Porto property market beats all records
Porto’s property market exceeded all expectations in 2018 according to real estate consultants Predibisa.
The consultant which focuses on the market in the north of Portugal, particularly Greater Porto, has revealed that is closed 2018 with €180 million of business, seeing growth in all segments of the market, with the office segment registering the best performance of which Predibisa was responsible for putting a total area of 42,605 m2 in Greater Porto on the market.
In fact it saw a growth of 20% compared with the previous year. In recent years Predibisa turnover skyrocketed, achieving in 2018 its highest value ever.
“Our growth has a direct relation with growth and Greater Porto’s modernisation. The fact that all segments of the business have grown is an indicator of the region’s vitality,” says João Magalhães, CEO of Predibisa.
The consultants also points to the Corporate segment with successful transactions such as the Urbo Business Centre with the setting up of BNP Paribas; the new Prozis Group R&D technology centre; a shopping mall in the Milestone building which will house the future university halls of residence at Asprela; and a new space for Starbucks.
In terms of Urban Rehabilitation, it was responsible for selling 100% of the apartments at Aliados 107; Flores Piaza and Flores 77 and, in the Residential sector, projects such as Sousa Rosa 33; Sobreiras 470; Jazz Residence; Boavista Prime and Ouro Residence.
At the end of 2018, home sales in Greater Porto increased 17% with the average square metre price climbing to €2,400 in the historic centre while office take-up at 100,000 m2.
According to consultants CBRE in its study ‘Porto Real Estate Perspective’ home sales reached around 30,000.