According to the Portuguese national institute for statistics, the average mortgage evaluation rates for Portugal have seen a 4.5 percent year on year rise, demonstrating the sustained confidence in the property market across the country.
The most recent figures show that the average value attributed in Portuguese mortgage applications stood at €1,050 per square metre, up 0.7 percent on November and 4.5 percent year-on-year.
On the whole, the average values for mortgage evaluations in Portugal for 2015 stood at €1,034/m2, representing a 2.6 percent gain on 2014, and saw the market move upwards after stabilising in 2014 following what the report referred to as “sharp falls” in 2012 and 2013.
In terms of property types, December 2015 closed with the average value of apartments across Portugal standing 5.0 percent higher than a year earlier with the T2 and T3 layouts each costing €1,083/m2 and €1,033/m2.
As regards the average value for freestanding properties, they saw an average rise in the value of their mortgage surveys of 3.5 percent with the T3 and T4 typologies now costing €957/m2 and 980/m2.
Over recent years the property market in Portugal has shown consistent stabilisation, allowing those considering making an investment in the country to be able to experience a new level of confidence and leading to many new potential property buyers looking into the options available within the country.
While the Algarve continues to be a one of the most popular regions of the country for foreign buyers, the positive growth in evaluations has been felt across Portugal with rises in the North registering at 0.8 percent and in Lisbon at 0.4 percent.
Purchasing a property in Portugal has a number of advantages, with attractive tax incentives available for both EU and non-EU citizens looking to invest in the country.
While the property market in Portugal has seen growth, the prices of property continue to be competitive with a large range of options available for those with budgets of all levels.
If you are considering purchasing a property in Portugal and the Algarve and would like to learn more about the options available to you, then please do not hesitate to contact one of our professional and friendly team members who are on hand to answer any questions you may have.