Portugal

Knight Frank

Portugal

Quarterly Rank: 10
Quarterly Price Change: 1.7%

Annual Rank: 12
Annual Price Change: -1.5%

Unlike neighboring Spain, Portugal's housing market was not clobbered during the economic downturn. And in the commercial property sphere, Portugal saw a record year in 2008 thanks to a number of large public sector transactions. Overall, home prices are down only 1.5% year over year.