Lisbon continues to attract foreign investment in the luxury segment and ranks 11th among the cities where prices rise the most. The data comes from the Prime Global Cities Index, a report by property company Knight Frank, of which the Portuguese firm Quintela e Penalva has been a partner since 2021.
In the data collected and presented for the first nine months of 2024, of the 44 cities monitored, the majority (29) registered an increase in prime residential prices compared to last year. Housing prices in the Portuguese capital rose by 5.6%, and are ahead of capitals such as Madrid, Seoul, Dublin, Zurich, Sydney, Monaco or Geneva.
Manila continued to register a notable increase - it ranks first - with growth of 4.6 per cent in the last three months and an annual increase of 29.2 per cent driven by strong economic growth and increased consumer confidence. This Knight Frank study also reveals that prices worldwide have slowed in the last three months, including Lisbon, which has gone from a 12-month growth of 5.6 per cent to 1.6 per cent in the last three months.
Liam Bailey, global head of research at Knight Frank, emphasises that ‘this recent slowdown in global price growth reflects the need for additional stimulus through further interest rate cuts before prices can strengthen again. We believe that the wave of cuts planned for 2025 will support further house price growth in the medium term.’
From the perspective of Francisco Quintela, founding partner of Quintela + Penalva, Knight Frank's partner in Portugal, ‘the national market continues to be attractive to foreign investment, our economic stability is giving positive signals to the outside world and some interesting product is emerging that captivates both national and international investors’.
