House Prices in Portugal Showed the Biggest Increase in 12 Years
September 26, 2022
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This was facilitated by the lack of real estate available for sale.
According to the Statistical Institute of Portugal, house prices in the country increased by 13.2% year-on-year in the second quarter. This is the biggest increase since the institute's analysts began collecting data in 2010. Compared to the first quarter, the growth was 3.1%.
Reasons. Developers have blamed the rise in property prices on a housing shortage caused by long delays in issuing new construction licenses, especially in the capital Lisbon.
The shortage of homes has coincided with growing demand from foreign buyers who have flocked to Portugal in recent years in search of a warmer climate and a lower cost of living. These buyers are willing to pay more than twice as much for a house in Lisbon as local buyers, according to a report by the Statistical Institute for April.
Quote. Joana Almeida, a member of the Lisbon council, speaking at a real estate conference on Thursday, acknowledged the delays and said the city was working hard to speed up the licensing process to increase the supply of homes.
"We need time to show good results," said Almeida, a member of the team who has been in power for only about a year.
Context. The Portuguese government has excluded the purchase of real estate in Lisbon and the northern city of Porto from its Golden Visa program to try to regulate demand. The government has also imposed a 2 percent cap on rent increases next year in an attempt to contain the rising cost of living.
Propreties for sale in Portugal:
351 200 €
Flat in Lisbon, Portugal
23 sq.m11
ResidenceCredit
This studio apartment is located in one of the most iconic and elegant areas of Lisbon, Príncipe Real!
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315 000 €
Apartment in Funchal, Portugal
70 sq.m211
ResidenceOnline ViewingRemote TransactionCredit
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690 000 €
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108 sq.m433
Online ViewingRemote TransactionCredit
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124 sq.m43
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4 bedroom villa completely renovated, with unobstructed views and 4 solar fronts, located in a housing area of luxuryl property for those looking for a house in a quiet area and yet close to all essential services such as supermarkets, hospitals, shopping centers, quick access to highways, kindergartens, schools, gardens, villa is divided into...
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275 sq.m54
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90 sq.m21
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Flat in Lisbon, Portugal
130 sq.m43
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550 000 €
Flat in Algarve, Portugal
82 sq.m32
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High standard beach resort, exclusively designed and tailored for discerning customers looking for personalizedaimed for its year-round Mediterranean climate, the Algarve is one of Europe's best beach destinations and a world-renowned golf residents from all over Europe, and activities 365 days a year, it is also one of the main regions of...
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Flat in Algarve, Portugal
82 sq.m32
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152 sq.m32
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300 sq.m43
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104 sq.m32
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Flat on Madeira, Portugal
43
Residence
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284 sq.m54
Residence
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675 000 €
Flat on Madeira, Portugal
164 sq.m32
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