Property prices escalate in Portugal

vilamouraHouse prices in the eurozone were reported to be up by nearly 3% in the second quarter of 2016 when compared to the same period last year, according to Eurostat.

The highest annual increases in eurozone house prices were recorded Austria (9%).

Outside the euro area, the United Kingdom (8.8%), Sweden (8.7%), Hungary and Latvia (both 10.3%) all saw significant price rises.

In Portugal, the upsurge in house prices was a dramatic 6.3% on average, against the eurozone average of 2.9%.

For every quarter from July 2015 to June 2016, prices in Portugal have been on the rise.

Property in neighbouring Spain was also on the rise. An annual increase of 3.8% was recorded for the three months to June this year. This followed a regular pattern of increases for all quarters of the last year.

Both Germany and Ireland had a 5.3% annual increase, while French property values increased by just 0.8%.

The greatest falls in prices were experienced in Cyprus (-8.9%) and Italy (-1.4%).