Portugal's market was estimated to be cheaper than any of the other bombed-out Mediterranean states. Spain was said to be as much as 20pc too high.
Offshoreonline.org noted that for much of the last four years, Portuguese euro mortgages (http://www.offshoreonline.org/
Portuguese property has always appealed to a higher end buyer than many other European destinations, and historically, Portuguese property was always more expensive than comparable UK real estate. Now, however, sellers are having to agree prices which are in line with bank valuations, rather than market demand, meaning that, according to local listing site Meravista, which has 24,000 properties available, Portuguese property is now up to 32% cheaper than the UK.
The recovery in UK property values is also likely to have an impact on Portuguese property transactions too. Offshoreonline.org managing director Tim Harvey notes that “Historically, many buyers would have sold in the UK prior to buying in Portugal. With the UK property market now firing on all cylinders, this is again possible for many.”
For information on euro mortgages, please visit www.offshoreonline.org.