Despite high inflation and rising interest rates on home loans, the demand for houses to buy in Portugal continues to be much higher than the existing supply leading to properties selling within a week of being on the market.
According to a report by idealista, around 21% of homes purchased in December were listed in less than a week. 15% were on the market between two weeks and a month, 21% between one and three months, 34% between three months and a year, and 9% more than a year.
Analysing the “express sales” of houses – that is, residential properties that are sold in less than a week, taking into account the length of time the advertisements remain – by district capital, it is in Coimbra that we find a higher percentage, 35% of houses are sold during this period. This is followed by Vila Real (27%), Évora (27%), Porto (23%), and Funchal (21%). Below the national average is Aveiro (19%), Setúbal (18%), Braga (18%), Leiria (18%), Faro (16%), Viana do Castelo (12%), Lisbon (12% ), Beja (12%), Santarém (11%), Viseu (10%) and Castelo Branco (8%).
The district capitals where the least “express sales” of houses were recorded were Ponta Delgada, Portalegre, and Bragança, where only 7% of transactions took place in less than seven days in December. In Guarda, no house was sold during this period.
Source: The Portugal News
