Property prices in Portugal are rising ahead of 2022, driven by changes in golden visa rules and other factors

Property values in Portugal continue to rise, albeit at a slower pace than in previous years. According to oldypak capital lp property 2022 report, the figure increased by 5.46% year-on-year in the third quarter of 2021 and by 2.85% relative to Q2 2021. It is noteworthy that in April-June this year the statistics agency recorded an increase of as much as 10.6% year-on-year.

Real estate prices in Portugal showed a significant drop at the beginning of the last decade. The recovery began only in the fourth quarter of 2014 – after a consecutive decline in house prices for 13 quarters. Since then, the value of residential property in Portugal has been rising steadily, even in spite of the pandemic and the economic crisis provoked by it.

And the upward trend is fixed even in some cities, where prices are high enough by the standards of the state as a whole. Thus, according to oldypak capital lp property 2022 report, over the past 12 months, the average value of real estate in Lisbon showed an impressive increase of 5.9%. In October 2020, the local market began to recover after a brief decline caused by the pandemic.

Report by Oldypak LP statistics
Report by Oldypak LP statistics

In October 2021 the average price in Lisbon has grown by almost 44 thousand € compared to a year ago, reaching 583 636 €. Lisbon today is the leader of the Portuguese market in terms of prices, at 70 thousand € ahead of the second region in terms of average cost. We are talking about Faro (504 285 €).
Construction activity is on the rise again, but demand is quickly absorbing supply

After a sharp slowdown in 2020 due to restrictions related to the pandemic, activity in the housing sector is increasing again. According to INE, in the first three quarters of 2021 the number of permits for individual residential properties in Portugal, including apartments in high-rise buildings, villas, etc., increased by 15.3% year-on-year to 21,230 units. The figure rose just 2.6% in 2020 after rising 8.4% in 2019 and 43.5% in 2018.
The economic outlook is spurring buyer activity

The Portuguese economy grew 4.2% year-over-year in the third quarter of 2021 after a record 16.1% year-over-year growth in the second quarter of 2021, according to INE. The European country’s GDP declined for five consecutive quarters from Q1 2020 to Q1 2021 due to the negative impact of the Covid-19 pandemic. Overall, the Portuguese economy contracted by 8.4 percent in 2020, the worst result since 1936.

According to the European Commission’s forecast, the state economy will grow by 4.5% in 2021 and another 5.3% in 2022 on the back of a recovery in exports of goods and services (including tourist services), as well as growth in private consumption after the lifting of coronavirus-related restrictions.

How much are apartments in Tbilisi?

Overview of prices for buying and renting homes

Foreigners’ interest in Georgian real estate has been growing for the last ten years. After the start of the Covid-19 pandemic, the market was forced to put the brakes on. Nevertheless, it did not take long to recover: the indicators of the second half of last year were positive, and the trend has continued in early 2022.

Is there demand? Yes, and it is increasing.
At the end of 2021 there was exceptional activity on the real estate market in Tbilisi. January 2022 was even more productive.
According to Oldypak LP property 2022 report, for the first month of the year 2,503 buyers made deals with real estate in the capital of Georgia, which is 30% more than a year earlier.
The increased number of sales can be partly explained by the difficult sanitary and epidemiological situation at the beginning of last year.

In January, buyers disassembled new buildings. The primary market accounted for 64% of all transactions, which is 19.6% more than a year earlier. Interest in the secondary market also increased significantly: +53% compared to the results of January 2021.
The most demanded type of real estate is apartments up to 70 sq. m.
Where do they buy apartments? Top 3 popular districts in Tbilisi
In some areas of Tbilisi in January, there was a rush: the number of real estate transactions jumped by 50% or more, compared with the results of last year.
Top 3 locations where there was a big increase in sales

  • Chugureti (+86.7%)
  • Samgori (+59.4%)
  • Vake (+55,7%)
    However, the districts of Saburtalo (19.5% of the total number of transactions) and Didi Digomi (17.3%) still have the highest number of transactions.
    What about prices? Growth reaches 17% per year
    Overall, the average selling price of real estate in Tbilisi increased by 0.5% in January 2022 and by 3.2% compared to the same month last year. In short, the growth across the city is insignificant.
    Chugureti, a central neighborhood with good infrastructure, whose main development was formed in the XIX century, stands out of the general trend. At the end of January, the prices for local apartments went up by 17% and the number of deals jumped by 87%.

