The May 2017 RICS/Ci PHMS results again point to a solid demand backdrop, as indicated by the continued steady rise in new buyer enquiries. At the same time, despite a slight pick-up in sales instructions during the first quarter of 2017, supply pressures are beginning to worsen. Indeed, new sales listings have now dropped in each of the last two months. In the lettings market, tenant demand growth remains strong, whilst new landlord instructions continue on a steeply downward trend.
Solid activity growth was reported once more in the sales market during May, with agreed sales continuing to rise for a sixteenth consecutive report. Moreover, all three regions were cited to have seen an increase in agreed sales (Lisbon, Porto and the Algarve). Looking ahead, sales are expected to rise further in all three areas over the near term, although sales expectations did soften a touch in Lisbon relative to the previous month.
Source : RICS