“Portugal continues to establish itself as one of the most attractive destinations in the world for those seeking luxury real estate, thanks to its quality of life, safety, mild climate, and political stability.” This assurance is given by Miguel Poisson, CEO of Portugal Sotheby’s International Realty (Sotheby’s). In an interview with idealista/news, the executive considers that the shortage of housing supply on the market “remains a challenge,” as does the level of demand from buyers/investors: “The most valued properties are those that incorporate distinctive concepts related to design, sustainability, technology, and personalized services. A good postcode is no longer enough: it is necessary to offer privacy, unobstructed views, and a unique experience.”
Miguel Poisson reviews the real estate brokerage business in Portugal, particularly the segment geared towards luxury. He reveals that the Portuguese are Sotheby’s main clients, representing around half of all transactions, and that “the most dynamic areas continue to be Lisbon, the Cascais coastline, Porto, the Algarve, and Madeira,” which “has had a particularly strong performance this year.”
Regarding the impact of Artificial Intelligence (AI) on the activity, he leaves a warning: “Today, it is no longer enough to simply present properties: it is necessary to offer a highly personalized advisory service, capable of understanding the client's needs and turning the purchase into a complete experience. Technology is assuming an increasingly important role in this process, and AI is already having a real impact, especially in data analysis, pricing strategy, and client segmentation.”
“You joined Sotheby’s coming from ERA in 2017. What has changed in the luxury residential segment in Portugal since then, both in terms of demand and supply?”
When I arrived at Sotheby’s, the luxury market in Portugal was already attractive, but today it is much more sophisticated and solid. Demand has always consisted of both national and international buyers, but what has changed is the weight and diversity: the Portuguese have consolidated their presence and now represent around half of transactions, while foreigners continue to play a decisive role, particularly Americans, British and Brazilians, with growing demand from Germans and other Europeans.
In terms of supply, scarcity remains a challenge, but with rising expectations: the most valued properties are those that incorporate distinctive concepts in design, sustainability, technology, and personalized services. A good postcode is no longer enough: it is necessary to offer privacy, unobstructed views, and a unique experience.
“We’ve had the pandemic, as well as the outbreak of several wars and armed conflicts. During this period, interest rates and inflation accelerated and are now stabilizing. Is it correct to say that the luxury residential segment is immune to these (and other) phenomena?”
It’s not a matter of immunity, but resilience. This market has shown an extraordinary ability to maintain liquidity and value, even in times of global uncertainty. Why? Because luxury buyers largely operate with their own capital, seek safe assets, and view Portugal as a true “safe haven.”
Political stability, safety, quality of life, and a mild climate are structural factors supporting this demand. In turbulent moments, Portugal continues to be a destination where families find peace and investors find confidence.
“Regarding Sotheby’s business, what balance can be made so far for 2025 compared to 2024?”
2025 has been a very positive year for Sotheby’s. In the first half of the year, we recorded a 34% increase in the number of transactions and a 40% increase in revenue compared to the same period. In the second quarter, we maintained a strong pace, with a 31% rise in revenue and a 34% increase in business volume.
The most dynamic areas remain Lisbon, the Cascais coastline, Porto, the Algarve, and Madeira, with the latter showing exceptionally strong performance this year, responsible for some of the year's largest deals.
Regarding prices, we have been seeing consistent appreciation in the luxury segment, driven by supply shortages and both national and international demand. Sotheby’s reports indicate a significant increase in the average value of transactions in recent years, reflecting the market’s robustness and the preference for turnkey homes with differentiated features. Premium areas continue to lead this trend, while emerging areas like Comporta and Melides are experiencing growing demand associated with exclusive projects and branded residences, positioning Portugal among the most sophisticated global real estate destinations.
“Which areas of the country are we talking about? The traditional ones or are there new emerging areas like Comporta?”
Traditional locations remain highly sought after and represent the core of the luxury market in Portugal. Areas such as Cascais, Estoril, Quinta da Marinha, Vale do Lobo, and Vilamoura continue to be essential references, thanks to their privileged seaside locations, privacy, safety, and high-quality services. These destinations are sought after by families valuing quality of life and by investors who recognize the liquidity and consistent appreciation of these assets.
However, in recent years we have seen the emergence of new areas redefining the concept of luxury in Portugal. Comporta and Melides are now synonymous with exclusivity and integration with nature. These places offer something beyond the traditional: an authentic experience where luxury is expressed through tranquility, sustainability, and connection with the landscape. This segment attracts both international buyers—Americans, British, Brazilians—and national buyers seeking a sophisticated escape away from urban pressure, but with excellent access and services.
In Lisbon, beyond established neighborhoods, demand is growing in urban regeneration areas such as Alcântara, Marvila, and Beato. In Porto, Foz, Nevogilde, and Boavista remain strong, with signs of expansion into emerging zones. And we cannot forget Madeira, which experienced exceptional performance in 2025, thanks to its nature, mild climate, and diversified offering.
“Regarding the profile of buyers/investors in the luxury segment, are new nationalities eyeing the Portuguese market? How has demand evolved?”
The investor profile has become more diverse. Portuguese buyers represent around 50% of Sotheby’s transactions, a strong sign of confidence in the market and in asset appreciation. Internationally, foreigners continue to play a decisive role—particularly Americans, British, and Brazilians—while Germans have been gaining relevance in recent years. Demand from Americans has grown significantly, driven by Portugal’s image as a safe, sophisticated destination with unmatched quality of life.
“We are beginning to see investors from the Middle East and Asia, still with a residual share, but focused on ultra-luxury assets such as unique properties or branded residences. This trend reinforces Portugal’s position as one of the most attractive destinations for luxury real estate globally.”
