Why You should by properties in Portugal with a Real Estate Agency?
1. Portugal is a resilient country when it comes to property. Year-on-year national property prices rose by 6.2% and stocks levels are very low. In some areas during Q1 and Q2 2023, including the Algarve, prices increased.
2. Like the UK, Portugal has experienced a rise in interest rates. This, together with low levels of property available, presents a greater opportunity for cash buyers and investors to buy properties.
3. The Royal Institute of Chartered Surveyors (RICS), which collates data from Portuguese estate agents, housebuilders and developers, confirmed in June 2023 that the number of new domestic buyers in the market had lessened, along with volume of enquiries and anticipated sales transactions.
4. The Portuguese government is actively taking steps to improve affordability for residents, but in the meantime, prohibitive borrowing costs and limited affordable housing for locals, creates more attractive buying opportunities for non-residents, overseas second-home buyers and international investors.
5. It’s important to remember that Portugal is made up of small and localised property markets and different areas offer differing values. For example, in the last two years, Lisbon had experienced a spike in the rise of the cost of two and three bedroom apartments, but in the last quarter of 2023, prices have fallen by 11%. In contrast, the Algarve, Setúbal, Leira and Coimbra, saw similar types of property increase in value over the same time period.
It’s always important to seek out an experienced local independent agent when considering where and what to buy abroad. Portugal is a country clearly defined by different regions and time spent consulting a local expert agency about the specific area and property information, price data and performance comparisons will make your real estate journey far more profitable and rewarding.
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