An OECD report released today shows that the domestic property prices in Portugal have depreciated 26% since the year 2000, the highest drop in the 24 countries surveyed.
Between 2000 and 2015, the price of homes dropped 20% in Japan and 11% in Greece but Portugal’s 26% led the field.
In the other countries surveyed, house prices now are higher than in 2000, notably in Sweden, New Zealand and in Australia where they have more than doubled.
Even in the residential markets in Spain and Ireland, which in recent years saw their housing bubbles burst, current prices are now above those in 2000.
These figures were released today in the annual OECD report, ‘Going for Growth.’
Despite the depressing housing figures, Portugal’s economic reforms were ahead of the game following the economic and financial adjustment programme agreed with the Troika.
According to today’s updated figures, between 2011 and 2014, only Greece overtook Portugal for implementing those structural reforms that the OECD believes are necessary to increase economic growth, productivity and employment, and labour market reforms.
However, the OECD continues to place Portugal in the group of countries facing the most serious challenges, along with Greece, Ireland, Italy, Spain and Slovakia.
Among the main problems facing the country’s growth is a fall in investment, youth unemployment and long-term unemployment.
Source:- Algarve Daily News