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Housing Prices in Portugal Double EU Average

Housing Prices in Portugal Double EU Average

Portugal housing prices continue growing at an impressive rate compared to EU average.
A new report by Portugal’s statistics institute INE, shows house prices in Portugal are increasing at almost double the European average.

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As per the INE report the House Price Index (HPI) increased 7.1% when compared to 2016, a percentage change of 4 points higher than rates for 2015. With existing properties showing an average increase of 8.7% higher than new properties at 3.3%. Statistics culminating in a registered growth of 7.9% in the first quarter of 2017, while other Eurozone countries showed only 4% growth.   

 

Economists are considering this increase to be due, in part, to the decrease in unemployment rates across Portugal that fell to 10%. Government programs for inward investment such as the Golden Visa, Non-Habitual Residency and Sapharic Jewish Ancestory Program have also contributed to the continued commitment on stabilizing the economy.

 

Lisbon has recently seen a boom in foreign interest and investment, as has the Algarve, Southern Portugal. In the Algarve spend per property has increased substantially with villas between €400-€500 thousand becoming the mean purchase price.

 

Portugal’s peaceful history and along with the quality of life offered makes it an increasingly attractive destination for foreigners looking to relocate, retire and invest in holiday homes. The Portuguese government's efforts to stabilize the economy seem to be further adding to its appeal as a destination of choice for the savvy buyer and investor. 

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