The real estate market crisis deepens Portugal

29.04.2011 06:45
Articles about real estate | The real estate market crisis deepens Portugal In all parts of Portugal, cheaper housing, fewer transactions and declining consumer confidence in the real estate market. The crisis has aggravated the industry's rising inflation, unemployment and the dire economic situation in the country, analysts believe.

In March, home prices declined in all major regions of the country (Lisbon, Porto and Algarve), according to the study of the British Royal Institution of Surveyors (RICS) and the Portuguese real estate agency Confidencial Imobiliario.

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In addition to falling prices, analysts have documented a reduction in demand from buyers. This, in turn, led to a drop in the level of confidence in the real estate market: more and more professionals are starting to build the negative forecasts for the industry.

The situation with housing sales are also compounded by difficulties in obtaining mortgages, reports International Business Times. Nevertheless, experts say, for those buyers who do not need debt financing, the situation on the market looks attractive.

As previously reported by portal, accommodation in Portugal, beginning with the fall in price in October 2010. According to some analysts, the real estate market in the country was "overheated", and now there is a natural decline in prices to an adequate level.
Content tags: Overseas property
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