Lisbon leads price hikes in luxury property market worldwide

The prices of luxury properties increased in Lisbon the most compared to a basket of other European and international cities in the first half of the year according to a study by property consultants Savills.

The study compared cities like Amsterdam, Barcelona and Dubai, but Lisbon topped the list with an overall increase of 4.2% between January and June, 2024.

According to the study from Savills ‘Prime Residential World Cities’, the prices of prime residential properties in various cities all over the world have remained resilient during the first half of 2024 with an average growth of 0.8%, above the 0.6% forecast for 2024.

60% of the thirty cities analysed recorded a growth in value, revealing confidence in this asset class, with the Portuguese capital standing out, being the only city that recorded price increases of more than 4%.

Cities in Southern Europe and the Middle East stand out in the top 5 of this index. Amsterdam, Madrid and Athens recorded increases of more than 3%, followed by Lisbon, and Dubai which complete the Top 5 with a growth of 2.9% in the first six months of the year, the Savills study shows.

The study also shows that seven cities reported price drops, less than 1%, but “the solid foundations of prime residential markets may allow a possibility of appreciation in the second half of the year in these locations”, says the statement.

Despite this positive evolution of prices in the luxury residential market, the consultancy says that “some buyers remain cautious pending more information on interest rates.”