Plunging prices of Portuguese property
The latest numbers have shown that portuguese property prices are continuing to plunge.
Statistics Portugal’s most recent set of data has shown that prices of Portuguese property have plummeted by 8.9% in May 2012 in comparison to the same time the previous year. Global Property Guide has added that when taking inflation into account, the prices have in fact dropped by 11.3%.
In terms of quarters, value of property in May fell by 0.8% meaning that the new national average of Portuguese property is at 1,047 euros per square metre.
Apartment prices are falling at a faster rate than houses (10% drop compared to 7.2%) Suggesting that now may well be an ideal time to invest in Portuguese property as prices are so low.
If you have an interest in Portugal, buying a house in Portugal or taking out a Portuguese Mortgage, get in touch with Conti - Overseas Mortgages either by exploring the website (www.mortgagesoverseas.com ) or via telephone 08009700985