The study “tracks the performance of prime markets in 47 international cities, ranking Lisbon 15th globally, with annual growth of 3.4 per cent, ahead of markets such as Frankfurt, Berlin, Paris, New York and London.”

According to Liam Bailey, Global Head of Research at Knight Frank, quoted in a press release, “in 2021, according to the consultancy’s data, Portugal had 1,462 individuals with a net worth exceeding 30 million dollars (around 26 million euros). In just five years, this figure has risen by 49.6 per cent. This growth outstrips that of China, the United States, France, the United Kingdom and Spain. Portugal remains a location of interest to the wealthy and still has considerable scope for growth.”

Overall, “price growth in the main luxury cities has slowed to 2.0 per cent year-on-year, reflecting a more selective phase of the property cycle. Tokyo currently tops the global ranking, followed by Manila, Dubai, Seoul and Singapore, confirming the growing prominence of Asian markets.

For Liam Bailey, this trend demonstrates that “the luxury residential market has entered a more selective phase. Growth remains positive, but is increasingly concentrated in a small number of markets, with local factors proving decisive for price trends.”