Portuguese real estate prices increased by 37%
Chairman of Portuguese Association of Realtors and Brokers (APEMIP), Luís Lima, said Portugal’s housing sales have increased from 25% to 30% since last year, higher than the buying level. of more than 50,000 foreign investors.
Mr. Lima estimates that foreigners – especially British, Chinese, and Brazilian, bought a quarter of the 215,000 homes sold in Portugal in 2017.
“Prices are higher than expected and allow us to predict the real estate market will rise again this year,” Lima said, noting that the square meter price – averaging EUR 2,796 in Lisbon in December, 36.9% higher than the same period last year – is still quite affordable for rich foreigners, and much lower than other competitive markets.
“Investors from Brazil are always willing to pay more. I visited Rio de Janeiro and the people there all wanted to leave Brazil, ”Lima said, adding that Brazilians and Chinese people mostly bought real estate to qualify for the Portuguese settlement program.
Property prices also increased by 24% during the year in Porto, and 18% in the Faro area. Nationwide, real estate has been 25% more expensive in 2017.
Besides, the vast majority of French buyers of Portuguese housing are middle class. Among European investors, such as France and the UK, the greatest demand is usually retired people, because they can benefit from taxes in 10 years of retirement by long-term residence in properties. their own real estate in Portugal, usually to Lisbon, Porto or the Algarve region.
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