Housing is more expensive

The housing market in Portugal is showing signs of recovery and the prices are increasing.

According to the real estate research company (ICI), in June new home prices recorded the highest annual rise over the last twelve months (1.6 per cent).

The data shows that prices achieved in the second quarter of the year were up by 1.3 per cent.

Pre-owned houses performed even better, with sales up since beginning of the year and a two per cent increase in prices in June compared with the first quarter of the year.

Meanwhile, the Algarve is the region that has had the most difficulty recovering from the crisis.

ICI said that the signs of a crisis in housing still persist in the Algarve but there are differences between the new and used houses sale.

While in June the new homes had a positive performance with an increase of 3.7 per cent, the used houses fell 3.3 per cent.