Specifically, Sotheby’s main clients are, firstly, Portuguese buyers, representing around 50% of transactions, reflecting strong internal demand. Among international buyers, Americans lead with around 20%, followed by British buyers with around 15%, and Brazilians with around 10%. Germans and other Europeans complete the profile, each representing around 5%.
Additionally, investors from the Middle East and Asia are beginning to appear, still with a small share, but focused on ultra-luxury assets—unique estates or branded residences. This trend further reinforces Portugal’s position as an attractive destination in global luxury real estate.
“And how has demand evolved among Portuguese buyers/investors?”
It remains very strong. These investors adopt a long-term strategy, preferring sustainable, technologically integrated homes with functional design. They look for properties that are both a personal refuge and a solid asset, often used to diversify investment and hedge against volatility.
“What type of properties are buyers/investors seeking? More villas or penthouses/apartments? Is demand for palaces still high?”
Luxury buyers currently show a clear preference for villas with gardens and pools, located in residential zones or private condominiums offering privacy and quality of life. In urban markets, T2 and T3 turnkey apartments stand out, valued for their functionality and future liquidity. Penthouses with unobstructed views remain highly sought after, particularly in Lisbon and Porto, due to the exclusivity they provide. Meanwhile, palaces and historic properties maintain some demand but form a niche typically associated with buyers who value cultural heritage and authenticity.
“Would more luxury homes be sold if more existed? Do you agree?”
Scarcity is one of the main factors limiting the growth of the luxury market in Portugal. Demand far outweighs supply, especially in prime locations and for properties with distinctive features—unobstructed views, privacy, and integration with nature. Even with new projects underway, it is estimated that it will take four to seven years to balance supply, meaning this segment will remain defined by exclusivity and consistent appreciation.
“Is there already a residential segment in Portugal that goes beyond luxury—true ultra-luxury?”
This segment is beginning to emerge in Portugal and clearly goes beyond traditional luxury. These are truly unique properties combining distinctive architectural signature, full integration with nature, personalized services, and cutting-edge technology. Many of these homes are associated with prestigious international brands, giving rise to the concept of branded residences, projects that unite real estate with the world of luxury brands, offering not just a home but a complete lifestyle.
These residences stand out for their exclusivity, refined design, and the experiences they provide—including concierge and 24-hour security services, as well as access to premium amenities such as spas, restaurants, and private clubs. The price reflects this differentiation, along with guaranteed quality and asset appreciation.
“Regarding real estate brokerage and consultants operating in the luxury market, are changes occurring? Is AI also impacting the activity?”
The role of real estate brokerage in the luxury segment is clearly evolving. Today, it is no longer enough to present properties: it is necessary to offer a highly personalized advisory service, capable of understanding client needs and transforming the purchase into a complete experience. Technology is playing an increasingly important role in this process, and AI is already having a real impact—particularly in data analysis, pricing strategies, and client segmentation.
“The role of real estate brokerage in the luxury segment is evolving clearly. Today, it is no longer enough to present properties: it is necessary to offer highly personalized consultancy capable of transforming the purchase into a complete experience.”
In the luxury market, technology is a tool. The differentiating factor remains the human relationship, trust, and the ability to provide a unique experience to each client. AI helps us be more efficient and precise, but the true value lies in combining technological innovation with a service centered on discretion, empathy, and excellence.
“What characteristics should a real estate consultant in the premium segment have today?”
A consultant operating in the premium segment needs much more than commercial skills. They must have deep market knowledge, the ability to interpret global trends, and the ability to offer personalized solutions. Discretion, empathy, and negotiation skills are essential, as trust is decisive. Continuous training is indispensable, as is understanding new client expectations—who now value sustainability, technology, and lifestyle.
“The Government announced new measures directly related to housing. They are mainly intended to increase supply for the middle class, but will they also have an impact on the luxury segment?”
The recently approved measures—namely the VAT reduction to 6% for the construction of homes for sale up to €648,000, the reduction of IRS tax for landlords charging moderate rents (from 25% to 10%), the AIMI exemption for leased properties with monthly rents up to €2,300, and the increase of IMT for non-resident buyers—are mainly aimed at boosting affordable housing supply and dynamizing the rental market. It is a “shock policy” intended to relieve pressure on middle-class families, particularly in the metropolitan areas of Lisbon and Porto.
In the luxury segment, the direct impact will be limited, since these measures target properties far below premium price thresholds. However, there are indirect effects worth noting:
  • Overall market pressure reduction: If these measures increase supply in the mid-range segment, they may reduce pressure on urban areas, preventing luxury demand from being inflated by lack of alternatives.
  • Fiscal impact on non-residents: The IMT increase for non-resident foreign buyers may have some effect, although this segment typically has greater financial capacity and depends less on tax incentives.
  • Licensing simplification: Reduced bureaucratic control and faster construction processes may also benefit high-end projects by reducing deadlines and administrative costs.
  • Reinforcement of global attractiveness: By improving overall market dynamics and regulatory stability, these measures can increase international investor confidence—including in luxury real estate.

“Can we conclude, then, that Portugal remains on investors’ radar?”
Portugal continues to establish itself as one of the world’s most attractive destinations for those seeking luxury properties, thanks to its quality of life, safety, mild climate, and political stability. These structural factors, combined with the scarcity of differentiated products, sustain consistent demand—even in a challenging international context.
The future of the premium segment will be shaped by three major trends:
  • Sustainability as a financial criterion: It is no longer just a matter of image, but a decisive factor for appreciation and liquidity;
  • Technological integration and personalized services: Homes will become increasingly intelligent, offering comfort and efficiency without sacrificing aesthetics;
  • Sensory and ethical experience: The concept of luxury is evolving to value authenticity, well-being, and connection with nature.