The performance of the property market in these turbulent times has been widely spoken about, with Portugal seeing record interest from buyers despite house prices reaching a two-year high. And that doesn't look set to change.
According to a recent report from Eurostat, in the first quarter of the year, house prices rose 9.8% in the eurozone and 10.5% in the European Union. In Portugal, the cost of property increased by 12.9%, year-on-year.
The increase was also above-average when compared to the previous quarter. Between January and March, house prices rose by 1.7% in the eurozone and 2.1% in the EU, while in Portugal, that increase was of 3.8%.
Despite this continuous increase – experts had, in fact, predicted the reverse with the end of the suspension of loan repayments in September 2021 –, potential investors have not been disheartened and Portugal's property market is still buzzing, with one house sold every three minutes.
The behaviour is particularly evident in the Algarve, with fewer houses being sold than in the previous year but an increased return reflecting more expensive homes. So what should buyers do to find their ideal property?