Property prices increases in Portugal almost double the European average15th April 2016
The price of residential properties in Portugal rose 5% in the fourth quarter of 2015 compared to the same period last year. This figure is almost double the average growth in the eurozone, according to the latest statistics from Eurostat.
This increase was confirmed by Portugal’s National Statistics Institute (INE) and demonstrates the buoyancy in the market, especially compared to the average growth of 2.9% across Europe.
Only five other EU countries recorded higher increases than Portugal: Germany with 6.1%, Estonia 5.1%, Ireland 6.6%, and Latvia and Austria with 6.4%.
The INE report also highlighted that house prices have reached their highest levels since 2011. Throughout 2015 prices rose 3.1%, slightly below the 4.3% increase recorded in 2014.
The volume of sales in Portugal is also saw a new high in 2015. In total there were performed 107.302 transactions, 27.4% more than in 2014.