Located in a prime area of the city, at 624 Santa Catarina Street, the space is in one of Porto’s main commercial areas and will serve as the base for a team of seven dedicated to the real estate market in Porto.
According to Berkshire Hathaway HomeServices Portugal Property, the price per square metre in Porto increased 6 percent between January and August this year, from €1106 per m2 to €1175 per m2. Porto is also the Portuguese city with the highest price rise during 2019, with a 15.6 percent increase in the value of a square metre, followed by Amadora and Seixal (13.9 percent), Sintra (13.7 percent) Setúbal. (13.5 percent), Maia (13.4 percent) Almada (12.9 percent), Loures (12.6 percent), Barcelos (11.4 percent), Cascais (10.6 percent), Vila Franca de Xira (10.5 percent), Vila Nova de Gaia (10.30 percent) and Braga (10.1 percent).
The northern city and the region have benefited from significant urban development and rehabilitation projects in recent years. Between 2014 and 2018, a million square metres was licensed in Porto according to the real estate agents. In the same city, foreign direct investment has grown at a good pace over the last 10 years, at an annual average of 9.1 percent. This growth rate is higher than the national average rate (6.6 percent) and that of the 28 EU member states (5.3 percent).
In the second quarter of 2019, the price of houses for the first time exceeded the national average, with a record of €1.034 per square metre, according to data from the National Institute of Statistics (INE).
Michael Vincent, CEO of Berkshire Hathaway HomeServices Portugal Property, states that “Porto is a passionate and attractive city for foreign and domestic investment. The opening of our office as Berkshire Hathaway HomeServices Portugal Property in this city testifies to our dedication to the Porto market and the knowledge we have of its potentials. It will ensure broader geographical coverage with a team of dedicated professionals and a deep understanding of the challenges and characteristics of the real estate market in Portugal”.