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residential Market News: Spanish Real Estate Intelligence

Porto City Council and IHRU Reach Agreement to House 1,700 Families
23 October 2020 - A recent agreement between the Porto City Council and IHRU aims to rehouse 1,740 families, including approximately 3,800 people who are currently living in poor conditions, in the years between 2020 and 2025. According to an article in Porto.pt, the plan will include subletting homes to 75 families, the renovation of existing homes for 1,345 families, the construction of housing developments for 200 families, and the acquisition of degraded buildings or flats for rehabilitation to provide housing for a further 120 families. The article added that the two entities would invest a total 56 million euros, including a €25-million grant and a €21-million long-term subsidised loan. Original Story: Vida Imobiliária - Fernanda Cerqueira Translation/Summary: Richard D. Turner
 
S&P Sees Housing Prices in Portugal Falling This Year
23 October 2020 - According to a report by Standard & Poor’s, housing prices in Portugal are expected to fall by 0.6% this year. S&P expects housing prices will fall in just three European countries. Prices are forecast to fall by 1.6% in Ireland, and by 1.4% in Spain. For the rest of Europe, S&P predicts increases, with the highest year-on-year rises in the Netherlands (6.1%), Germany (4.6%) and Sweden (3%). The drop in housing prices in Portugal is expected to be short-lived. S&P believes that prices will increase by 1.2% in 2021 and continue after that. The credit rating agency foresees increases of 5% in 2022 and 4.5% the year after. Original Story: Jornal de Negócios - Pedro Curvelo Photo: Sérgio Lemos Translation/Summary: Richard D. Turner
 
Average Monthly Mortgage Payments in at €226
23 October 2020 - Portuguese mortgage holders paid an average monthly instalment of 226 euros in September, down from 247 euros in the same month last year, according to a report by the country’s National Institute of Statistics.  The drop is a result of the Covid-19 pandemic and the moratoria on many debt repayments. The report added that 44 euros (19%) of the monthly average payment corresponds to interest payments and 182 euros (81%) to capital amortisation. The average amount began to fall in March, as much of the world began to fall under lockdown. Original Story: Jornal Expresso - Diogo Cavaleiro Translation/Summary: Richard D. Turner