Portuguese property “on the road to recovery”

The investment firm reports that commercial property investment more than tripled in the first six months of 2013, with spending rising from €47m to €161m in just a year.

Investment in residential property has also boomed, rising 60 per cent to €230m, according to figures from Cushman & Wakefield Inc.

On top of growing confidence in the country’s property, the market is being supported by a more stable economy, which expanded 1.1 per cent in the second quarter of 2013 compared to the previous three months – the first increase since 2010.

“The Portuguese property market is undoubtedly in recovery having bottomed-out twelve months ago,” explains Luke Smith, Managing Director of Crystal Investment and Real Estate. “Prices are rising steadily, but are still a long way from their 2007 peak.”

Indeed, the country’s low prices combines with its strong lifestyle appeal – castles, wines, ancient ruins, cobblestone streets – to create an affordable and highly attractive holiday home and retirement hotspot.