House prices look upwards

By TPN/Lusa, in News · 27-09-2015 08:48:00 · 0 Comments


Portuguese property prices rose by an annualised 2.9% in the second quarter of this year and reversing a three quarter long period of contraction according to figures released by the National Institute of Statistics.

The price of acquisition whether for existing properties or new constructions were both on the rise, up 3.4% and 2.5% respectively year-on-year.


In quarter-on-quarter terms, the housing price index surged 3.7%, the highest value on record, and breaking a three quarter run of negative or zero variations: -0.4%, -0.3% and 0.0% for the final quarters in 2014 and the first quarter of 2015.


Both segments saw prices rises with new housing advancing 5.3% quarter-on-quarter, and against 0.2% in the first quarter and outpacing second-hand houses that rose 3.0% against a 0.2% contraction in the first quarter of this year.


As regards the actual sales in the second quarter, there was a total of 24,512 transactions of which 19,576 involved previously owned properties, with this 79.9% of total sales, up from 78.4% in the first quarter, a new maximum high.


The National Institute of Statistics also drew attention to the 24.8% year-on-year rise in property transactions and identified as the second highest rate recorded behind the second quarter of 2013.


However, whilst sales of previously owned properties advanced by an annualised 33.5%, there was a 0.7% fall in the sale of new builds in the second semester.


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