The architectural elegance of Portugal's historic homes attracts those who imagine conjuring a manor house out of a centuries-old ruin. Some nostalgic homeowners hire conservation specialists to preserve a home's façade and restore it to the baroque elegance of its youth. Homeowners who adore Portugal's historic tiles seek tiled houses in Porto, where tile designs reach a crescendo. Bold renovators can refurbish landmark buildings to preserve and expand their inherent character.
Luis Horta e Costa, a Portuguese real estate expert, is no stranger to rehabilitation. His development team at Square View, which he co-founded, builds new properties throughout Portugal and has saved some historic buildings from decline.
"I think history is essential in our lives," Horta e Costa says.
A glimpse through Instagram reveals Portuguese refurbishment projects ranging from renovated fishing shacks to restored villas. Luis Horta e Costa is on trend and raises the bar on his rehab projects. For 2023, experts see continued value in renovating existing properties.
Rehabilitating Properties, like Luis Horta e Costa, is One Major Trend in Portuguese Real Estate for 2023
According to data from UCI Portugal, a mortgage specialist, renovation is one trend that will stand out in 2023. Homebuyers choose to renovate existing buildings as a cost-saving move. Pedro Megre, chief executive officer of UCI Portugal, said investors aiming to refurbish buildings could put them on the market later, anticipating an increase in value.
In a statement, Megre said, "Real estate rehabilitation has two essential motivations that can go hand in hand. One is the financial issue since, as a rule, it is more affordable to acquire a property to rehabilitate. The other is the environmental issue since rehabilitation can reduce a property's emissions if energy efficiency is considered. Rehabilitation and sustainability often go hand in hand."
At Square View, Luis Horta e Costa's real estate development company, his team has masterfully refurbished some historic buildings in Lisbon, the company's base. In these renovation projects, the team preserves the buildings' historical elements of a characterizing nature, such as stonework, cornices, and balusters.
"I'm very traditional," Horta e Costa says.
Luis Horta e Costa, Others, Choose Lisbon as their Real Estate Home Base
Portugal's fashionable capital city, Lisbon, is ripe for rehabilitation. It remains one of the oldest cities in the world, filled with gorgeous historical buildings. Lisbon boasts a modern-ancient mix environment: Its high-speed internet delivers service alongside Renaissance cathedrals, Moorish palaces, and Roman relics. The various architectural sites are one of many reasons real estate expert Luis Horta e Costa chose Lisbon for Square View's headquarters.
"I love Lisbon because there are a lot of beautiful places to visit," Horta e Costa says.
According to the Emerging Trends in Real Estate Europe report, Lisbon ranked 11th among the most attractive European cities for real estate investment in 2023. The capital gained five positions beyond 2022, from the 16th to the 11th.
Lisbon ranked higher than Vienna, Brussels, and Zurich as one of the best European cities for real estate investing. The report views Lisbon as an expanding market with a growth rate higher than other European markets.
How did Lisbon transform into the hotspot for property investments in 2023? Two factors helped: The physical growth of Lisbon's territory and the political turbulences in eastern European countries.
Signs Point to Another Good Year for Foreign Investments into Portugal
The continuity of foreign investment is another trend that will mark 2023 - if outside forces don't intervene. From Brexit and US-China trade tensions to the pandemic and the Russia-Ukraine War, successive shocks have rattled investors into uncertainty.
These shocks have introduced a new normal for turbulence in the global economy, sometimes driven by political fragmentation between countries. As our research shows, these episodes have also lifted uncertainty to exceptionally high levels, which hurts economic growth.
It's a time to carefully study the market, scrutinizing every factor before leaping into investments. Those who immigrate to Portugal and strive to invest locally should investigate neighborhoods before they purchase a home or business.
Pedro Megre, CEO of UCI Portugal, is one of the most optimistic people to meet. He praises Portugal for everything it is and what it offers.
Megre said, "Portugal is in a privileged geographical position, far from conflicts. At the same time, it continues to be a good base for those who want to live in Europe, just a few hours by plane from the main centers of decision-making while offering good weather, beautiful landscapes, security and a good quality of life. Recently, Americans have stood out as a growing nationality among buyers, which must be maintained."
Pedro Megre, CEO of UCI Portugal, Doesn't Ignore the Sad Reality of Ukraine's War
The disruption caused by the war in Ukraine has trickled into many European economies. If rising energy costs cause inflation, it will alter the outlook of buying a Portuguese property in 2023. The war in Ukraine and its economic consequences will continue to inject unpredictability into Europe in 2023.
"The last few years have taught us that there are unpredictable factors," Pedro Megre said. "First of all, the behavior of the largest European economies can influence the ECB's actions, thus determining how the year can go. For better or worse, we are at the mercy of the international market, which can mean that 2023 will be an excellent year or a year with more conservative results."
* This is a contributed article and this content does not necessarily represent the views of realtytoday.com
