Portugal property prices continue to soar

Property prices in mainland Portugal rose significantly in the year to September 2018, new figures show.

According to the latest data released by Confidencial Imobiliário Residential Price Index, house prices in mainland Portugal were 15.6 per cent higher in September 2018 that they were a year earlier.

They were also up 1.3 per cent from a month earlier the report revealed, as the country’s property market recovery continues to go from strength to strength.

Since July 2017, year-on-year increases have risen by more than 10 per cent every month.

“This year, valuations were always higher than 13.5 per cent, reaching a maximum of 16.4 per cent in May and remaining at around 15 per cent since then,” the report stated.

This cycle of successive increases has led to prices actually being 10.6 per cent above the pre-crisis period of 2007. They have recovered 41.4 per cent from their lowest level seen in June 2013.

Property prices in Portugal had only started to rise again in 2013, but only by 2-3 per cent per year. By 2016, this growth had reached 9 per cent a year, and since the middle of 2017 double digit growth has become the norm.

Article published 29th November 2018