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2016 to See 2% Property Price Growth in Portugal
|The October 2015 RICS/Ci Portuguese Housing Market Survey (PMHS) says steady demand is continuing to boost sales volumes, although the outlook for prices varies in different parts Portugal, with some sellers holding out for higher prices.|
In the lettings market, tighter conditions and several months of marginal rental growth have pushed near term rental projections higher. Ricardo Guimarães, Director of Ci, says, "The main perception from agents is that the market is still benefiting from economic stabilisation and from the increase in banks' mortgage lending".
"Nevertheless, for some, the change in homeowners' expectations is creating a difficult sales dynamic, as they are more reluctant to accept lower bids for their properties. Instability and uncertainty are also mentioned as an important matter for investors".
RICS Chief Economist, Simon Rubinsohn, says, "Consumer confidence remains at a post-crisis high, unemployment is falling and the cost of credit continues to ease".
Demand from property buyers rose at a reasonable monthly pace, with a rise reported in all regions and sales volumes have risen every month since the early part of 2014. New sales listings also increased, although the rate of growth was outstripped by that of demand in net balance terms.
The steady improvement in market activity continues to support overall house prices, although the indicator for Porto turned slightly negative in the latest results. The national confidence indicator, a composite measure encompassing near term price and sales expectations) was at 30, which is down from September's 42, the second highest on record.
In the lettings market, a firm rise in tenant demand was accompanied by a another notable drop off in new landlord instructions, edging rents up further and bringing the sixth successive month. What's more, near-term rental expectations strengthened and are pointing to more rises ahead.
The RICS/Ci Portuguese Housing Market Survey (PHMS) provides a qualitative monthly assessment of the sales and lettings sectors based on around 100 regular responses from industry professionals. The PHMS contains a regional breakdown covering Lisbon, Porto and the Algarve.
Meanwhile, agents are equally positive about the state of the market, with Ideal Homes Portugal seeing a 79% rise in sales in the last year.
Chris White, Founding Director of boutique estate agency Ideal Homes Portugal, says, "Portugal's property market is booming once more! Sales have increased hugely this year and we've seen a significant shift in buyer profile as increasing numbers of investors realise the potential of the Portuguese real estate sector".
In 2014 Ideal Homes Portugal sold a total of И14million worth of property. In the first nine months of 2015, sales have already topped И25million, an increase of 79%. Over the same period, the total number of properties sold by the company has increased by 69%.
In 2014, 90% of those buying property in Portugal through Ideal Homes Portugal were looking for a holiday home. Now, just 40% are after second home, while 50% are after an investment property (with the remaining 10% of buyers looking to relocate).
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