It comes after the country registered the second highest rise in property prices of the 27 EU member states.

According to Eurostat’s House Price Index the value of houses on the Portuguese market has shown annual variations above 6 percent for five consecutive years, which the European Commission considers a market at risk of a price bubble.

Last year, in the midst of the pandemic, Portugal’s house price index increased by 7.4 percent, the fourth largest increase recorded in Portugal in the last ten years.