Average property prices in Portugal grew by 5.7 per cent between February 2016 to February 2017, new figures show.
The latest National Statistics Institute (INE) data shows that the average price of bank valuations for property in Portugal now stands at €1,109 per square metre.
The Algarve, with an annual rise of 8.7 per cent, experienced the biggest rise in average house prices.
According to INE, property prices grew by 0.3 per cent between January 2017 to February 2017. “The Lisbon Metropolitan Area (0.5 per cent increase) contributed most to the monthly rise seen across the country.” The average price of a property in Lisbon currently stands at €1,348 euros per square metre.
Only the islands of Madeira and the Azores recorded drops in average property valuations compared to January.
Earlier this week, Portuguese property experts speaking to newspaper Diário de Noticias suggested that property prices in the country are likely to grown by 4 per cent this year.
The experts said that the expected increase in the cost of real estate is set to be boosted by a further increase in foreign buyers, but also by rising buying power among Portuguese.
Recent figures reveal that last year was the fourth consecutive year in which there was an increase in property sales, with the number of completed transactions up 18 per cent on 2015.
Article published 29th March 2017