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The housing market in Portugal is booming: now is the right time to invest!

 

2018 was a good year for the property market in Portugal and the outlook of 2019 is positive as well. The market is and will continue to grow, while at the same time the Portuguese economy keeps on growing too. The number of sales is rising fast and so is the number of investors hooking up on the favorable housing market in the Algarve. Since 2016/2017, we have seen various new construction projects being launched. This makes it the right time to invest in a second home in Portugal.

 

 

Several factors make Portugal among foreigners a beloved country to buy a second home in. It is in this way, that the Portuguese economy continues to grow, the country is politically stable and Portugal is in fourth place in the Global Peace Index 2018, which is the ranking of the safest countries in the world. Surrounded only by the ocean and by neighboring country Spain, Portugal is a safe haven. Moreover, Portugal is the country with the most hours of sunshine in Europe.

 

 

More demand for housing

 

A look at the housing market in the Algarve shows that house prices in 2018 have increased by an average of 9.5% compared to exactly a year earlier. The demand for housing has been increasing strongly in Portugal, especially for the purchase of second homes and for investment in the real estate business.

 

 

Property prices are still very attractive

Although house prices in Portugal continue to rise, they are still attractive as the expectation expressed by Moody's in December 2018 is that prices will rise further by + 5% to + 7% in the coming years.

 

Looking back at times before the crisis, we see that before 2007 property prices in Portugal were much lower than in many other Western and Southern European countries. As a result, you, as a foreign buyer, get a lot of value for money when buying a Portuguese real estate.

 

 

 

Economy in Portugal continues to grow

 

The economy in Portugal has grown by 2.5 percent in 2018 compared to a year earlier. A preview of 2019 shows that the Portuguese economy is expected to grow by about 2 percent in both 2019 and 2020.

 

 

New construction projects in Portugal

 

Another positive development for home buyers is that the number of new construction projects in Portugal, which had declined sharply since 2002 until 2015, is picking up again. More and more developers are starting new constructions, giving home buyers and investors the opportunity to become owners of a completely new, quality and modern home in Portugal. In short: 2019 is the right time to invest.

 

 

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