Portuguese property prices fall as lack of confidence continues

Published 27th Apr 2011

Property prices falls are increasing across all the key areas of Portugal as weakening demand continues to take its toll on the country’s distressed real estate market.

The latest monthly Portuguese Housing Market Survey from the Royal Institute of Chartered Surveyors and Confidencial Imobiliário (Ci) shows that the decline is across Lisbon, Porto and the Algarve.

Price falls gathered momentum in March, driven by falling demand. The report points out that rising supply is not an issue as new vendor instructions have been declining since last December. But the combination of accelerated falls in prices and demand has dealt a sharp blow to confidence, with both price and sales expectations sliding deeper into negative territory.

The national activity index fell 2 points further to -26, but the national confidence index declined 22 points further to -51

Source: ' TMC '

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