House prices in Portugal are closer to pre-crisis levels
The 2010 crisis caused a 20.5% plunge in the Portuguese real estate market, and in comparison to that minimum, the accumulated recovery was, until December of 2017, of 17.3%.
House prices in Portugal recovered to levels close to those of 2007, contrary to other European countries that also requested international loans, according to a comparative study from a real estate data base.
The crisis lead Portugal to a 20.5% plunge in the market of real estate sales and, in comparison to that minimum, the accumulated recovery until December of last year was 17.3%, according to “the analysis of the comparative performance of the residential market”, disclosed by Confidencial Imobiliário.
“Portugal was the country with the best performance, having presented a downward adjustment of prices less timely than Ireland, Spain or Greece, which is why it also stands closer to previous prices than these countries”, the CEO of the company, Ricardo Guimarães, explained in a press release.
"Portugal was the country with the best performance, having presented a downward adjustment of prices less timely than Ireland, Spain or Greece, which is why it also stands closer to previous prices than these countries.”
According to the study, the market of house sales in Ireland and Spain is also growing, although prices are still far from those charged in 2007, while Greece’s house sales continue plunging.
During the crisis, Ireland registered a 55% plunge, more than double of what happened in Portugal, which is why, although it is recovering at a similar pace to Portugal’s, it is still far from 2007 numbers. Spain, who had a 36.3% plunge registered a 15.3% price recovery in 2017, while Greece is still suffering a 41.1% fall, according to the study.
On the third quarter of 2017, house prices in Portugal increased 10.3% in comparison to the same period of 2016, while in Ireland the increase was of 12.2% and in Spain, of 6.6%.
