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The Portuguese Property Market Report 2019
The Portuguese Property Market Sector
The property market sector of the country of Portugal is continuing to thrive, building up on the upward trend it has set for itself throughout the previous years, with the Portuguese citizenship through investment program – the Portuguese Golden Visa program – being accredited for the high tourism rates, both of which are rather crucial factors and play an important role in the growth of the Portuguese property market.
The simultaneous increase in the demand from the local buyers, caused by an improved positive sentiment among the customer base, the increased domestic confidence and employment, have also been recorded.
All these factors combined added a positive contribution to the diversification of the Portuguese property market.
The Market Volume, Transactions, and Evolution
The trend that all these figures and factors demonstrate is abundantly clear – the property market of the country of Portugal has been steadily growing ever since the year of 2014, recording an eighty two percent growth rate bu achieving one hundred fifty three thousand two hundred and ninety two sales in the year of 2017. According to the Statistics Portugal – the INE – we are talking about twelve thousand and seven hundred properties being sold every month and four hundred and twenty properties being sold every day during that year.
The increase has been demonstrated not only in the absolute numbers – N – but also in the volumes – € – registering in the year of 2017 only a nineteen point three billion Euros revenue. The year of 2017 was a record year for the property market of the country of Portugal, but even though the number of sales for the last quarter of the year of 2018 have not been accounted for yet, the Association of Professional and Companies of Real Estate Mediation of Portugal – the APEMIP – has foreseen a thirty percent growth in the number of transactions. Between the month of January and the month of September of 2018, one hundred thirty two thousand two hundred and seventy sales have been registered on the Portuguese property market along with a seventeen point nine billion Euros worth of revenue.
More than just a temporary trend, the growth of the property market of the country of Portugal serves as a statement growing nearly ten billion Euros in only four years, putting the country of Portugal back in the right place in the global economy to earn back the trust of investors.
When it comes to the number of property transactions per area in the third quarter of 2018 – according to the latest available data – the majority of property transactions took place in the metropolitan area of the city of Lisbon – the AML – where thirty five point two percent of all property transactions have been recorded, followed by the North region of the country of Portugal where twenty nine point eight percent of all property transactions have been recorded, and the centre region of the country of Portugal – Centro – which has registered twenty one percent of all property transactions.
The South region of the country of Portugal has registered eight point one percent of all property transactions, but we must also consider the seasonal factor, as the Algarve region of the country of Portugal is well known for its beautiful beaches and professional golf courses, making in a truly magnificent summer destination.
According to the Association of Professional and Companies of Real Estate Mediation of Portugal – the APEMIP – twenty five percent of homes purchased in the country of Portugal in the year of 2017 have been bought by foreigners with particular emphasis on French and Brazilian buyers. Additionally, in terms of foreign investment, the country of Lisbon seems to be the preferred location for investors owing to the high short term yields that it offers.
The House Pricing Index – the HPI -, which measures price changes of all residential properties purchased by households – flats, detached houses, terraced houses, etc. – both new and existing, independently of their final use and their previous owners. Only market prices are considered, self-build dwellings are therefore excluded and the land component is included – in the country of Portugal has increased to one hundred and twenty nine point seventy two Index Points in the third quarter of 2018, from one hundred and twenty five point fifty eight Index Points in the first quarter of 2018.
The Housing Index in the country of Portugal averaged on one hundred and four point thirty Index Points from the year of 2008 and until the year of 2018, finally reaching an all time high of one hundred and twenty nine point seventy two Index Points in the third quarter of 2008 and a record low of ninety two point twenty five Index Points in the second quarter of 2013.
The housing prices in the country of Portugal have been growing exponentially over the past few years, with all the values remaining above the average Index Points for the EU.
