Portugal Property Prices On The Rise!www.idealhomesportugal.com
A new report released by the Portuguese Institute of Statistics (INE) has revealed that property prices in the Algarve region have risen by a massive 11% in the first quarter of 2014! And the best news is, that this trend is expected to continue for at least the next 5 years.
In an article this week in the Telegraph, which has been confirmed by the OECD (Organisation for Economic Co-operation and Development), states that property in Portugal is currently 32% cheaper than in the UK. It also states that is currently undervalued for sale, in comparison to the bank valuation, by between 5-10%, whereas in Spain they overvalue by 20%, France and Norway value “too high” and in most commonwealth countries properties are “wildly overvalued”. What this means for the buyer is that as soon as you have bought your Algarve property you have already made a profit!
A second report, published by credit ratings agency Fitch, also had good news for the Portuguese housing marking. In their Global Housing and Mortgage Outlook report, published earlier this week they stated that ” the mortgage and housing market outlook has improved most notably for Ireland, Portugal and the UK”. So if you are selling a property at home to finance a purchase in Portugal, now really is the best time!
Chris White, Chairman of Ideal Homes Portugal said ” The property market in the Algarve has definately improved over the last 12 months, as a company we have seen a 250% year on year increase in property sales with the vast majority of buyers arriving on Inspection Visits from the UK”.
So to recap, with properties being sold at less than their actual market value and the housing and rentals market strengthening at a remarkable pace, there is no better time to invest in your dream home in the sunny Algarve!!
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