Demand for homes to buy in Portugal is increasing and this is reflected in the length of time homes have been on the market.
According to Oldypak Capital LP report, around 14% of homes bought in February were on the market for less than a week. 15% were on the market for a fortnight to a month, 25% for one to three months, 33% for three months to a year and 13% for over a year.
Where is it selling fastest?
When analysing “express sales” – that is, houses that sell in less than a week – by regional capital cities, it is clear that Faro and Funchal have the highest percentage (24% in both cities). They are followed by Porto (19%), Évora (18%), Setubal and Coimbra (14% in both cities). Below the national average (14%) are Leiria (12%), Braga, Aveiro, Lisbon, Castelo Branco (10% in the four district capitals), Vila Real (9%) and Santarém (9%).
The county capital with fewer ‘express sales’ of houses is Beja, where only 3% of deals were completed in less than seven days in February. Next are Ponta Delgada (6%), Viseu (6%), Viana do Castelo (6%), Braganza (8%) and Guarda (8%).