great video. This delirium of houses for sale in Portugal with US/Swiss prices had to end eventually.

Everyone is predicting prices will fall, but they're not actually falling yet. They might not even fall much in the desirable areas.

Selling panic to set in soon.

So good to see that! Here on Madeira Madeirans can not afford living in normal places, because everything was sold for high prices, and even the rent was unpayable. I hope it goes back even more!!

@luisfilipe534

3 ай бұрын

Madeira became a joke as playground for international digital nomads, real estate speculators and retirees. Locals were pushed out. This is a development of a 3rd world country.

@cybilm133

2 ай бұрын

But ist it the same everywhere in Europe even and Germany with much higher wages than in Portugal people with an average income can no longer afford to buy a property and rent is extremely high so often it takes 2 income to pay for the rising cost. In Madeira at least you do not have to pay so much money for heating. My monthly fee for my condo in Berlin ist almost 400 Euro whereas in Madeira its only 30 Euro. When I retire I can no longer afford to live in Germany but hopefully my money will be sufficient to live a fairly decent life in Madeira. Not only am I in love with Madeira but I'm in love with the people and I love the weather. But I wish Madeira would get decent wages for their work. Its heartbreaking to see the elderly in Funchal selling herbs etc. to make some money.

Thank you for this news. 🙏🏻

Looking forward to the updates

It's still early to take conclusions from this data, but I think that the big cities will continue experience increasing prices and people will still buy the houses, it might reach a plateau but I don't see prices dropping any time soon. Outside of the cities is where opportunities will start to show.

Thanks! 🙏🏼

Hi Ted, agreed! i've been waiting and telling folks this would happen. We are actively looking for a home now and it appears our timing might be good. Thanks for using DATA to support your statements. Appreciate it! JP Porto

Just wanted to point out that the new Gov said they want to revogate part of the housing package (+habitação) from the past Government.

The minute that the new laws hit, I knew this was going to happen. The market was overheated and unsustainable. I missed the pre-appreciation in prices in the 2017-2018 time period, and didn’t think I could afford to move there by 2023. But when the new laws dropped, I anticipated the speculators who bought to invest and not live permanently, would flee in droves. It’s a small country, and a dramatic change made in such a short period (it would have taken a decade here in the US to even consider it, not 6 months to implementation!) was sure to have an equally dramatic result. I think the Q1 2024 will be even more dramatic, which while actually achieving the government’s original goal of opening up more homes to native Portuguese, will also rile the real estate and business community. So if it becomes a true buyers market, and prices crash (my prediction for the Algarve and Lisbon), the politicians will be under pressure to change the laws again to bring the investors back. So, I’m looking to head to Portugal in the fall, when I think the situation will peak with speculator defaults, and get a retirement place. Let’s see what happens in the next couple of quarters.👍😁

@santostv.

3 ай бұрын

Good luck 😂

@a.cobbaut9711

3 ай бұрын

Wait till Germany and UK are in full blown economic crisis, biggest demand is coming from there now and when their economy tanks so will home prices in Portugal, we saw this in 2008 also

Real estate speculation by foreigners is making impossible for locals to buy or rent a house

@cybilm133

2 ай бұрын

Not sure if it is mainly speculators but rather people like myself who cannot afford to live in their own countries with their retirement income and who want to live amongst friendly people in a safe place with affordable prices and perfect weather without high cost for heating. Madeira is so beautiful. I am totally in love.

Was 2022 home sales an outlier? How much did 2022 home sales deviate from the average?

Portugal is trying to be like San Francisco . The prices are laughable in some places and when this Portugal love fest ends whose going to buy these million dollar homes that aren't worth nearly that price. I was going top move back to Portugal but what we get here for a house costing 500K USD is so much more than what you'll get there.Not paying 500K for a house that is small and have to worry about mold and much more, not worth it anymore.

Dear, you told us in 2022 that market is very hot and we will see prices going down, 2023 we up by 10%, again you telling that prices will go down again? We don’t have property for sale anymore, and intrest rates are crazy high, that’s why not many buyers. But no way prices will go down any time soon, with inflation 10% and printer brrrr,

@marieb5251

3 ай бұрын

Dear, there's little inventory for sale because most of it is short-term rentals. I'm seeing a lot of those coming on the market, plus like Ted said, they are cracking down on illegal units. It takes a couple of years from when home sales drop, to when prices start to decline. Prices will come down when banks start cutting interest rates, sellers who want to sell will cut prices. Right now they know it's pointless because people can't afford them. Brrrr.

@bertiew6771

3 ай бұрын

A couple of other factors to take aboard, there was a lot of overpriced rubbish on the market in 2023, all the quality homes were riding out the high interest rates or sold immediately. New build was still selling. What the video doesn't mention is that January 2024 was a record breaking month for sales and new properties coming onto the market. Stating the obvious but prices will remain strong whilst demand is still there and right now, it is.

@marieb5251

3 ай бұрын

@@bertiew6771 Home inventory INCREASED 11% in the first trimester of 2024, that means LESS homes are being sold, thus there are 11% more homes available now. The info you have about January is incorrect, unless you are referring to new home sales. Even so, there's no info online, and with the end of Gold Visas, that stat cannot be true. Demand isn't there right now, that's the main point of this video. It's back to 2017 levels. High interest rates and high prices are keeping people away. The prices will only start to decline significantly when interest rates start being cut. That's always been the cycle of a housing downturn.

@bertiew6771

3 ай бұрын

@@marieb5251 I can't force you to believe, it's your choice but I stand by my January 2024 numbers. The other thing that really deserves a mention is people should be speaking with their mortgage broker and see if they can get better conditions on their existing mortgage. Better conditions are out there, you just need to ask. Again, I can't force you to believe but if you believe a fall in interest rates will see a fall in prices, good luck to you.

@a.cobbaut9711

3 ай бұрын

@@marieb5251 demand has to come from UK and germany and their economy is starting to crack, nobody is buying something for 200k in Portugal if you are worried about your job or the job of your children. The end of the golden visa killed the USA market.