Experience in the real estate market: nuno durão, fine & country portugal
Posted: Tue Dec 10, 2024 5:21 am
Nuno Durão is Managing Partner of Fine & Country Portugal, an agency specialising in the Portuguese luxury residential market and which has just won the award for “Best Real Estate Agency in Europe”.
In this interview, Nuno explains how the real estate market works and how to succeed in it.
Fine & Country Portugal primarily targets international clientele and helps to spread the word about the Portuguese government's plans for foreign real estate investment.
How has the luxury real estate market in Portugal evolved over the last ten years?
Portugal was not a destination that the international market went to in search of properties. But the real estate market has always been influenced by the returns it offers. A change like the one we are seeing now is never caused by a single cause, but by a combination of factors that all work together.
In 2012, in the midst of the financial crisis, the Portuguese government introduced two laws to attract investment: the Golden Visa and the Tax Regime for Non-Habitual Residents. Both factors, together with instability in Arab countries, the lack of security in some European countries, the rise in taxes in France for example, and the fall in flight prices due mainly to the boom in low-cost offers, made Portugal the most attractive destination in Europe.
The fact that it is not too close but not too far either, its central location, the peace and quiet, how well everyone speaks other languages, the climate and the food make Portugal an ideal destination. Not to mention that the emergence of tourist accommodation through new platforms such as Airbnb has caused rentals to skyrocket.
More demand, less supply and better performance have pushed up the market price of the best areas from 3,000 to 10,000 euros per square metre, allowing urban renewal and the transformation of Lisbon and Porto into even more important tourist attractions.
What are the expectations for the luxury real estate market in 2019?
Portugal, and in particular Lisbon and Porto , remain the only urban centres in Europe that have access to beaches and have retained their charm while remaining modern and peaceful. That is why tourism will continue to grow, even with the new airport that is planned to be built in Lisbon.
The influence of internationally known names such as Madonna, Eric Cantona, Phillip Stark and Michael Fassbender, who have decided to settle here, will continue to influence the international real estate market, as well as social media and other aspects.
As Portugal is a fairly small country, there is every reason to believe that demand will increase while supply will be scarce. That is why the market is expected to experience further growth, especially as Lisbon and Porto remain two of the cheapest cities in Europe.
Fine & Country Portugal has just received the award for 'Best Real Estate Agency in Europe' at the International Property Awards 2018-19 and the award for 'Best Operator Abroad' at the Fine & Country gala dinner in January.
As Managing Partner, to what would you attribute these successes?
For a Portuguese company to receive ebay database international recognition and awards, it must be hard-working and professional in everything it does. To be specialized in clients of different origins, languages and cultures, it must be a company committed to and attentive to the potential buyer.
The dedication that Fine & Country Portugal has put into this has been enormous. A unique portfolio, specialised in privileged areas, but above all, the number of international clients that we bring to Portugal, make Fine & Country the agency with the most international sales in this country.
The selection of properties in our portfolio and our ability to reach all corners of the world, understanding and serving different cultures and needs, has been the key to our success.
What is the general profile of international clients? Do you have a “typical” client?
The profile of our clients is very varied, both in what they are looking for and why, and this is fundamental when choosing the properties that we include in our portfolio. One client may want a residence visa for tax reasons, others may be looking for a permanent residence or a second home, or their children have come to study, or they are simply looking to invest. All these reasons require different properties and different locations.
However, it can be said that international clients have one thing in common: they have to choose a property that is “clean”, meaning that if they want to resell for any reason, they can easily sell it even if the price is not the most suitable. This is only possible in exclusive areas.
What do you use CASAFARI for ? How has it transformed the way you and your team work?
CASAFARI is an essential information tool . Nowadays, knowing what is on the real estate market, what has been sold and what has changed in price is crucial and is information that gives a huge feeling of confidence and peace of mind to the buyer. Before CASAFARI, searching was almost impossible and much less credible.
What advice would you give to real estate agents who want to enter the luxury real estate market?
The real estate market has two elements: searching for properties and finding clients for those properties. A good portfolio is something that requires a lot of time and effort, but finding potential buyers in the luxury market depends more on our own network, and is therefore easier and less expensive.
The best advice I can give is to focus on the buyer: to search for them in every corner of the world, and to trust in Fine & Country's portfolio of properties and its professionalism to make the sale. It is much more profitable to find clients and share them with Fine & Country than to do and plan the sales structure and portfolio on your own; this is something that Fine & Country has always done and continues to do.
