Record sales of Portuguese homes in the third quarter, fueled by low interest rates and investor interest, are exacerbating the country's affordability crisis.
The value of Portuguese homes that changed hands in the third quarter rose 28 percent to a record €9.05-billion ($1.04-billion), potentially aggravating a shortage of affordable housing , as interest rates in Europe retreated from all-time highs. The National Statistics Institute said on Monday almost 41,000 homes were sold in the quarter, up 19.4 percent year-on-year, and that the price of existing dwellings rose more than for new ones.
In the first nine months of the year, the value of homes sold rose 13.5 percent from the same time a year ago to €23.7-billion, slightly below 2022′s record of 24.4 billion. The country’s chronic shortage of affordable housing has been aggravated by wealthy foreigners lured by residency rights linked to property investment and tax breaks offered by the state. A tourism boom has also led to a surge in short-term holiday lets, exacerbating the squeeze on the housing market. It has prompted protests in Lisbon and other cities by locals struggling to afford a place to live. The prices were highest in the densely-populated Lisbon metropolitan area and the wealthy north of the country, Monday’s data showed. Tax residents in Portugal accounted for 93.5 percent of property deals, followed by those from other European Union countries, at 3.37 percent, and non-EU countries, at 3.13 percent
Housing Crisis Portugal Home Prices Real Estate Market Affordable Housing
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European New Bond Sales Reach Record €1.705 Trillion for 2024European bond issuance has reached a record-breaking €1.705 trillion ($1.8 trillion) this year, passing the high-water mark previously set in 2020.
Read more »
Walmart, Amazon among retailers that saw record-breaking sales on Black Friday and Cyber MondaySpending data on Friday suggest the two retailers may finish the holiday season on a much stronger note than Target and Best Buy, which struggled
Read more »
B.C. home sales surge 34% in October, says real estate associationUnit sales and dollar volume significantly higher than same time a year ago, according to BCREA data.
Read more »
B.C. home sales surge 34% in October, says real estate associationUnit sales and dollar volume significantly higher than same time a year ago, according to BCREA data
Read more »
Gold prices push to neutral territory as U.S. new home sales fall 17.3% in OctoberThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Gold prices slide as U.S. pending home sales beat expectations with 2.0% rise in OctoberThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »