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Portuguese prefer to buy a home instead of renting

Tuesday, 23 June 2015 - Financing

The house rental market has gained momentum in recent times, but the Portuguese still prefer to buy their own house. According to data from the 29th edition of the Study catalog of the Association of Professionals and Real Estate Companies of Portugal (APEMIP) in the first quarter, 50.3% of the queries were made for home purchasing and 47.5% for lease.

"This phenomenon is justified mainly by the improvement of the economy, which, although slow, gives the consumer market greater confidence to such important investments, such as buying a house," said Luis Lima, president of the organization, in this document.

"This factor, combined with the positive contamination of the internal market by growing international demand and the resumption of housing loans by banking institutions, makes the Portuguese consider that purchasing is a good investment. On the other hand, rental prices are still not competitive when compared with the monthly value of the mortgages", he adds.

According to data from APEMIP, which is based on CasaYES portal data, 39.6% of people looking for houses to rent with prices of less than 300 euros, ​​while 38.1% search properties with rents between 300 and 500 euros. Only 13.1% of people try to find homes with renting prices between 500 and 750 euros.

To Luís Lima, "it is critical to look at and think of the future of this sector while keeping some good practices acquired in the difficult period" experienced in recent years. "What we have learned is that the market has different paradigms and we must learn to give them due importance," he said.

Source: Idealista