In May 2021, the multinational JLL, an internationally renowned name in the real estate sector, headed to the Algarve and opened its first office in Quinta do Lago. At the time, we spoke with Patrícia Barão, head of Residential at JLL Portugal, who explained the reasons behind this investment. Now, a year later, we meet her again to find out how everything went, just as the brand is announcing the opening of two new offices in Vilamoura and Quinta do Lago.
“These last 12 months have completely exceeded our expectations and we are ready to continue growing and investing in this region,” she says, smiling as always. Patrícia explains that as a multinational company, JLL works mainly with foreign clients, and these international buyers have a growing interest in the Algarve.
There were many reasons behind the opening of the two new offices in the region.
“The team is growing and we needed more space, as the Quinta do Lago office alone was very limited. On the other hand, we are gaining more and more exclusive contracts in this area, as property developers are entrusting JLL with the marketing of their projects. And, of course, the demand keeps increasing! In this post-Covid era, the Algarve is in the pole position as a destination for those looking for a place to invest, or to put down roots and raise a family, to live and work, or even to study.”
When questioned about the scarcity of supply in the real estate sector and how she explains the brand’s growth despite that, Patrícia says that this is “regrettably, a reality” that everyone in this sector is faced with today.
“However, at JLL we know how to deal with it. Over the last decade, the housing stock in Portugal has grown by just 1.8%, which is residual given the growth in demand that the country has experienced. We have grown because we have a very high success and achievement rate, i.e. we can match what is available in the market (and what we have collected and have in our portfolio) with what our clients are looking for – the right product for the right client! So, we hope to keep growing in the Algarve. Maybe next year I will be back here to talk about the new spaces we will be opening in the region!”, she concludes with a wink.
Operating in 80 countries and with another five offices in Portugal (Lisbon, Porto, Cascais, Oeiras and Comporta), JLL covers all areas of real estate, from residential to commercial, industrial, retail and hotels.