Portuguese Property Market Shows Signs of Recovery
Portugal’s real estate market is showing signs of a turnaround after commercial-property investment more than tripled in the first half, according to Cushman & Wakefield Inc.
Spending on commercial real estate rose to 161 million euros in the six months through June from about 47 million euros a year earlier, the New York-based property broker said in an e-mailed statement yesterday. Investment in residential property rose 60 percent to 230 million euros.
“The first semester of 2013 showed some signs of a return of investor confidence,” Cushman said. Portuguese real estate prices should remain stable this year and next, it said.
Portuguese real estate had its worst year in decades in 2012 with investment in commercial property dropping by 50 percent, Cushman said on Jan. 8.
The economy in Portugal, which got a 78 billion-euro ($106 billion) bailout in 2011, expanded 1.1 percent in the second quarter from the previous three months, the first increase since 2010. Export growth accelerated and the euro area came out of a record-long recession, the National Statistics Institute said on Sept. 6.
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