portugal property one of biggest benefactors of increasing activity
News Posted On: 09 October 2009
The fact that those currently buying overseas property are favouring established European property markets over emerging markets further afield was confirmed yesterday when property Abroad.com revealed its chart of the top 10 most popular destinations with visitors to the site in September.
The top 5 were all established markets, and 8 out of 10 on the entire chart were also established markets. In fact the only two emerging markets to make it into September's top 10 was Turkey in 6th and Egypt in 10th.
The biggest benefactor of this switch to wards established property markets was Portugal, which climbed from being 7th most popular with those searching for overseas property on the site in August, to be 5th most popular in September.
I have forecast that Portugal would be among the biggest benefactors of the increasing activity, because of people consciously favouring established markets, the prevalence of lifestyle buyers in the market, and the fact that Spain is still languishing in credit crunch misery whereas Portugal -- its closest rival -- has emerged from recession and is seeing property prices growing.
According to Knight Frank Portugal property prices grew 1.7% in the second quarter of this year, and fell only 1.5% in the year ending Q2. This saw Portugal's property market rank 12th in the world based on its annual performance and 10th in the world based on its quarterly performance.
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