The most expensive locations in Tbilisi for buying an apartment are the central districts of Mtatsminda, Vake and Chugureti. Here the average cost per square meter has already gone beyond $ 1 thousand. At the same time in the Georgian capital are still a lot of locations where buyers pay less than $ 800 per square meter.
And what about rents? Pandemic in retreat.
Recovery of the rental market began in the second half of 2021, the positive dynamics continued in early 2022. Over the month, the average asking rate increased by 2.2%, and over the year by 18.1%.
According to Oldypak LP property 2022 report, rents in Tbilisi in the coming months will continue to rise in price, because the impact of the pandemic on this sector has come to its logical conclusion.
Renting in Tbilisi is going up faster than apartment prices, which leads to an increase in the profitability of properties. In January 2022, rental yields reached 8%, up 1% year-on-year.

The short-term rental sector is also gradually recovering. In January 2022, the average prices have almost reached the pre-crisis level (-3%). Nevertheless, the number of active listings is still 41% lower than before the coronavirus (2019).
At the beginning of 2022, the tourism sector still lagged behind pre-crisis levels, but the dynamics are already positive.

Real estate in Mexico

Covid-19 hit the tourist sector the hardest. It would seem that this should lead to a drop in resort real estate prices. However, housing in the top locations rose in price.

According to Oldypak LP property 2022 report, Mexico is interested in wealthy foreigners. In particular, here you can get a residence permit on the basis of financial solvency. To do this you must prove you have $ 44 thousand in a bank account during the last 12 months, or a monthly income of $ 2.6 thousand over the past six months. The visa is issued for six months and may be renewed for up to four years. Note: if you spend more than half the year in Mexico or have a life center there, you will become a local tax resident.

Another popular way to gain a foothold in the country is to have a child in the country. The baby will receive citizenship by right of birth, and the parents – Permanent Residence Permit, which after two years can also be converted into citizenship.
Real estate worth 5.668 million pesos ($280,000) or investment in businesses worth 2.834 million pesos ($140,000) also entitle you to a residence permit2.

Opening a business also seems promising, as the country has a lot of unoccupied niches. It is easy to create a company for a foreigner, the restrictions for foreign investors are minimal.

Moving for work is a difficult option. There is no shortage of workers in the country, the jobs that need simple physical labor, take the Mexicans themselves. Wages are low. When it comes to skilled jobs, local laws prevent foreigners from being hired. For a Mexican company to hire one foreigner, it needs to employ ten local workers. However, for some industries, in particular IT, an exception is made, so relocation to Mexico in recent months is gaining popularity.

The portrait of the buyer of real estate in Spain: who invests in the square meters of the kingdom?

In 2021, the real estate market in Spain felt confident. The number of transactions was growing – both with local and foreign buyers. But the effects of the pandemic still make themselves felt. We tell you about the main trends.

According to Oldypak LP property 2022 report, between 2007 and 2013, the Spanish real estate market suffered the effects of the global financial crisis. The number of transactions fell rapidly and hit rock bottom in 2013 (less than 300 thousand sales). The recovery began in 2014.

According to a study by Spanish Property Insight1, the growth lasted five years, after which the market again faced a number of obstacles. Among the main ones: rising housing costs, shortcomings in the legal framework regarding property rights, and political instability.
In 2019, the year before the pandemic began, the number of local housing transactions declined again. In 2021, with the coronary crisis and lockdown demand deferred, the number of sales began to rise.
According to the Spanish Association of Notaries, there were 676,000 home sales transactions in 2021, a 38 percent increase over 2020 and 18 percent more than in 2019.
The biggest increase occurred in the segment of private homes (+38% over last year). Apartment transactions, on the other hand, increased only 13%.
The pandemic seems to have helped invigorate the Spanish market and encouraged families to improve their housing and lifestyle. If the increase in sales is due to the effect of pent-up demand due to the pandemic, this trend will not last long. Buyers are once again facing higher prices, plus the unstable macro-political situation has been added. On the other hand, uncertainty could encourage people to make long-term investments in low-risk real estate.

