In prime areas of Lisbon there are 12 thousand buildings to rehabilitate

 

Figures advanced by Francisco Quintela, partner and co-founder of Quintela & Penalva, which operates mainly in the prime segment, reveals that only in the historic center of Lisbon we find approximately 70% of the commercialization of rehabilitated buildings, with average prices up to 35% more. compared to what happens in the rest of the city.

 

And as the increase in demand raises prices, the official says that there is a 9% increase in Lisbon's historic center compared to 2016. In the last five years the investment in rehabilitation amounted to 600 million euros. Francisco Quintela also assures that the prospect "is to increase in the next two to three years, given the interest in these specific properties by investors with the financial capacity to do so."

 

There are apartments in Lisbon with prices between 10 thousand and 12 thousand euros / m2

 

The head of Quintela & Penalva also reveals that some data indicate that the average value of real estate in Lisbon, in its premium locations, is 6,800 euros / m2. "When we find that the rehabilitation in the historical zones is 6,400 euros / m2, and that it is in the historical zones that we find the most expensive projects, with apartments that can be between 10 thousand and 12 thousand euros / m2, we can then consider that in many situations, rehabilitation values ​​already hit new housing. "

 

Ricardo Sousa, Administrator of Century 21 Portugal, is also of the opinion that in the historical zones, there is a deep transformation of buildings and their use, together with a considerable increase in the number of visitors to the city. "The combination of these factors is allowing these areas of the city to gain a great attractiveness for real estate solutions for tourism purposes and also for a premium segment of housing," he explains.

 

And because there is a clear lack of supply of new construction, consequently, rehabilitated properties stand out and attract a large number of stakeholders. "We do not consider prices to be inflated, but we note and regret the excess concentration of supply in the middle and high-end segments," says Ricardo Sousa.

 

Rehabilitation also attracts in Porto

 

As for the city of Porto, Joana Lima, head of the consultancy Predibisa for the Rehabilitation segment, ensures that currently the greatest demand is in the Historic Center, the charm of the buildings and the associated profitability. "There is still a demand that is higher than the supply, both of buildings to be rehabilitated and apartments already rehabilitated, which has provoked an increasing dynamic of value per square meter. In some arteries such as Rua das Flores and Rua Mouzinho da Silveira, we have seen an increase of 25% of the value per year ", he points out.

 

It also shows that depending on the area and the quality of the intervention, average prices are between 2,700 and 6,000 euros per square meter.

 

"The demand in Baixa has been steady and growing, especially in buildings with historical characteristics that are being rehabilitated. This process is similar to what happened in other European cities with a historic hull of great architectural quality, revealing that these are currently the most valued areas. Porto is just following this trend, "he admits.
 

in diarioimobiliario.pt