portuguese property market bottomed at the end of the first quarter
News Posted On: 02 December 2009
2009-12-03 - UK - Portugal's property market has bottomed according to the third quarter index recently released by Global Property Guide.
The only country in Europe to be on the positive side of GPGs inflation adjusted index on an annual basis, Portugal property prices were 0.92% higher in the third quarter of this year, than the same period last year according to the figures. The quarterly rise was a strong 2.02% according to GPG.
This compliments the second quarter index by Global estate agency Knight Frank, which recorded a 1.7% rise in Portuguese property prices on a quarterly basis. According to Knight Frank, Portugal property prices had fallen 1.75% over the year ending the second quarter, which shows the two quarterly rises have put Portugal back into positive growth territory on an annual basis.
For me, two quarterly price rises, and no sign of any fundamental weakness in the property market or the economy is enough for me to suggest that this represents a bottom for the Portuguese property market at the end of the first quarter.
The market has no doubt been helped by the significant increase in demand from foreign buyers since the second quarter, when Portugal's economy came back into positive growth territory, making it the safer option to its main Spanish rival. Overseas buyers are favouring the established markets, and the Algarve is doing very well because of it, the Silver Coast is also seeing heightened demand.
Surprisingly the Irish are among the biggest groups of buyers. Surprisingly because of how many Irish buyers have lost out significantly on overseas property investments around the world. Then again, they are playing it a lot more safe buying in Portugal.
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