Optimism of a recovery in the Portuguese market, helped by ‘Golden Visa’ foreign property demand, is high, but at the moment prices are still falling, says a new market index
Housing professionals believe Portugal’s property market will pick up – helped by overseas buyers interested in the ‘Golden Visa’ scheme, but prices continue to fall, a new survey shows.
Sales volumes are expected to grow moderately over the next few months, but values are still expected to fall, according to the March RICS/Ci Portuguese Housing Market Survey (PHMS) results, just released.
New buyer inquiries continue to increase, but there is only a partial translation to actual sales, with little variation over February, says the qualitative monthly assessment of the sales and lettings sectors, which is based on around 150 responses from Portuguese real estate agents and developers.
CI spokesperson, Ricardo Guimaraes says, “The market expects that banks might begin to relax credit conditions, while at the same time there is strong demand from families and foreign investors, with the latter encouraged by the new tax regime for non-residents and the Golden Visa policy.”
RICS Senior Economist, Josh Miller says, “In the sales market, volumes have stabilised, but prices remain under pressure. Critical to the market …read more