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The Accommodation, Rentals, Yields, and Occupation Rates
In the year of 2018 there was nineteen point eight million registered guests in the country of Portugal and fifty four point eight million registered overnight stays in the country of Portugal. It is the foreigners who have undoubtedly contributed the most to this progress, representing seventy one point four percent of the registered overnight stays and sixty one point four percent of all registered guests.
In total, all these registered guests and overnight stays have generated almost three point five billion Euros worth of revenue with the average income generated per bedroom sitting at fifty four point five Euros per night, representing a six percent and a four point seven percent rise respectively.
Another quick note on the growth rates – The tourism sector of the country of Portugal as well as many other sectors in the country have grown exponentially between the year of 2016 and the year of 2017. Just in the year of 2017 the year on year percentage growth of the number of guests was eight point nine percent and the overnight stays were seven point four percent compared to the previous year of 2016, and the total revenue growth was sixteen point six percent.
As we have covered before in this document and according to the Bank of Portugal and its forecasts, the tourism sector of the country of Portugal and the overall economy of the country of Portugal will continue to grow, but at a slower pace owing to the big jump growth between the years of 2016 and 2017.
When it comes to the type of accommodation that seems to be preferred by the guests, seventy percent of the recorded guests seem to prefer hotels. Serviced touristic apartments represent eight percent of the accommodation chosen by the guests, but it is worth noting that this particular type of tourist accommodation is a segment that is still growing, especially in the city of Lisbon. This is mainly owing to the high occupancy rates, and the fact that they generate rather high yields which has attracted numerous investors. These factors combined have created a high demand in the property market of the country of Portugal.
Even though the country of Portugal has three hundred days of sunshine in a year, it is not immune to the effects of season changes. The occupancy rates can get quite high during summer when they can achieve up to eighty percent. Even during winter, however, these rates are not as low as one may expect and they usually average on thirty percent during this cooler time of the year.
In terms of growth there was a notable peak in the month of April of 2017 when the weather conditions were perfect causing the occupancy rates to grow more than twenty percent compared to the same time month in the year of 2016.
On the other hand, the month of April in 2018 was quite rainy which has caused somewhat of a drop during this period.
The City of Lisbon – A Case Study
The city of Lisbon represents what we statistically call and outlier when compared to the rest of the country of Portugal. With its strong market the city of Lisbon offers safe and profitable property market investment opportunities.
Ever since it has begun its recovery in the year of 2014, the Residential Rental Index for the city of Lisbon grew by forty four percent, overcoming even the twenty five percent drop which had been registered during the period of crisis.
The rental property market in the city of Lisbon has changed completely – from the traditional long term residential rental regime to the short term touristic one – where the yields in the prime areas of the city can reach up to seven percent on investment.
The city of Lisbon registers an average occupancy rate of eighty five percent and even during the low season it rarely goes below fifty percent. The prices of property in the city of Lisbon per square meter keep rising though, and the renovation and regeneration projects are taking place everywhere in the city, and everything seems to be highly focused on tourism, so the city of Lisbon is restructuring itself to keep up with the demand.
The overall economy of the country of Portugal can be expected to continue to benefit from the currently existing economic and financial environment. From the micro-economic perspective, all the analyses seem to indicate that over the last few years there was an increase in the weight of companies with higher labour productivity in the economy as a whole, which has created a strong and trustworthy atmosphere for business.
The investment into the country of Portugal and its varying market sectors is predicted to increase by around fife point five percent. The dynamic developments and the growth in the exports have allowed for the increase of the degree of internationalisation of the economy of the country of Portugal. These developments reflect the buoyancy of the corporate component, which benefits from the favourable macroeconomic environment that currently exists in the country of Portugal – in particular and as a direct result of the existing financing conditions combined with a market that has positive projections for the overall demand.
The strong recovery in the realm of public investment combined with the development of the necessary infrastructure have created a business friendly environment that continues to attract foreign investment. The country of Portugal is now in the spotlight, and represents and excellent new platform for young entrepreneurs, which is a definite way to ensure that its prosperity lasts.
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