Portugal confidence creeps back despite price falls

Portugal’s property market is showing signs of slight improvement despite overall figures remaining poor, according the latest Royal Institution of Chartered Surveyors (RICS)/Ci Portuguese Housing Market survey.

The national activity index rose 16 points to -25 and the national confidence index jumped 11 points to -49.

However the national price balance slumped from -48 to -55 despite improving last month.

Falling demand is driving the price drop according to RICS senior economist Josh Miller. “In Portugal, it is the demand side of the equation that is weighing down on prices. Indeed, the double-digit unemployment rate is feeding through to weakness in new buyer enquiries,” he said.

Source: OPP.org.uk