In May, the cost per square meter of residential property in Portugal amounted to €995 which is by €1 less than in May 2013 and by €5 more than this April. Cheap property in Portugal (the lower 25% of the market) costs €648 per sq.m, expensive property (the upper 25% of the market) - €1,625 per sq.m, according to ee24.com citing the National Institute of Statistics.
Portugal property market has stabilized, although in most regions prices are slightly reducing. Only housing in Lisbon is more expensive than last May: cost per square meter increased by €14 and reached €1,182. Property prices on popular resort destinations, by contrast, have fallen: in Algarve - to €1,197 per sq.m, on Madeira - to €1,126 per sq.m, on Azores - to €921 per sq.m.
Besides the fact that housing prices have remained virtually unchanged, experts claim that the demand is on the up, especially in regions with strong seasonal activity. Developers interviewed by RICS, say that prices of new homes in Algarve have been rising since spring.