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Property Sales in Portugal grow 50% since 2015

In the space of just two years (2015 and 2016), the sale of property in Portugal has grown around 50%, the latest estimates from the Gabinete de Estudos da APEMIP – Association of Real Estate Professionals and Businesses of Portugal.

Confirming the positive dynamic recorded in the Portuguese market in 2016, APEMIP notes a rise of between 20 and 25% in sales of family homes last year, and between 16 a 20% in all real estate transactions (urban, rural and mixed).

Although positive, these figures fell short of the estimate of the president of APEMIP, Luís Lima, as he himself recognises. “My growth estimate for the year 2016 was around 25-30%, which did not happen due to two main situations which provoked a retraction and lack of confidence on the part of investors. I refer firstly to the announcement of a new property tax, in addition to the present one in force, and also to the problem of credibility that is being created due to delays in the granting of residence visas, under the umbrella of the Autorização de Residência para Atividade de Investimento (aka Golden Visas), which is particularly upsetting Chinese investors, who do not trust the transparency and the security of this mechanism. If it were not for these two examples, I believe that growth would have been higher”, he stated.

As for 2017, the spokesman for Portuguese real estate is confident that conditions are right for this to be a better year than the previous one, estimating that there will be a growth in the order of 30% in the national market.

 “The upturn in the real estate sector is much more than that already established – it is a market with enormous potential for increased value and the decentralisation of national and foreign investment to other regions of the country, while continuing to attract investment in urban renewal for property relocation, by means of urban rentals or local letting of accommodation. However it is necessary for the market to function normally, without any sudden somersaults which might occur as a result of future measures which will greatly affect the credibility which the real estate market should have”.