Juan-Galo Macià, Engel & Völkers’s CEO for Spain, Portugal and Andorra
For Juan-Galo Macià, Engel & Völkers’s CEO for Spain, Portugal and Andorra, this recovery «showed that the luxury real estate market managed to resist last year’s challenges».
In Portugal, Engel & Völkers brokered a total of 184 operations. Of these, 132 were sales operations, which represented a 55.3% yoy increase, and 52 were premium rental operations (+116.7%). The average selling price was above 400.000 euro whereas the average rental was around 1.517 euro per month.
«The numbers show that, despite the current limitations, it is possible to continue growing in this business. I would like to highlight the strong increase in premium rental operations, which show the success of our bet in creating, in 2020, a department fully dedicated to this segment in Lisbon’s Market Centre. The increase in sales operations allows us to estimate overcoming 100 million euro by the end of the year, the same as in 2019», commented Engel & Völkers’ CEO for Spain, Portugal and Andorra.
Globally, the Engel & Völkers Group registered in these first six months around 565.5 million euro in revenues by commissions, representing a 69% increase when compared to the first semester of 2020, when 334.1 million euro were registered. These numbers were reached thanks to a real estate transaction volume higher than 16 billion euro.
According to Sven Odia, Engel & Völkers AG’s CEO «the pandemic strengthened investment in quality assets and in some of our strategic markets we witnessed unprecedented revenue growth». He further mentioned that «demand in the real estate sector is constant and there is a growing need, among foreign and domestic buyers, to buy properties allowing them to invest in the long-term which offer potential to increase their revenues». With demand for real estate assets surpassing by a great difference housing offer in most of the more sought after countries and locations, both for first and second homes, prices have been rising, despite the pandemic.