Building jobs double thanks to property boom

 In News

Portugal’s property boom has generated around 35,000 jobs for the sector this year, twice the number recorded for the same period in 2015.

Prices have soared, sales have skyrocketed and the number of people working in the sector (builders, carpenters, plasterers, lawyers, estate agents, electricians and plumbers) has shot up to historic levels from 2011 when the troika was in Portugal and the building industry was at a standstill.

There were nearly 36,000 jobs in the real estate sector by the end of June according to the newspaper Jornal de Negócios and based on statistics from the National Statistics Institute (INE) — almost double the number in 2015 when the property market began to recover.

In the second quarter of 2018 the property market recorded its greatest absolute year-on-year variation on 2011. The sector added 8,300 extra jobs compared to the same period in 2017, up by 30%.

There was also a strong uptake in jobs concerning the buying and selling of properties, long-term rental, estate agency, valuing and surveyor services as well as administration and other allied services linked to the buying, selling and management of properties.

However, the figures could actually be higher since they do not include guest houses and property development.

Portugal’s property sector, despite the increase in demand across the board, still only represents 1% of the total employment market.