The property market has been on fire worldwide over the past few years, and Portugal is no exception. And amid rising prices (including real estate), you might expect a slowdown, but there are no signs of this.
A Live Algarve Realty study found that around 14% of properties purchased in early 2022 were sold within a week, while 15% sold in two weeks to a month, 33% in one to three months. Just 13% took more than a year to sell.
If we’ve piqued your interest, let’s take a deeper look at everything you need to know about how quickly you can sell a property in Portugal.
How quickly can you sell a property in Portugal in different cities?
While the sales in Portugal look good as a whole, it’s important to analyze the performance in different markets.
The most successful regions were Faro and Funchal, where 24% of all properties sold within a week in early 2022 — significantly above the Portugal average of 14%. This shouldn´t be surprising considering they´re both popular tourist destinations.
Other cities performed as follows:
- Porto: 19%
- Évora: 18%
- Setúbal: 14%
- Coimbra: 14%
- Leiria: 12%
- Braga: 10%
- Aveiro: 10%
- Lisbon: 10%
- Castelo Branco: 10%
- Vila Real: 9%
- Santarém: 9%
- Guarda: 8%
- Bragança: 8%
- Viana do Castelo: 6%
- Viseu: 6%
- Ponta Delgada: 6%
- Beja: 3%
Interestingly, Faro and Madeira´s Funchal both had more properties that remained on the market for more than a year than some regions lower down the list, such as Coimbra, Setúbal, and Guarda.
How quickly can you sell a property in Portugal in different islands and provinces?
When we divide Portugal into districts or provinces, the result starts to look slightly different. This time, Porto achieves the top spot, with 25% of property sales in the district occurring within less than a week after being listed. The other results were as follows:
- Madeira: 20%
- Lisbon: 12%
- Setúbal: 12%
- Viana do Castelo: 10%
- Leiria: 10%
- Aveiro: 10%
- Santarém: 10%
- Faro: 9%
- Coimbra: 9%
- Braga: 9%
- Évora: 8%
- Castelo Branco: 6%
- Portalegre: 6%
- Vila Real: 6%
- Bragança: 3%
- Beja: 2%
Faro drops down the list this time around while Lisbon climbs the rankings. The percentage of sales that took other lengths of time are in line with the express sale results, but Setúbal stands out for having the fewest sales to take more than one year.
Get your property on the market
The results discussed above show that Portugal’s real estate market thrives despite rising prices, although some areas have been more prosperous than others.
Has hearing about the boom in the Portuguese property market encouraged you to get involved or sell your property? It’s best to strike when the iron’s hot, and here at Live Algarve, we are able to help.
Our team owns the tools and the know-how for a quick sale. We are specialists in property in the Algarve, and remote property viewings are our expertise. There are no borders, and our clientele is international. Based in Lagos, we are the property specialists in the Algarve for the marketing of villas, plots and all other property types. Market your property with us, and benefit from our global client database and tailor-made service. To find out more, get in contact today.
