The way we live our lives is constantly changing in tandem with the evolution of technology. One of the most significant changes for the real estate market in recent years has been the continuous rise of smart appliances in homes.
According to a report from the World Economic Forum, the global smart homes market is expected to reach $243.8 billion by 2026, growing at a CAGR (compound annual growth rate) of 14.5% between 2021 and 2026. This growth is attributed to the increasing adoption of smart home devices and the growing popularity of home automation systems.
Portugal, particularly high end resorts in the Algarve such as Quinta do Lago, Vale do Lobo, and Vilamoura, are definitely starting to embrace this trend with new state-of-the-art properties under construction. In this month’s blog post, Regency Luxury Property will explore the rise of smart homes in the Algarve and how you too can keep up with the latest technology trends.
What is a Smart Home?
A smart home is a residence that uses internet-connected devices to automate and optimize various functions, with the most popular devices including speakers, security systems, thermostats, and lighting systems. By using a smartphone or other internet-enabled device, homeowners can control and monitor these systems remotely from anywhere in the world.
Smart homes are gaining popularity in the Algarve, and are expected to continue to do so in the coming years. As technology continues to evolve, the smart home market is expected to keep growing. The use of artificial intelligence and machine learning is also expected to play a larger role in the development of smart homes, making them even more efficient and convenient for homeowners.
What are the Benefits to Smart Homes?
Portugal, in particular the Algarve, is currently one of most sought-after locations in Europe. As such, they are at the forefront of the smart home revolution, with many luxury properties being equipped with new technology that offer a unique and sophisticated experience.
This technology offers many benefits, with the aim of improving overall living – improved energy efficiency, enhanced security, increased convenience, and more control over household functions to name a few. They can also increase the value of a property significantly.
Here are a few ways in which these properties are embracing technology:
- Home Automation Systems: Many luxury properties on the market in Quinta do Lago, Vale do Lobo, and Vilamoura come equipped with home automation systems that allow homeowners to control their lighting, heating and cooling, and security systems remotely. This is perfect for those that have their Algarvian retreat as a second home, with devices being programmed to automate tasks such as turning on the lights or easily checking in via their security cameras… which means that property owners can still be in control, even when they are out of the country, giving them more peace of mind.
- Renewable Energy: Solar panels are ever popular in the Algarve. Due to the region’s favorable climate, homeowners are able to take advantage of the sunny weather by installing solar panels to generate their electricity and power their homes.
- Smart Appliances: Smart appliances are becoming more common in luxury homes in Portugal. With the worldwide increase in electricity and gas prices, allowing homeowners to save time and energy whilst operating their busy schedule is a major benefit. In a recent survey 57% of smart home device owners say that these devices save them time, while 45% say that they save them money.
Smart homes are becoming increasingly popular in the real estate market, and is a trend that shows no signs of slowing down. Many buyers are now looking for homes that come equipped with these features, wanting to be at the forefront, and embracing the latest technology to create comfortable, convenient, and energy-efficient living spaces.
If you’re looking to purchase a luxury home in the Algarve, considering a smart home in one of the sought after locations in the Golden Triangle could be the perfect choice for you. Express your interest with us at Regency Luxury Property today and we can share the top-of-the-range options we currently have in our portfolio, whilst also being on hand to offer advice on how to modernize your future home with these exclusive features. No matter your requirements, we are sure to be able to find your perfect home!