A study from Portugal’s estate agents association shows that the UK, France, Italy and Spain are more expensive locations in which to buy property, which makes Portugal “more attractive to investors.”
In europe, it will come as no surpise to discover that Monaco has the highest prices, followed by the UK and France. Portugal’s property prices have been rising in the last three years but are still way off its nearest neighbours and 30th out of the europe’s 38 countries.
The data, compiled by APEMIP, show that Portugal rose five places in the european table between 2013-2015, but still remains cheap.
The study looked at price per square metre for a T2 sized apartment in the centre of europe’s major cities. Thus, the average price of housing in Portugal was around 1,963 euros per square meter in 2015 compared to 1741 euros in 2013, a 12% increase.
Commenting on the figures of the study, the president of APEMIP, Luis Lima, said that "in view of the nation’s housing stability and its growth potential, coupled with the price per square meter, Portugal remains very attractive to foreign investors."
Portugal is somewhat cheaper than the UK where property costs an average of 25,575 euros per square metre and France where it is 13,639 euros per square meter.
In France, whose citizens this year became the largest home buyers in Portugal, now ahead of the British, prices fell 7.1% as the eurozone economy slowed, the debt crisis increased and taxes rose.
The same was true in Spain, in 15th position, where the price has fallen from 4,683 in 2013 to 3,442 euros per metre square in 2015. In Spain, apart from the economic crisis and the national debt, the value of real estate had been overvalued.
APEMIP points out that “Portugal is the only country where values are climbing. This opens up interesting growth prospects for investment in Portugal for urban rehabilitation, rental and residential tourism.”
The UK’s Brexit also can generate foreign investment in Portugal as more British are keen to see if Portugal’s 'Golden Visa' scheme might soon apply to them.
