The average selling time of a property has fallen from the dark days of recession when owners could expect to wait over two years before a buyer was found.
The turnaround has been extraordinary, in 2017 almost 85% of the homes that were put on the market took less than six months to find a new owner.
Sales volume is increasing: this year, the number of homes sold is expected to grow between 10 and 15% on 2017's volume.
Luís Lima, from the estate agents’ association, APEMIP, said that "in 2014 and 2015, the average selling time was over two years and currently one third of the real estate takes between one and three months to be sold."
"The percentage of sales in less than three months will increase this year," said Lima.
Estate Agency data shows that almost 85% of real estate takes up to six months to be sold, with 37.7% taking between one and three months and 46.67% taking between four and six months.
Only 4.44% of the houses listed are still in agents’ books at year later.
APEMIP data indicates that 270,000 domestic and commercial property transactions took place last year, a figure that is expected to approach 300,000 by the end of 2018.
According to a report in Público's, the number of transactions increased 19% in the first half of 2018 compared to the first six months of 2017.
For Luís Lima, the number of transactions could be "much higher if the supply of houses for sale was greater."
The leader of APEMIP said that for demand to be satisfied, about 70,000 new properties are needed in the real estate market, especially in Lisbon and Porto.
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They don't give a reason, they make up excuses but my take on this and i've spoken to many neighbours in the same situation, the idea of living in the Algarve for the Portuguese is over, the buyers and the demand for villas is not there there are simply no buyers so a lot of news pertaining to real estate purchases in the Algarve is either made up or simply -fake-
properties with values over €400k won't sell easy. Foreigners are in the twilight zone not knowing what the future laws will be by that time a new recession will be upon us, here we go again.
amazing when a car is sold its given a proper clean but so many villas no one seems to care
Also avoid anyone dressed flashily with a newish property in a Lisbon back yard calling himself Joe Socrates. Even Portuguese PM's built illegally!
What do the agents say is the reason for the house not to find a buyer?
Ed