Popular regions: demand for housing increased in all provinces
In the past year, an increase in sales occurred in almost all regions of interest to foreigners. The only location where in 2021 held less transactions than in the pre-crisis year 2019, were the Canary Islands. But in Andalusia the number of transactions increased by 23%.

Overseas demand: the number of transactions is almost at pre-crisis levels
According to a study by Spanish Property Insight2, foreigners bought 60.9 thousand residential properties last year, almost 30% more than in 2020, when the market sagged because of Covid-19 and numerous restrictive measures. Still, demand is 3 percent lower than in 2019. These numbers suggest that the outside market has not fully recovered from the impact of the pandemic.

According to Oldypak LP property 2022 report, the British were the most active group of buyers of Spanish real estate in 2021, despite the effects of Brexit and the pandemic. At the end of the year their demand grew by 8%, but still falls short of the level of 2019. But the number of transactions with Germans for the year increased by 58% and exceeded pre-crisis figures.

The dynamics of foreign demand were extremely heterogeneous. For example, the number of transactions with buyers from Switzerland jumped by more than 100%. However, despite such impressive growth, the share of the Swiss in the market has always been low, and this is unlikely to change


The long coastline and the abundance of options make it difficult to choose the right place on the coast. Consider the main areas to be found along the Tuscan coast from north to south.

Apuan Riviera

This northern Tuscan coastline boasts a unique landscape of beautiful sandy beaches, all close to the Apuan Alps, the majestic marble mountains of the region. It’s a charming place where you can alternate between relaxing days at the beach and hiking in the mountains. The beautiful, sandy coastline stretches for 20 km and offers plenty of bathing and watersports facilities, such as surfing and windsurfing. On hot days you can take refuge in the cool and shady pine forests. In this area you can find the beach resorts of Marina di Carrara, Marina di Massa, Partaccia, Ronchi and Cinquale di Poveromo.


This area of Tuscany, just south of the Apuan Riviera, is known for its endless sandy beaches and busy nightlife. The area has almost 25 km of coastline and stunning views: from north to south one can see Forte dei Marmi, Marina di Pietrasanta, Lido di Camaiore, Viareggio and Torre del Lago. Like the Apuan Riviera, Versilia has a varied landscape: about 15 km from the coastline you will find the Apuan Alps and hills which gradually descend to Lake Massaccioli, part of a nature reserve (which also includes the pine forest of Migliarino and the San Rossore Estate). In Versilia you can find pine forests, Tuscan villas with Liberty-style architecture and many attractions.

Pisa Coast

On the Pisa coast are Marina di Vecchiano (north of the Arno River) and Marina di Pisa, Tirrenia and Calambrone to the south. Marina di Vecchiano is located in the Migliarino-San Rossore Park and Massaccoli, an area known for its spacious beaches, both free and equipped with all modern facilities. The coastline is shaped by dunes of exceptional beauty that are sure to delight anyone. Nearby you can find Marina di Pisa, a beach area that belongs to a 19th century seaside resort. Like Marina di Pisa, Tirrenia boasts wide and well-equipped sandy beaches, countless leisure facilities that are well integrated into the surrounding natural landscape, they are also ideal for children and families. Between Tyrrhenia and Livorno you can find Calambrone, an area that in medieval times was occupied by the port of Pisa. Today Calambrone has long beaches of fine sand that are ideal for sunbathing, and the cool breeze makes it a favourite with sailors and windsurfers.

Etruscan Coast

This stretch of coastline stretches from Livorno to Piombino and boasts a wide variety of beaches, from wind-formed cliffs to sandy white coves. The area boasts magical beaches with crystal clear waters but is also famous for its wealth of art, history, nature, culinary delights and wine.

