Portugese property prices plummet

The real estate market in Portugal continues to plunge ever lower as the country struggles to reign in the spiraling debt ridden economy.

In the wake of the recent resignation of the Prime Minister, Jose Socrates, the financial turmoil is being reflected in the price of property as recent data shows that since the end of last year each month have witnessed a drop in residential real estate prices.

Financial commentators believe the situation in Portugal is so dire that along with the rising unemployment figures and political unrest spreading across the country officials will have no choice but to ask the EU for a huge billion euro bailout option along the lines of deals struck with Ireland and Greece, This is expected to happen sooner rather than later.

The recent summit of EU members resulted in assurance from member countries that financial support will continue for ailing economies.