Guide to buying in PortugalThe financial crisis of 2007 left the Portuguese economy reeling and property prices collapsed by more than 30%. But how things change. Knight Frank, the property consultancy, reports a Portuguese property price rise of 1% from the third quarter of 2014 to the third quarter of 2015, and experts are forecasting 2% gains for the average property over the next year.
According to a report from the Royal Institutional of Chartered Surveyors (RICS) on the outlook for Europe’s real estate markets, Portugal is, in fact, one of the economies leading the euro area recovery with sales and prices expected to continue rising at a steady pace over the medium term.
Prices, however, are still generally below pre-recession levels, so British investors, feeling more confident about the future and buoyed by the growing strength of the pound, are coming back to the market in their droves.
Due to its tighter lending conditions and stricter planning laws, Portugal’s property market never boomed like Spain’s, and is in much better health as a result, despite its recent sluggish nature. And as tourism is strong, particularly in the Algarve and increasingly along the likes of the Silver Coast, property rental opportunities are abundant.
It’s no wonder, therefore, that Portugal is currently third on our list of hot spots, after Spain and France, accounting for 15% of mortgage enquiries last year. Property is bouncing back and it remains a buyer’s market in most areas.
http://www.yourmortgage.co.uk/specialist-mortgages/guide-to-buying-in-portugal/
