Portugal: Property prices increase
Reports on housing price dynamics in the first quarter of the year.
Portugal’s housing prices rose by 1.6% in the first quarter of 2020 compared to the previous quarter, amounting to more than 2,000 euros per m2, says Idealista.
In all the regions there has been a quarterly rising in prices, except for the central region, which shows a decline of 0.6%. In the North the prices increased by 3.6%. Further, the prices grew in Alentejo (3%), Lisbon Metropolitan Area (2.2%), the Algarve (2%) and Madeira Autonomous Region (0.6%).
In the capital cities Lisbon and Porto the growth was 2.3% and 1.8%, respectively. Lisbon continues to be the place where it is more expensive to purchase a property (almost 5,000 euros per m2).
Moreover, Propertywire says that the average asking price raised by 1% from €234,038 in February to €236,399 in March. Property prices in Portugal have grown by 12% year-on-year. On the other hand, as for Imovirtual report, the average cost of rental real estates has decreased by 8% in contrast to March 2019.
The situation after the spread of COVID-19 is still unclear. It will depend on the period and significance of the crisis resulting from the pandemic, as well as on the ability of Portugal’s economic system to recover.
Idealista says that many investors are showing their willingness to close opportunistic deals at this time or as soon as the market revives.
Earlier, Portugal was announced to suspend golden visas until July. All offices will reopen on July 1 due to health measures given to avoid the COVID-19 uprising.
Nevertheless, according to Golden Visa program rules, SEF will preserve to offer in-person assistance for urgent requests. So, foreign citizens who want to travel or who show the urgent need to leave the country, for imponderable and unavoidable reasons and foreigners who have been stolen, stolen or lost documents. The preventive steps were taken considering the need to decrease the dangers for public health-related with care, both at the level of SEF workers and at the users of these public services.