Property prices across Portugal are expected to fall during 2011.
The latest RICS/Ci Portuguese Housing Market Survey for October has revealed that the current fragile economy of Portugal combined with increasing residential supply indicates falling property prices.
The survey, which analyses the opinions of over 200 real estate professionals across Portugal, assesses the demand and availability of residential property in the areas of Lisbon, Porto and the Algarve.
Confidencial Imobiliário (Ci) spokesman Ricardo Guimarães said: “Portuguese real estate agents and developers remain downbeat with survey respondents noting that the recent approval of the budget was not enough to calm financial market fears, which, in turn, is weighing on the confidence of the real estate sector.”
Royal Institution of Chartered Surveyors (RICS) spokesman Josh Miller said: “Survey respondents expect prices to fall further over the near term. Although house prices are expected to fall across all regions in the survey, particularly sharp falls are expected in the Algarve.”