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Changes in sight

24 Jan 2019
Changes in sight
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Will house prices go down in 2019?
https://www.idealista.pt/news/imobiliario/habitacao/2019/01/08/38407-novo-ano-impoe-travao-aos-precos-das-casas
 
After the repeated “best years ever”, and the euphoria experienced in recent months (already towards the end of last year, and according to the idealist price index, house prices in Portugal increased by 6.6%) , industry voices anticipate stability. Ricardo Sousa outlines a changing scenario for this year. "After the excesses that were committed last year, the market is preparing to balance and there are homeowners who are already available to lower house prices," the official told Sol newspaper.
 
 
Ricardo Sousa recognizes the "speculative and almost irrational prices", justifying this behavior with "an excess of optimism on the part of homeowners who believed that they could sell their property at certain values". It adds, however, that the overwhelming majority of homeowners are now “available to lower the value up to 10%” because selling time has been increasing.
 
 
The official reveals that the impact will be felt mainly from the second semester and on the used houses market, since they are in the pipeline a series of projects for new construction. It warns, however, that many families should continue to be dragged to the periphery until the “needs response” is operational.
 
 
Luis Lima, president of the Association of Real Estate Professionals and Companies of Portugal (APEMIP), who believes in a price reduction framework this year: “I have said several times and in various public forums that houses will not, nor can, rise to the sky. It is natural and possible that they will start to see corrections in the value of real estate, because prices can only increase as far as is justified and there is demand to respond to this offer ”.
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