August 7, 2020

The price of Portuguese housing rises twice the European average | Economy

The price of housing in Portugal rose twice the European average, according to Eurostat. In the third quarter of last year, the EU average was 4.3% while in Portugal it reached 8.5%.

The rise in the price of housing in Portugal was not the highest, since in Slovenia it reached 15.1% and in the Netherlands 10.2% and in Ireland 9.1%. According to Portuguese real estate analysts, for this year prices will stabilize, although the pressure of demand will continue to spread throughout the country.

According to the real estate investment agency JLL, the year closed in Portugal with figures that were not remembered since the last century. Real estate investment in the commercial segment exceeded 3,300 million euros; in offices, the occupation approached 210,000 square meters, the maximum peak since 2008. In the field of family housing, sales grew 19% and prices, in the total of the year, 10%.

In Lisbon, prices rose by 20% and the streets most frequented by tourists, in the Chiado, outnumber the classic Liberdade Avenue, with prices that can reach 12,000 euros per square meter.

Rehabilitation is still the main source of real estate production in Lisbon, as it represents about 70% of all municipal licenses, although according to JLL, 2019 will be the year of the new construction. One in five houses sold was for foreigners.


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