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Lusa - Business News - Portugal: Possible overvaluation of house prices requires monitoring - central bank

Lisbon, June.21,2021(Lusa)– The governor of the Bank of Portugal said on Monday that the current crisis situation requires monitoring of the real estate sector, after the institution warned of the risk of a correction in house prices, which have continued to rise in the pandemic.
"The current situation is and requires all the care that, normally, in times of crisis, this sector [real estate] has to be given, because it has, in fact, an enormous interpenetration in the financial system," Mário Centeno said at a press conference on the June 2021 Financial Stability Report, released today by the institution he leads.
The report indicates that "the relevance of this market recommends monitoring the signs of a possible overvaluation of prices," which, in the residential segment, have continued to increase, despite a slowdown in their evolution.
The document warns of the risk of a "price correction in the residential property market in Portugal, which may result from the potential retraction in demand for property by non-residents, which is associated to a deterioration in international financing conditions," and, in the commercial property market, "there may be an additional fall in prices following the one that occurred in 2020 for some segments (retail and hotels).
Mário Centeno explained that "the situation in Portugal is of a deceleration in price evolution", with segments in which this deceleration was more clear-cut, as is the case of the commercial segment.
"There are some aspects of demand that remain quite active, particularly demand by non-nationals, non-residents, because the dynamics of the sector in recent months is not as sustained in bank credit as it has been in the past," he explained.
The BdP stressed, however, that any correction in house prices will not be too significant since in recent years there has been a reduction in the household debt ratio, as well as an improvement in the risk profile of borrowers.


Agency : LUSA

Date : 2021-06-22 10:33:00


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