Record year for Portuguese housing market on the cards
The current year is set to finish with more than 20 billion euros changing hands in real estate transactions across the country.
The news of the continued growth in the Portuguese property market was revealed this week by the National Real Estate Agents’ Association (APEMIP).
The association said that with this projected growth, the property market will have expanded by 20 percent on last year’s figures.
APEMIP further forecast that this growth will continue for at least the coming two years. It said that the real estate market has received a decisive push through foreign investment, but said that continued growth is now also being supported by the domestic market, with investors cashing in on their bank deposits to invest in the buy-to-let market.
Meanwhile, new figures have show that the building industry has registered growth of over 40 percent.
According to the Pipeline Imobiliário Index, the number of building licences issued between the second quarter of 2016 and the second quarter of 2017 has climbed by 42.7 in mainland Portugal.
The issuing of licences to renovate or rebuild old homes performed particularly strongly, with an increase of just over 68 percent for the period in question.
Meanwhile, official figures out earlier this autumn indicated that the national housing price index has seen property prices rise by eight percent during the second quarter of the year when compared with the same period in 2016. House prices also rose on the first quarter of 2017, with the cost of housing up 3.2 percent.
Figures published by Portugal Statistics (INE) further revealed that new properties continued to report growth, while used properties, while still recording strong increases, slowed during the second quarter of the year.
The INE said that a total of just under 37,000 properties were sold between April and June, which is up 16.1 percent on 2016 and almost five percent above the number registered between January and March this year.
The total value of real estate sold during the second quarter was up 23.3 percent on last year, totaling 4.6 billion euros, of which 3.7 billion euros accounted for used homes.
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