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COVD-19 Hits Portuguese Property Market
23 March 2020 – The coronavirus outbreak is already affecting the real estate sector in Portugal. But investors, and especially international investors, are taking a sanguine long-term view of the market turmoil. While the market has temporarily shut down, with no home visits or contracts signed, market watchers believe that the sector will recover within one year. Buyers in the country can also expect a welcome fall in housing prices. People on the ground and real estate agencies are more worried, however, about the short-term consequences of the virus.
The first sector to feel the effects of the corona-crisis are real estate companies and their agents. European buyers, primarily, have called off property visits due to safety concerns and travel restrictions. Short-term projections for the sector remain dire, and real estate firms have called on the Portuguese government to pass measures to buttress firms negatively affected by the fallout.
The proposed measures run from a suspension of the collection of taxes to a change in the way property holding periods are calculated. Market watchers, however, all agreed on one thing: housing prices are going to fall.
Original Story: Economia Online – Rita Neto
Translation/Summary: Richard D. Turner