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Portugal is seeing a construction boom in the major cities

Over the next five years Portugal’s property market is on course to rise by 6%, according to data produced by the Royal Institute of Chartered Surveyors (RICS) and Confidencial Imobiliário magazine and released in the Portuguese Housing Market Survey.

Portugal has been making a steady economic comeback, with record decade-high growth registered in the country last year, and this revival is having a positive impact in the construction industry. New residential projects are now planned, which should bring stability to the property market where currently demand is exceeding supply.

Simon Rubinsohn, senior economist of RICS, said: “We are seeing Lisbon, Porto and Algarve benefit from prices continuing to rise. Licences for residential projects increased by 66% in Lisbon and 82% in Porto compared to last year. The impact of new residential schemes will help to reduce the pressure on prices.”

Portugal has also seen its hotel prices rise rapidly recently. After a sharp drop in prices during the economic crisis, the average price for a room in Portugal went up last year to around €90. Despite still being far off the prices charged in other major European cities, Portugal’s hotel prices saw the second biggest growth last year, after Iceland.

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