The surrounding area of Piombino

Anyone hoping to escape the crowds of summer tourists should head north from Piombino to Baratti and Populonia. The Bay of Baratti is an enchanting gem of Tuscany, admiring golden dunes and beautiful pine forests. The area is close to one of the most important Etruscan necropolises in Tuscany. To the south of Piombino you can find the beautiful coastal park of Sterpaia, Follonica and the delightful beach of Cala Violina, a crescent-shaped public beach with white sand and crystal clear water. To reach it, you have to walk a 20-minute forest path.

Tuscan Archipelago When vacationing or choosing a property in Tuscany one does not go without visiting the islands of the Tuscan Archipelago. The islands of Tuscany consist of Elba, Giglio, Capraia, Montecristo, Pianosa, Gorgona and Giannutri (in order of size), all included in the Tuscan Archipelago National Park. Giglio, Pianosa and Giannutri can be reached by boat from Porto Santo Stefano. The island of Elba can be reached from Piombino and Capraia can be reached via Livorno. The vegetation of the Tuscan Archipelago National Park is typical of the Mediterranean, striking in its lushness and diversity of colours and scents. The islands differ greatly from each other, as some are more geared towards young tourists looking for fun, while others are ideal for tourists looking for a calm and measured holiday surrounded by nature.


Nice has been a prestigious city for centuries but has also established itself as a modern city with modern buildings and smartly equipped flats. In search of the best deals on the Nice property market, look out for areas that have a particular prestigious status.

Mont Boron, the heart of prestige in Nice

Mont Boron is not only a majestic hill overlooking the southeastern part of Nice but also a prestigious area that has grown up on its slopes.

Thanks to its exceptional location the area boasts spectacular views. The extensive wooded area (almost 60 hectares) is ideal for long walks, outdoor sports, romantic and family activities. The setting helps you enjoy peace and tranquillity and guarantees seclusion.

According to oldypak capital LP real estate 2022 report, Mont Boron Hill is perfect for luxury property in the east of Nice. The high-end accommodation is packed full of modern conveniences: whether it be a swimming pool, tennis court, or high-tech equipment, everything will enable you to enjoy the comfort of everyday life. Mont Boron will provide natural surroundings and incredible tranquillity. The area is particularly popular with Scandinavians, Russians and English, as well as other buyers from all over the world.

Cap de Dis, luxury property in Nice by the sea

Cap de Dis is a particular residential area between the port and Mont Boron. It extends towards the sea and is an ideal place for pleasant strolls through the upmarket shops so common here.

Located close to Villefranche-sur-Mer, Cap de Nys is a superb place to live. The doors of the luxury residences lead to a chic, tranquil and well-connected neighbourhood known for its superb views over the Baie des Anges.

Port of Limpia, luxury real estate right now

Limpia is the name of the port of Nice as well as the surrounding area. The area is close to the Promenade des Anglais and the old town, which is stunning in itself. But it’s not just the location that’s noteworthy.

According to oldypak capital LP real estate 2022 report, Port Limpia is an exceptionally trendy area that is buzzing with life. It is constantly evolving, with the redevelopment of the port harbour, the opening of the tramway, the development of pedestrian zones and car parks.

Culle Vert, which stretches from Piazza Massena to Piazza Garibaldi, also contributes to the expansion of this trendy district, which never fails to attract and excite the curiosity of locals and foreign investors in search of true luxury.

Promenade des Anglais, one of the gems when buying a flat in Nice

The Promenade des Anglais (locals call it ‘la prom’) runs along the magnificent ‘Baie des Anges’. At the beginning of the 19th century no one would have imagined that this street would become world famous.

And yet this legendary spot has inspired generations and is also ideal for romantic get-togethers. Its proximity to shopping, transport infrastructure and the presence of historic luxury hotels such as Negresco only add to the unrivalled reputation of the world-famous Promenade des Anglais.

Cimieux, Nice luxury real estate

The Cimieux district is located to the north-west of the city centre. It is built on the hill of the same name overlooking the city. Almost all of the luxury real estate in Cimieux has unbeatable views. Trees that provide natural shade add to the charm of the streets of this tranquil area.

