Portugal sees property prices rise

 In News

According to the European Union’s statistics unit, property price rises in Portugal were the second highest in the EU at +10.5%.

Between October and December 2017, the property price index climbed 4.2% in the euro zone and 4.5% overall.

According to Eurostat, among the Member States for which data is available, the highest increases in house prices in the fourth quarter of 2017 were recorded in Ireland (+11.8%), Portugal (+10.5%) and Slovenia (+10%). Prices in Italy, however, fell. (-0.3%).

Upward pressure on Portugal property prices is currently driven by a lack of new-build housing in the Lisbon, Porto and Algarve areas, the flood of property investors entering Portugal since 2014-15 requalifying existing housing stock to buy or rent, the Golden Visa schemes for non-EU citizens and the NHR tax schemes for EU residents. Portugal’s popularity as a second home, retirement and holiday destination are also key factors following political and economic turbulence in North African markets.