25.07.2015
Yes it’s true, the Portuguese property market has bottomed out and there is an upward movement in prices. The Algarve is a strong driving force.
The recovery in Algarve Property sales market activity appears to be gathering momentum, driven by improving economic fundamentals and rising confidence.
The June 2015 RICS/Ci PHMS results show an ongoing steady recovery in prices, supported by rising demand and increasingly strong growth in sales activity. In the lettings market, rents held stable for a fourth month in succession following years of persistent decline.
Regarding the sales market, new buyer interest continued to rise at a firm pace across all regional markets, with growth particularly pronounced in Porto during June. At the same time, newly agreed sales increased at the sharpest monthly pace since the survey was launched back in 2010, and have now risen continuously for around a year and a half. Going forward, sales expectations are pointing to further robust growth in the near term, even if the net balance eased slightly from the record high set in May.
Given the sustained improvement in both enquiries and sales, prices continued to recover for a sixth month in succession. Looking ahead, near term price expectations continue to point to a stronger pick-up on the horizon. Over the next twelve months, respondents are now anticipating prices will rise by 2.7% at the national level. Again, the strongest recovery is anticipated to come in Lisbon and the Algarve (around 3%).
The RICS/Ci Portuguese Housing Market Survey is a monthly sentiment survey of estate agents and developers who operate in the Portuguese residential sales market.
It is our opinion that this is a great time to get in on the act and make your investment in the sunny Algarve before prices increase considerably.
Trust the www.AlgarveProperty.com team to help in your search for your home in the sun!
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