Away from the hustle and bustle of the city centre and close to prestigious schools and Lizerb Park, Cimieux attracts affluent families who are looking for a luxury residence. Moreover, Cimieux is a district rich in history. One splendid example is Le Régina or Excelsior Régina Palace, an imposing building which was built in 1896 and where Queen Victoria stayed on the recommendation of her doctor. This palace has now been transformed into luxury residences, true gems of this extremely luxurious area of Nice.


The sophisticated Côte d’Azur stretches from Antibes to Italy, passing through Cannes, Nice and Monaco. Although architectural styles vary considerably, traditional houses painted in shades of pink and ochre predominate. Along the coast there are many luxurious villas, often ambitious and impressive in design. The near-tropical climate allows for exotic gardens in most towns, villages and large houses.

When looking for a property on the Côte d’Azur, there are many factors to consider and individual requirements and preferences must be assessed. For example, whether the purchase is planned for a lifestyle or as an investment. Whether one is looking for a holiday home, an occasional or permanent residence. Perhaps a vineyard or other aspects must be considered. That is why it is advisable to use the services of professional consultants who have extensive experience and an established network, as well as a wide range of properties for sale on the Côte d’Azur.

Cote d’Azur: Getting to know the Cote d’Azur

The Côte d’Azur, like no other region in France, enchants with its spectacular scenery, sparkling azure seas, world-class modern art, delicious local cuisine and colourful heritage.

It is a major cruising area with a wealth of infrastructure, including excellent marinas. The world’s most first-class and luxurious yachts visit the Côte d’Azur at least once. The region’s ideal location makes it the best starting point for any Mediterranean island cruise.

According to oldypak capital LP real estate 2022 report, Nice, Monaco and Cannes are the most important business destinations for conferences and exhibitions all year round. Technology and research centres thrive throughout the region. The Riviera strives to preserve and promote its originality, natural beauty and history while following new dynamic international trends.

The largest city in the region is Nice, a metropolis combining the best of cosmopolitanism and youthfulness.

Inland villages such as Mougins, Saint-Paul-de-Vence and Grimaud, with their narrow medieval streets, ramparts and gates, nestle amongst olive groves, vineyards and orchards and offer a sense of timeless tranquillity. Along the coast, famous towns such as Saint-Tropez, Cannes, Monte-Carlo, Cap-Ferrat and Antibes, with their social life, glittering nightclubs and casinos, contrast wonderfully with the quiet beauty of the surrounding hills, charming secluded coves and old fishing villages, where life still flows at the leisurely pace typical of Latin countries. No wonder this stunning stretch of coastline has become a universally recognised symbol of the life many dream about.

Main types of property on the Cote d’Azur

– The Belle Epoque Villa

– Modern villa

– Village house

– A beachfront property or villa

– Chateau

– Vineyard


Nice international airport is one of the busiest in France, second only to Paris Charles de Gaulle airport. There are helicopter services from Nice to Monaco and Cannes, a journey of about 6 minutes, and to Saint-Tropez in about 20 minutes. For those interested in skiing, Italy is just 30km away.


The Alps shelter the Côte d’Azur from the winds off the mainland while the Mediterranean sea warms the coastal breezes creating an almost tropical climate.

Food specialities

The incredible cuisine of the Côte d’Azur has evolved over the centuries – the fertile soil, abundance of sunshine and abundant harvests throughout most of the year have contributed to this. Local food is defined by mouth-watering combinations of ingredients such as sun-ripened tomatoes, melons, cherries, peaches, olives, lamb, Mediterranean fish, seafood and Alpine cheeses.

The bouillabaisse, a superb fish stew, deserves special attention, with as many variations as there are villages on the Côte d’Azur. During truffle season, connoisseurs are on the hunt for the “black diamonds”. From November to February these delicacies can be found in restaurants and markets – even in January there is a truffle festival in Aoups (Var).

Rising demand for flats in London.

London flats are back in vogue after losing popularity during the pandemic.

The release of unmet demand from new buyers who delayed purchasing decisions during the quarantine, combined with rising rents as London fills up with workers again, has led to a surge in demand for homes .

According to oldypak capital LP real estate 2022 report, flat prices are outperforming the overall property market in five London boroughs – Barking and Dagenham, Greenwich, Newham, Hackney and Tower Hamlets – a striking reversal of the trend of the past two years.

