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Portuguese house market steadily improving

Figures regarding the performance of the Portuguese property market in November have shown that things are steadily improving, especially when it comes to property sales.

According to portugalresident.com, data from the Portuguese Housing Market Survey (PHMS) revealed that during November 2013, the number of houses sold reached the highest level seen in three years.

Moreover, November was the fourth consecutive month in which buyer inquiries increased. As a result, sales expectations for the next three months have risen significantly too, reports theportugalnews.com. House prices are still declining, but at a slower pace compared to earlier in the year.

Josh Miller, a senior economist at Royal Institute of Chartered Surveyors (RICS), commented that the data suggests "transaction levels in the sales market are at long last beginning to pick up, which is reflective of the better economic news flow across the country".

He added: "For the time being however, this has yet to filter through into house prices."

Letting wise, tenant demand was boosted slightly, but new landlord instruction numbers fell. Rents are also falling at the moment and are expected to continue to do so over the next three months.

Lisbon showed the most improvement in the sales market and the Algarve region also saw growth.

Posted on Tuesday, January 21, 2014

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