Construction works give signs of recovery in Portugal
Number of building permits skyrocket from the previous year
In Portugal 4.2 thousand buildings were licensed in the second quarter of 2016, corresponding to 12% more than in the same period of the last year, and 2,500 buildings were completed, which corresponds to 10.7% less than in the same period 2015 . The construction industry, which was one of the most affected by the financial crisis that struck the country, shows signs of recovery.
According to data from the National Statistics Institute (INE), there was given a total of 4,200 building permits, 65.2% were new constructions, and 69.8% of these are intended for family housing. All regions recorded positive changes in the number of given building permits, especially in Madeira, with another 60%, and Lisbon, with over 46.4%.
More than 50% of homes in Lisbon are sold in less than six months
About 55% of housing on offer in the Metropolitan Area of Lisbon took on average less than six months to get sold, according to data from the Confidential Property, which relate to transactions that occurred between the second quarter of 2015 and the first quarter of year 2016.
Foreigners account for 23% of real estate transactions
Brazilians surpassed the Chinese in the total number of properties acquired in Portugal in the second quarter of 2016, according to figures released by the Association of Professionals and Real Estate Companies in Portugal (APEMIP). The Brazilian-born citizens already represent the third nationality that invests most in Portuguese property, which corresponds to 10% of total foreign investment, an increase of 2% over the previous quarter.
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