Real estate growth

Real estate agency Century 21 Portugal has announced a growth of 48% over the first nine months of 2010, with the company invoicing more than €6 million in this period.

Between January and September 2010, the company, with agents across Portugal, registered more than 1,700 sales, with the company increasing its number of staff by 290 and opening nine new agencies.

Ricardo Sousa from Century 21 Portugal said: “The housing market demonstrated some interesting dynamics over the first nine months of the year with the most striking trend being the global adjustment in the lowering of property prices.

“While there have been falls in prices within the market, there has also been growth in areas such as Lisbon, Oeiras and Almada.”

The real estate agency, which is now the third largest in Portugal, is now advising clients more “rigorously” about realistic pricing and the difficulties in obtaining mortgages and loans but this has led to a boost in the rental market.

“There is a drop in customers who meet the necessary requirements that banks need to be able to approve funding for housing, making it more difficult to obtain credit for property acquisitions, but this has resulted in an increase in the rental market across the country,” said Ricardo Sousa.