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Portugal prices reported falling

Property in Portugal has fallen substantially in the recession, particularly outside resort areas, an expert has said.

Director of overseas property company Oceanico Martin Date told the Irish Independent that the cost of buying homes in the country has fallen due to Irish and other investors being less prominent during the downturn.

He stated that resort areas have seen a five per cent drop, while in other parts of the country the decline has been 25 to 30 per cent.

Such price falls may interest those looking to invest now, particularly as new figures have shown that Portugal is no longer in recession.

Last week, the country revealed that gross domestic product increased by 0.3 per cent in the second quarter of 2009, bringing its economic contraction to an end.

News of the fall came in the same week that France and Germany revealed the same level of increase in their economic outputs.

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