During September, 21% of homes advertised for sale were taken off the market in less than a week, according to an analysis published by idealista.
Considering the length of time listings on the real estate portal nationwide, it can also be concluded that 21% of homes sold between one week and one month, 26% between one and three months, 35% between three months and one year, and 6% remained on the market for more than a year. This length of time listing is also explained by the characteristics of the homes for sale (location, price, and amenities), which are more attractive than others, for example.
Where are homes selling fastest?
Analysing express sales by major cities—that is, residential properties that sell in less than a week, considering the length of time listings—Faro has the highest percentage, as 21% of homes leave the market during this period.
High percentages of homes sold in less than seven days are also found in Évora (15%), Santarém (14%), Funchal (13%), Aveiro (12%), and Coimbra (12%).
However, below the national average are Porto (10%), Braga (9%), Vila Real (9%), Viana do Castelo (8%), Setúbal (7%), Castelo Branco (6%), Leiria (6%), Lisbon (6%), Ponta Delgada (6%), and Viseu (6%). The district capitals with the fewest express sales were Beja (5%), Guarda (5%), and Bragança (4%), and in Portalegre, no transactions were recorded in less than seven days in September.
This trend is not unique to Portugal; properties are selling fast across many EU countries meaning if you are going to buy with a mortgage it is advisable to have mortgage approval before you find a property to speed up the process, or you may lose out to a cash buyer who can complete quicker
If you are looking to buy a property in Portugal, Spain or Greece and need a mortgage email mark@vci-network.com for the latest criteria