Q1 Market Report

Article written by Tuesday Roberts

It has been a fantastic start to the year here at QP Savills!

We kicked this year off with lots of excitement and it has been beyond all of our expectations.

With global markets being extremely volatile, political instability and inflation remaining high, here in ‘Europe’s leading tourist destination’, life seems as sunny as ever.

Here is a brief summary of what has been happening at QP Savills this quarter:

We have agreed on an astonishing 23 sales in this first quarter, which accounts for over €97 million worth of property! This number is 9% higher than Q1 of 2022. 

In Q1, we received enquiries from 300 new clients with 71% of these from digital platforms. The push for online marketing and social media strategy has achieved a following of over 6,000 people, throughout multiple platforms.

In the last quarter of 2022, we had website visits from over 73,500 people which increased by 16.6% to exceed 85,700 in this first quarter alone. UK customers still account for almost 50% of the total website visits with the US web-based network increasing by 157% year-on-year.

In 2022, we successfully sold a property in Quinta do Lago at the highest ever recorded here at QP Savills, (if indeed in Portugal), at €18.5 million. Year-to-date we have already succeeded this number twice!! Our ‘Special Agents’ have recently sold two properties exceeding €20 million each, which is a testament to the incredible listings we have amongst us in The Golden Triangle and the calibre of clients who are attracted to this area.

We are proud to say that QP Savills continues to hold an impressive 70% share in the local housing market.

Here at QP we recorded the average price per square metre being over €13,500 which is 603% higher than the average price per square metre in Portugal.

This quarter, sales have, again, been dominated by British buyers, who have accounted for 70% of total sales however, there is a greater influx of clients from further afield, including investors from Argentina, Peru, India and America. 

Since Q1 of 2022, construction costs have increased by 9.1%, which explains the general preference to purchase fully constructed properties rather than plots. However, the global ‘race for space’ is among us and there are some very special future developments underway.

As mentioned in the market report for Q4 2022, QP Resorts and Developments, Consultancy and Sales, will be run from our offices located at the entrance of Vale do Lobo to focus on the increasing demand for developments.

Portugal was voted the number one place to retire by the International Living Retirement Index, the 6th safest country to live in across the globe by the Global Peace Index and ranked 12th by the World Health Organisation, which suggests an even stronger trend for buying in Portugal going forward.

Some of our Special Agents are planning a trip to the States, as we note the influx of American buyers here in the “California of Europe”. We have recently launched a marketing campaign in the USA and hope to strengthen our American networks with the emerging demand.

Earlier this year, members of our team attended the Savills Global Residential Conference, which took place in Lisbon. The event proved to be a massive success, proudly bringing together over 160 colleagues from 20 countries across the globe. Alison Beuchner Hojbjerg, co-owner and director of QP Savills, was a member of an all-female panel and said, ‘The day was full of pleasant surprises, and we are extremely grateful for being acknowledged as one of the most enduring and successful performance associates globally in the Savills Hall of Fame’. Click here to read more.

We are a dedicated team and work hard to achieve the best outcomes for all of our clients. We strive to continue to be your ‘Best Sellers’.

Spread over three offices located in Loulé, Vale de Lobo and Quinta do Lago, QP Savills is one cohesive team and the support of one another is reflected in the internal working dynamics of the company.

We are continuously reflecting on our customer satisfaction and feedback, whilst making a big effort to consciously make changes when needed. The success of moving our servers to the cloud, has resulted in our clients’ data being much safer and the access to information being much quicker, resulting in smoother customer service. If you have any feedback, we are always grateful to hear from you. Please call us on +351 289 396 073 or even better come and see us in one of our offices.

All of us here at QP Savills are raring to go for what the rest of the year will hold. We’d like to thank everyone for making this first quarter so memorable and for the continuous support given to us over the last 25+ years.

Please call us if we can be of any help. We look forward to hearing from you.

info@qp.pt| +351 289 396 073  | qp.pt