estate agents in portugal still feeling positive
News Posted On: 20 April 2011
Estate agents in Portugal remained positive in spite of the European Union bailout and don't believe it will have a negative effect on the industry. The latest estate agent to claim the bailout will in fact be positive is Stephen Anderson who is managing director of Infinito Real.
In spite of the fact that it is likely to affect Portuguese buyers, he feels that it will still be an important tourist destination, and points out that Portuguese buyers are now more likely to wait to purchase property and will be more interested in renting. He also doesn't believe that prices have fallen by 20% this year.
However reports from the RICS suggest that prices have dropped every month this year. Anderson points out that the mortgage rates available to non-resident buyers are better than the average UK or Irish interest rates currently being offered, as loans can be secured for between 3% and 4%.
The picture is quite different for Portuguese citizens who are facing a general election in June. The terms of the bailout will mean that they have very little choice over public spending, taxes and business regulation and labour laws. They are facing a three-year package of public sector cuts, wage restraints and tax increases and the conditions be agreed by mid-May.
Portugal is already due to repay a loan for €5 billion by June 15. However a recent report showed that 2010 was a record year for property sales in Portugal with 150,000 properties being sold, and the feeling is that things cannot be any worse than during the past two years of economic crisis.
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