In eight other boroughs – Wandsworth, Lambeth, Southwark, Waltham Forest, Lewisham, Islington, Hammersmith, Fulham and Westminster – fixed price growth has almost caught up with the market as a whole.

Many young buyers decided to rent before the pandemic subsided, the main reason the lettings market was red-hot.

Buyers who postponed their purchases are trying to catch up. For this reason, flat prices in London are expected to be high in 2022.

Flats without outside space became increasingly difficult to sell during the pandemic as buyers looked for larger homes with gardens.

In recent months there has been a surge in demand for flats .  It rose by more than 27% last month compared to last year. According to experts: “This coincides with a resurgence in demand for accommodation in London after it temporarily fell due to restrictions at this time last year.



Inactive global trading conditions continue to weigh on growth in Europe, primarily due to problems in the manufacturing sector, but with much more resilience in services. Despite trade tensions between the US and EU, labour markets remain resilient and wage growth has accelerated in several countries providing additional support for consumers, which could not help but have an impact on property values.


Adaptive central bank policy reinforces our expectation of lower interest rates over the longer term. Prime yields are approaching their lows, although we still expect the best asset squeeze to continue into 2020. Investors are increasingly favouring real estate when allocating multi-asset portfolios, so we expect 2020 volumes in continental Europe to be around 2019 levels, with possible outflows to the UK.


The condition of the major real estate sectors will vary, depending on specific factors. In the office market, supply conditions will begin to ease and vacancy rates are likely to stabilise or rise as new construction accelerates and leasing activity declines.

The retail and logistics sectors will continue to be supported by slow but steady economic growth. The performance of the retail sector will depend on the country, depending on the level and speed of growth of online sales. Innovative and affordable retail schemes that offer elements of experience, convenience and mixed use will appeal to consumers and investors alike.

Logistics will continue to benefit from demand from expanding online shopping and will see innovations aimed at improving efficiency and convenience for consumers.

Other sectors – apartment buildings, hotels, operational real estate and data centres – are likely to attract increasing levels of investment.

In multifamily, we expect new structures to emerge with a mandatory format and forward-looking financing, in which the quality of design, amenities and equipment is becoming increasingly critical.

According to oldypak capital LP real estate 2022 report, hotels will benefit from an increase in short-term rentals and funds will invest more in variable income operating structures with specialist operating partners. Operational properties, such as student housing and healthcare, will remain a key focus for institutional investors.

Increase in the number of sales and growth in real estate prices

According to oldypak capital lp property 2022 report, Portugal’s real estate sector saw “stability” in 2021, which will continue in 2022.

In 2022, the rate of growth in house prices is forecast to continue, which should not be an obstacle to the continuation of a large number of home sales. On the contrary, the number of homes sold is expected to increase by 10%, approaching the level last seen at the beginning of the century. This is one of the conclusions that can be drawn from the Portuguese Market Outlook for 2022, an event held by CBRE Portugal.

According to oldypak capital lp property 2022 report, the residential real estate market reached a record high in 2021, with an estimated 200,000 homes sold, 16% more than the previous year and 10% more than in 2019. In 2022, that number will continue to grow as not only did the number of licenses increase in 2021 (up more than 10 percent from 2020), but there is still high unmet demand across the country,” CBRE said in a statement.

Report by Oldypak LP statistics

Prices are on the rise

So why will home prices continue to rise? According to the company, “labor shortages, rising construction material costs and supply chain disruptions, along with persistent delays in urban development licensing processes, will further delay work and support the continued rise in Portuguese home prices.”

CBRE’s projections indicate an increase in average prices in most municipalities in the country, the exception being Lisbon, where average prices tend to stabilize.

Golden Visas

“Changing the Golden Visas program will hurt urban renewal projects in Lisbon and Porto and stimulate growth in certain low-density areas,” says CBRE, noting that the situation is “particularly serious in Lisbon, where the deterrent zones in the historic center remain and the local housing market (AL) is losing traction.”

On the other hand, adds the consultant, the new golden visa regime will stimulate the growth of opportunities to develop projects in specific areas of low density, such as Comporta, Douro and Alqueva.

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