Official figures out this week have revealed that property prices across the country have continued remarkable growth, with the Lisbon real estate market showing no signs of slowing down. After figures from Portugal Statistics (INE) revealed that average prices for property in Portugal for sale had climbed once again during the third quarter of 2017, credit rating agency DBRS followed by saying Portugal had recorded the second biggest growth in property prices out of Europe’s top real estate investment locations.
According to its latest ‘Illustrative Insight’ report, DBRS said Portugal was among a group of nations which had shown “the most notable improvements” in property prices since the economic slowdown a decade ago.
Growth in Portugal real estate market was placed at ten percent, and was only behind that of Ireland, where prices had climbed by 12 percent. However, home owners in Ireland, as in Spain, are still plagued by negative equity.
In its report, DBRS said most European housing markets have recently been on an upward trend, supporting a strong recovery from the dramatic collapse seen in many markets over the past ten years.
Spain meanwhile saw growth of seven percent, while the UK is said to be “currently facing a challenging environment with the full impact of Brexit yet to be felt and London showing preliminary signs of a slowdown.”
The only country still in decline in Europe is Italy, where the housing market has shrunk by one percent year-on-year.
On a regional level, Lisbon property continue to be at its highest, according to the INE, with the cost per square metre rising to €2,315 during the third quarter of 2017.
You can read the full article here.