The June 2017 RICS/Ci PHMS results point to supply pressures intensifying with the series on new listings coming to market edging further into negative territory over the month. Alongside this, the pace of growth in sales and new buyer enquires moderated, but remains positive nonetheless. In the lettings market, solid tenant demand is being met with a continued decline in new landlord instructions.
Across the sales market, contributors once again noted an increase in transactions, however, the pace of growth softened in the latest results. Regionally, the loss of momentum appeared to be mainly concentrated in Lisbon, whereas activity indicators in Porto and the
Algarve posted similar readings to last month. Looking ahead, sales are projected to increase in all regions over the next three months although, in Lisbon, near term expectations moderated once again following a similar trend as in the previous two reports.
Meanwhile, demand growth lost a little impetus in the latest results (on a non seasonally adjusted basis), with a net balance of just 16% of respondents citing an increase in new buyer enquiries (relative to 36% in May). Again, this was most visible in Lisbon, where demand grew at the slowest pace since December 2016. New sales listings fell further in June, for a third successive month, with a decline reported in all three regions.
Source : RICS