Portugal rebounds from property slump

Portugal has registered property price increases for the second quarter of 2009, according to new research.

The latest figures from the Global Property Guide show that the country exhibited both regional and national rises in the average house value over the last three months.

In the Algarve a two per cent increase was apparent, leading to the cost of one square metre going up to EUR 1,429 (GBP 1,259).

Across the country house prices grew by 1.01 per cent during Q2 of 2009, which is down 0.43 per cent on the last 12 months up to the second quarter of this year.

This is compared to a decline of 7.24 seen in the same period up to the second quarter of 2008.

Construction orders have leapt 12.3 per cent in the second three-month period of 2009.

These figures conflict with comments made by overseas property company director Martin Date, who told the Irish Independent that the cost of purchasing a house in Portugal has dropped significantly during the recession, particularly outside resort areas.

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