Like everywhere else, the property market in Portugal took a hit at the peak of the coronavirus pandemic. Generally speaking, though, property prices didn’t really see a drop.
How is the property market faring?
Thankfully, there are now signs that the market is stabilising. The recent Portuguese Housing Market Survey (PHMS) found that the market has become more stable, although the economic consequences of the pandemic will affect market developments for some time to come.
As the market has stabilised, prices have dropped slightly. Confidencial Imobiliário, the national real estate data bank, revealed that prices decreased 0.2% in July compared to the previous month. With mortgage rates starting at less than 1%, now could be a great time to buy in Portugal.
With the rental market, demand has increased slightly for the first time since February, showing some signs of recovery. However, rental prices are still falling and it’s thought that this will continue in the short term.
‘Clean and safe’
The UK is expected to lift restrictions on travelling to Portugal, and with good reason. The Portuguese authorities have made every effort to make travelling there safe. Masks are mandatory in enclosed spaces for anyone over the age of 10. You’re also required to remain two metres apart from other people when in public. These restrictions are the same as in most other European countries.
The tourist board has developed a “Clean and Safe” stamp to identify services that comply with hygiene and cleaning standards. This includes restaurants, bars and hotel. Tourists, or those who wish to make a viewing trip to Portugal, can therefore be safe in the knowledge that they’ll visit establishments that comply with social distancing and hygiene procedures.
Tourists from Canada, Australia, South Korea, China and parts of Europe are able to enter Portugal for tourism and recreation.
A new kind of travel insurance
Portugal have also introduced a special travel insurance for those who choose to travel there – it will cover medical, surgical, hospital and pharmaceutical expenses so that tourists have the confidence to travel there, despite the pandemic.
Travel restrictions to be lifted
The number of coronavirus cases per 100,000 on a seven-day average is 14.9 – lower than the threshold of 20 set by the UK government. This is why the UK government are now expected to announce that restrictions on travelling to Portugal will be lifted.
It’ll certainly make life easier for those who wish to purchase property over there in the near future!
If you would like further advice on the selling process in Portugal, download your free Portugal Guide.
Why not split the cost and double the fun of owning a holiday in Portugal by buying with family or friends? Read our guide to Buying Abroad with Family
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