Portugal property sales see fall in demand
By Peter Mindenhall

Portugal property sales see fall in demand

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Property for sale in Portugal has seen a fall in demand, prices and supply, the November Royal Institution of Chartered Surveyors (Rics)/Ci Portuguese Housing Market Survey (PHMS) has revealed.

The survey showed that November experienced the fastest decline in sales activity since the report began in September 2010.

In particular, the survey notes that new property in Portugal is undergoing a change, with prices falling more rapidly than they were prior to September.

During November, prices for new homes dropped faster than those for existing domiciles.

Commenting on the findings, Rics senior economist Josh Miller states: "The lettings market is likely to continue experiencing high volumes of activity for the time being."

Indeed, he explains that as sales volumes are declining, lettings are increasing, with tenant demand growing as more people fail to qualify for mortgages.

This trend was previously seen in October's PHMS, which suggested that demand for lettings would increase due to consumers' lack of mortgage finance.

Investors planning to purchase Lisboa property or residential buildings elsewhere in Portugal may therefore have the opportunity to take advantage of these market developments.

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