Essential Business

Portugal sees property prices rise


Essential Business

 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.

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