The housing market survey of Portugal has shown positivity and stability in the country. This survey of September 2024 was done by RICS and Confidencial Imobiliário which showed a little increase in house prices. While the demand and the sales are still not great.
Stable Portuguese Housing Market
During the month of September, house prices have slightly increased in the region. The net balance of the market has increased from +10% in the month of August to +24% in the month of September. According to the statistics, the net balance of the survey has experienced a price increase from +9% in the month of August to +17% in the month of September. The expected sales in the future are also up by 10% as the prices have increased.
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Idealista has released figures that show a 9.4% increase in house prices in Portugal for the month of October 2024. Faro (the country’s largest city) located in the southern Algarve showed an increase of 4.1% in house prices. Reports from the RICS and the Confidencial Imobiliário expect more sales in urban areas like Porto and Lisbon. The main reason for this is the connection of these cities with the United Kingdom (UK). One other region that benefits from such a connection is the Algarve.
Kronos Homes, a real estate company, is currently experiencing growth in the volumes and expectations of house sales. The company has recently launched a nice collection of homes in the coastal area of Flamingos Salgados, located in the central Algarve. 40% of the properties were sold during their pre-launch event. Alda Filipe, the real estate Director at Kronos Homes stated:
Demand for both primary residences and second homes in Portugal is very strong right now. Looking ahead to 2025, we anticipate robust demand for properties in the Algarve, with buyers seeking both apartments and villas. Sales expectations are high for the coming year, while increased appetite for luxury homes and constrained supply of these is likely to push up prices.
Foreigners Buying More Property In Portugal
Although the sales in the domestic market have slowed down a bit as compared with the past months, the sales in the international market are still high. Many foreigners are buying properties in various regions across Portugal. The country still attracts many tourists from all across the world. A recent report from Engel & Völkers has revealed a competitive housing market for international buyers.
The real estate market has experienced an increase in investment from countries like the United Kingdom, Belgium, and Germany. According to the Kronos Homes, there is a keen interest from the North Americans as well. During the picturesque Salema Beach village, the buyers of 50% of the property were from Canada and the United States of America.
Portugal Outperforms In International Real Estate Market
Portugal is performing very well compared to the global housing market. Resorts like Vale do Lobo, located in the Algarve, are expected to have strong demands in 2025. According to the reports of Knight Frank, a real estate company, there was an increase in house prices in 56 countries across the world.
An overall increase of 3.3% was recorded during June 2024. 74% of the markets reported increased real estate property during this period. Portugal is currently ranked at 16th place in terms of increase in real estate values. This places the country in front of the global average of all the countries. Alda Filipe further stated:
Resort living is attractive to families buying homes for their own use and to those investing in properties with a view to earning an income from them,” continues Filipe. “When you add in a coastal location and outstanding on-site facilities, such as those at Vale do Lobo, a wide range of buyers can find everything they need. These goals look good for sales as we move into 2025 and beyond.
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