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Summary

On average, for the entire Urban Rehabilitation Area (URA) in Lisbon, prices increased 6.6% on a quarterly basis (between the 1st and the 2nd quarter of 2017) and 23.5% on a annual basis (between the 2nd quarters of 2017 and 2018). These figures compare with 14.1% and 26.8%, respectively, in Market Snapshot 2017 (covering full year of 2017).

The Lisbon parishes with the best quarterly performances were: Arroios (+28,5%), Estrela (+19,6%) e Santa Maria Maior (+12,9%).

At the level of the annual variation (comparison between 2nd Quarters of 2017-2018), the best performing parishes were the same, only with a change in the 2 first positions: Estrela (+51,7%), Belém (+46,4%) e Avenidas Novas (+34,9%).

The average price in URA was 4.666 € € on a quarterly basis and 4.346 € on a annual basis. It should be noted that this difference is due to the effect that on a quarterly basis it is considered only the average of the quarter, and on an annual basis, the annual average. The fact that the highest value is the quarterly is due to prices increasing throughout the year.

The parishes with higher prices per sqm are: 1) Santa Maria Maior (5.996 €), 2) Misericórdia (5.424 €) e 3) Estrela (5.272 €). When we compare with Market Snapshot 2017, it’s worth mentioning that Santo Antonio (Av. Liberdade area) felt from #1 to #5 in the ranking of price per sqm.

The average price of the premium segment for the URA is 8.341 €, ranging from 5.053 € in Alcântara to € 9,979 € in Santa Maria Maior.

If we divide URA into 3 Tiers, we can summarize our search for the average and premium 2-segment quality in the following table:

TierGeneral AveragePremium Segment
Tier 1 – Estrela, Misericórdia, Sta. Maria Maior5.200 – 6.0008.100 – 10.000
Tier 2 – Arroios, Avenidas Novas, Campo de Ourique, Sto. António4.450 – 4.8006.150 – 8.450
Tier 3 – Ajuda, Alcântara, Belém, S. Vicente3.250 – 4.3005.050 – 7.100

From the lowest point during the crisis of 2012, prices in Lisbon grew 85.8% in the premium real estate segment and 79.3% in general average, which means that the premium segment grew faster than the average, which supports the conclusions which we shared in the previous chapter, in our perspective on the real estate market.

When we extended the analysis to other municipalities in the district of Lisbon, with more international demand, Oeiras, Cascais and Sintra, it was concluded that the price increase was more relevant in Lisbon, for the reasons explained in the previous chapter.

Investors should view prices per square meter as merely indicative, as they do not fully reflect what is happening on the ground, particularly for new developments that are about to be launched and that will influence price dynamics. We advise you to consult us for a discussion of these issues.