as the United States and Israel. These large buildings, previously abandoned, are being renovated and converted into apartments and boutique houses, duly accommodated in private condominiums that privilege outdoor areas, such as the garden, the terrace and the view.
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The report highlights that these two areas of the city have seen a 10% price increase compared to 2014, the year from which Porto began to see increasing levels of tourism. A record of foreign demand was broken in 2019, with 10.7 million overnight stays recorded in tourist accommodation establishments in Porto and the North of Portugal. The document also points out that the city of Porto is far from exhausting its margin for growth, emphasized in its unstoppable capacity to seduce. Downtown Porto is on a list of 14 places not to be missed in 2022, along with regions such as Colli Piacentini in Italy, Puerto Cancun in Mexico, or Virginia Beach in the United States.
Declared a World Heritage Site by UNESCO in 2001, the city has become popular for tourism due to its natural features (architectural, artistic, cultural, historical and gastronomic wealth), but the development of the real estate sector has also made a significant contribution to foreigners wanting to invest in the city and not just visit it in passing. The new construction and consequent supply of high-quality commercial and residential property, capable of meeting the needs of the most demanding investors, has meant that Porto has consolidated its position in the property market, and is now seen as the "first choice" for many investors in Portugal.
The second largest Portuguese city competes for investment in luxury real estate with cities like Paris, Berlin, Frankfurt, Milan, Madrid, Barcelona, Vienna, Geneva and Bucharest. But a recent assessment of real estate demand during and after the pandemic shows Porto outperforms many of these European cities, a factor that is not unconnected to its climate and safety. It is, therefore, given the answer to buyers and sellers of real estate that, in the last two years monopolized by Covid 19, questioned if the real estate market would continue to grow. There is no doubt about it today.
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