On Average, 14% of Properties on the Market in Portugal Sell Within a Week
A report in February of this year by Idealista, showed that 14% of properties purchased in Portugal were on the market for less than a week and 25% were on the market for between one to three months.
The demand for property is still high across Portugal and appears to be on the rise. Areas where properties are selling the fastest include Faro, Funchal, Porto, Évora, Setúbal and Coimbra. Demand for property outside of traditionally popular tourist areas is also on the rise and the type of clients looking to purchase property is also diversifying.
Not only are properties for sale being snapped up quickly, 30% rental properties were on the market for less than a week. Long term rental properties are in short supply, especially in areas that rely on tourism, as short term rentals are much more commonly offered.
For those looking at investing in property, residential properties seem to be a good option, especially as the demand for such property is high and rising and the regulations around short term and tourist rentals are growing.
Whether you are looking at selling or renting your property, it’s a great time to do so. If you require some assistance with the sales process, please don’t hesitate to get in touch with our team.
Written by Emma Pengelly