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Property prices in Portugal rose by 1.81% during the year to March 2015, to an average price of €1,011 per square metre, based on figures released by Statistics Portugal.
In Lisbon metropolitan area, property prices were up by 4.32%y-o-y in March 2015, to an average of €1,231 per sq. m. In Porto metropolitan area, house prices rose by 2.59% during the year to March 2015, to an average of €951 per sq. m.
Among urban areas Vila Nova de Gaia had the highest annual house price increase of 7.67%, followed by Setúbal (7.51%), and Vila Nova de Famalicão (7.06%). Other notable house price increases were recorded in Sintra (5.03%), Lisboa (4.12%), Almada (2.98%), Vila Franca de Xira (2.53%), Matosinhos (2.19%), and Barcelos (2.08%).
The municipalities with the largest annual house price declines were Oeiras, with a drop of 4.59%. Other municipalities struggling include Coimbra (-3.95%), Cascais (-3.61%), Leiria (-3.35%), and Funchal (-3%).
There are no restrictions on foreign property ownership in Portugal and transaction costs are generally low. Portugal will grant a 5-year residency permit to non-EU citizens who buy a minimum of €350,000 worth of property.
The average price of properties for sale in Portugal fell just 0.8% between April and May.
Portugal’s plan to exclude Lisbon and Porto from golden visa scheme draws flak from property industry.
House price inflation has continued to ease in Portugal with the latest sales market activity report showing that enquiries and transactions were unchanged in February 2019.
Property price growth in Portugal is continuing to accelerate due to a lack of supply and rents in the residential market are also rising strongly.
Lisbon has seen a surge in residential investment and development activity in the last two years, according to new research.
The Portuguese government has reduced the minimum required amount for its golden visa for those investing real estate from €500,000 to €350,000 for certain locations.