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Real Estate Companies Report 80% Loss in Turnover in January
24 February 2021
Real estate agencies saw an average drop of 82.4% in sales in January compared to the same month in 2020. APEMIP’s (Portuguese Association of Realtors and Real Estate Agencies) Barometer for January 2021 stems from approximately 4,000 responses to a survey from professionals in licensed real estate mediation companies operating in Portugal.
According to Luís Lima, the president of APEMIP, “it’s natural that prices start to reflect the effects of the drop in demand and that some corrections occur.”
The executive believes that falling prices will be particularly noticeable in the higher luxury housing segment, largely dependent on foreign demand, which has practically ceased to exist. 62.6% of respondents confirm a drop in the sector, as the domestic market no longer has as much capacity to absorb these types of assets. Mr Lima added that virtual home tours are ineffective.
In the survey, 62.5% of respondents stated that prices had, nevertheless, held firm, while 31.4% said they had fallen, and 6.1% saw an increase compared to the previous month.
Original Story: Expresso – Vitor Andrade
Photo: Jo Kassis
Translation: Richard Turner