New data suggests that demand for Portuguese property is continuing to grow but that supply is an issue which could hold back the market.
The latest figures released by the Portuguese Royal Institution of Chartered Surveyors (RICS) and Confidencial Imobiliario shows that all three regions covered by the index –Lisbon, Porto and the Algarve – saw an increase in agreed sales in the first quarter of 2017.
Overall, 36 per cent more of Portugal-based property agencies recorded an increase in new buyer enquiries in this period. Lisbon saw the biggest increase in new buyer enquiries
Added to this, property prices in Portugal have been rising steadily over the past few months. While the rate of growth eased slightly in May and June in comparison to the record monthly pace reported in April, the market is performing better than it has for a number of years.
However, in the past two months fewer houses have been placed for sale on the market. There is some slight concern that this could halt the momentum that the Portuguese property market has built up over the past six months.
Still, with property prices in Portugal predicted to grow by between 3 and 4 per cent nationally by the end of the year – following years of decline – most agencies remain upbeat on the current state of the market.
Article published 13th July 2017