portugal property prices up 1pc in q2
News Posted On: 07 September 2009
Portugal property prices grew by 1% on a quarterly basis in the second quarter. Though prices are still down on an annual basis, there is hope that this is the beginning of a Portuguese recovery.
This is according to new data revealed by the Global Property Guide, which highlighted the fact that Portugal was one of only 7 countries to emerge from the real estate downturn in Q2, joining Indonesia, Norway, Switzerland and Israel, who began recovering in earlier quarters. It is also worth pointing out that Portuguese property prices in Q2 this year were just 0.43% lower than the same period last year -- the lowest decline of any country tracked by GPG.
"We are absolutely over the moon that Portugal property prices are back on the up, and it is a testament to the fact that overseas property is coming back into chic," said Les Calvert of overseas property portal Property Abroad.com.
The news comes just one week after Michael Sutton forecast in an article on Write About Property that property prices on Portugal's Silver Coast will grow 50-75% over the next 5 years.
"Phew, I am glad that Global Property Guide has published this research with such positive news on the property market in Portugal. I got some stick for forecasting 50-75% price growth for the Silver Coast when things were looking so dodgy, and I started to doubt myself a little. Now who's laughing? He said.
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