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Property sales up by 30 %

Property sales up by 30 %

First the good news – and it’s brilliant: 2017 is set to see property sales in Portugal hit the proverbial glass ceiling. Agents are predicting increases in the region of 30% and cite as many as 80,000 properties having changed hands between January and end June.

The ‘not-so-good news’ is the fact that money-laundering, for all the new laws in place, still appears to be alive and spinning.

But first to the good news, Diário de Notícias reports that “a large part” of the increased property sales have gone to ‘cash-buyers’ who have decided their money is “much safer in bricks and mortar than in bank bonds and deposits”.

Diário de Notícias takes care to concentrate on national property buyers, making only passing mention of the number of foreign ‘cash-buyers’ lured to Portugal by beneficial tax regimes and schemes like “golden” fast-track visas.


Read more in the Algarve Resident