Property owners in Portugal are set to expect to sell their home in the country within four to six months according to a new report by the Portuguese Association of Real Estate Professionals and Companies (APEMIP).
According to the report by APEMIP, the majority of homes will be sold within four to six months (48%), while around 30% will be sold in three months. At the other end of the scale 13% of properties are forecast to be sold within nine months and 6% will take between ten and 12 months for a new owner to be found.
While the time period to sell a property in Portugal is positive, it has increased in comparison to last year. The reason behind this cited as being due to the increase in house prices which has been seen consistently across the country.
During 2018, 52.94% of properties were sold within three months and only 20% of properties took four to six months to be sold.
The increase in time was not necessarily seen as a negative factor in the industry as it does indicate that supply and demand are now levelling out, largely thanks to new build properties coming on to the market, increasing the total amount of property available in the country.
Luís Lima, the president of APEMIP feels that the solution to cutting down the time a property is on the market is to further increase the number of properties available for sale, which would then also lead to prices levelling out and becoming more reasonable for potential owners to buy.
He told Eco News: “We are living at a time when the problem is not a lack of clients but the lack of offers — this should not motivate anyone however, to push prices even higher and cause even more imbalances in an already very unbalanced supply/demand issue we are witnessing in the real estate market”.
Pricing a property realistically is an essential part of marketing and selling a property, contact a member of our team today for information on valuations and real market values via This email address is being protected from spambots. You need JavaScript enabled to view it. or +351 282 356 952.
