International mortgage customers could find bargains in Portugal

Tue, 21 Jun 2011
Brits seeking international mortgages with a view to purchasing a bargain property in Portugal might be interested in the latest figures from the Royal Institution of Chartered Surveyors (Rics).

According to the data, the Portuguese market deteriorated further in May, with pricing, activity, sales and expectations indicators all taking a hit.

The Rics/CI Portuguese Housing Market Survey showed that while the average price of property across the nation has fallen, there are some regional variations.

International Mortgage customers looking for a cut-price investment property or home abroad might be wise to look to Lisbon or Porto, where values have been falling.

However, while new instructions in the capital have fallen, they are actually creeping up in Porto, which could mean more opportunities for buyers with the backing to make an offer.

Homes in the Algarve have been more resistant to the decline in values, with the number of properties coming on the market relatively stable.

Rics senior economist Josh Miller noted that the market in general can be characterised by falling activity, prices and confidence.

"The main factor weighing on prices is weakening demand; rising supply is not really an issue," he said.

"Although the national picture looks quite bleak, the survey results highlight some promising regional developments during May with both new enquiries and agreed sales in Porto and the Algarve falling at a slower pace than in April."

Meanwhile, Viva Costa International Mortgages recently told MortgageStrategy.co.uk that while it has seen a decline in the number of inquiries, the level of approvals has remained relatively stable.
 
Speak to us - free!
Free enquiry
Speak to an international mortgage specialist - free and easy.