Portugal's Property Market Boom Shows Signs of Slowing Down
(Bloomberg) -- Portugal’s housing market, which created a bonanza for sellers and a cutthroat environment for local buyers, is starting to show signs of slowing down after the country’s post 2011-2014 international bailout boom.
Housing prices rose 8.5 percent in the third quarter from the same period a year ago, a slowdown from the 11.2 percent year-on-year increase in the second quarter, the National Statistics Institute said on Friday. This result marks the the second consecutive quarter of decelerating home prices following five straight quarters of home-price growth.
Still, Portugal’s property market is expected to attract a record 3 billion euros ($3.4 billion) of investment this year, mostly from foreign buyers, according to broker Jones Lang LaSalle. That’s up from 1.9 billion euros in 2017. The country recorded the third-highest increase in home prices in the European Union last year, Eurostat data show.
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