There are many countries - the United States, for example - where the deal is almost always joint - one has the clients and the other the properties. Our door is always open in Cascais , Estoril , Chiado , Lapa , Marquês de Pombal , Oporto or Comporta .
In this interview, Nuno explains how the real estate market works and how to succeed in it.
Fine & Country Portugal primarily targets international clientele and helps to spread the word about the Portuguese government's plans for foreign real estate investment.
How has the luxury real estate market in Portugal evolved over the last ten years?
Portugal was not a destination that the international market went to in search of properties. But the real estate market has always been influenced by the returns it offers. A change like the one we are seeing now is never caused by a single cause, but by a combination of factors that all work together.
In 2012, in the midst of the financial crisis, the Portuguese government introduced two laws to attract investment: the Golden Visa and the Tax Regime for Non-Habitual Residents. Both factors, together with instability in Arab countries, the lack of security in some European countries, the rise in taxes in France for example, and the fall in flight prices due mainly to the boom in low-cost offers, made Portugal the most attractive destination in Europe.
The fact that it is not too close but not too far either, its central location, the peace and quiet, how well everyone speaks other languages, the climate and the food make Portugal an ideal destination. Not to mention that the emergence of tourist accommodation through new platforms such as Airbnb has caused rentals to skyrocket.
More demand, less supply and better performance have pushed up the market price of the best areas from 3,000 to 10,000 euros per square metre, allowing urban renewal and the transformation of Lisbon and Porto into even more important tourist attractions.
What are the expectations for the luxury real estate market in 2019?
Portugal, and in particular Lisbon and Porto , remain the only urban centres in Europe that have access to beaches and have retained their charm while remaining modern and peaceful. That is why tourism will continue to grow, even with the new airport that is planned to be built in Lisbon.
The influence of internationally known names such as Madonna, Eric Cantona, Phillip Stark and Michael Fassbender, who have decided to settle here, will continue to influence the international real estate market, as well as social media and other aspects.
As Portugal is a fairly small country, there is every reason to believe that demand will increase while supply will be scarce. That is why the market is expected to experience further growth, especially as Lisbon and Porto remain two of the cheapest cities in Europe.
Fine & Country Portugal has just received the award for 'Best Real Estate Agency in Europe' at the International Property Awards 2018-19 and the award for 'Best Operator Abroad' at the Fine & Country gala dinner in January.
As Managing Partner, to what would you attribute these successes?
For a Portuguese company to receive ebay database international recognition and awards, it must be hard-working and professional in everything it does. To be specialized in clients of different origins, languages and cultures, it must be a company committed to and attentive to the potential buyer.
The dedication that Fine & Country Portugal has put into this has been enormous. A unique portfolio, specialised in privileged areas, but above all, the number of international clients that we bring to Portugal, make Fine & Country the agency with the most international sales in this country.
The selection of properties in our portfolio and our ability to reach all corners of the world, understanding and serving different cultures and needs, has been the key to our success.
What is the general profile of international clients? Do you have a “typical” client?
The profile of our clients is very varied, both in what they are looking for and why, and this is fundamental when choosing the properties that we include in our portfolio. One client may want a residence visa for tax reasons, others may be looking for a permanent residence or a second home, or their children have come to study, or they are simply looking to invest. All these reasons require different properties and different locations.
However, it can be said that international clients have one thing in common: they have to choose a property that is “clean”, meaning that if they want to resell for any reason, they can easily sell it even if the price is not the most suitable. This is only possible in exclusive areas.
What do you use CASAFARI for ? How has it transformed the way you and your team work?
CASAFARI is an essential information tool . Nowadays, knowing what is on the real estate market, what has been sold and what has changed in price is crucial and is information that gives a huge feeling of confidence and peace of mind to the buyer. Before CASAFARI, searching was almost impossible and much less credible.
What advice would you give to real estate agents who want to enter the luxury real estate market?
The real estate market has two elements: searching for properties and finding clients for those properties. A good portfolio is something that requires a lot of time and effort, but finding potential buyers in the luxury market depends more on our own network, and is therefore easier and less expensive.
The best advice I can give is to focus on the buyer: to search for them in every corner of the world, and to trust in Fine & Country's portfolio of properties and its professionalism to make the sale. It is much more profitable to find clients and share them with Fine & Country than to do and plan the sales structure and portfolio on your own; this is something that Fine & Country has always done and continues to do.
There are many countries - the United States, for example - where the deal is almost always joint - one has the clients and the other the properties. Our door is always open in Cascais , Estoril , Chiado , Lapa , Marquês de Pombal , Oporto or Comporta .