(Source: New York Times)

Unlike neighboring Spain — which experienced a major property boom, and subsequent bust — Portugal has seen its real estate market rise slowly and steadily for much of the past decade.

Over all, Portugal’s values have increased 3 to 4 percent each year over the past six years, said Nick Barnes, a partner in residential research at the real estate firm Knight Frank.

“Portugal has never been high growth in terms of values,” Mr. Barnes said, citing its relative lack of wealth, as well as its limited number of foreign property investors. “It’s slow, steady stuff, which is arguably more sustainable.”

Read Lisa Keys’ full article “House Hunting in … Portugal” in the New York Times (July 28, 2009).

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