Property prices in Portugal on the up

By Daisy Sampson, in News · 08-11-2019 01:00:00 · 2 Comments
Property prices in Portugal on the up

The median selling price of housing in Portugal increased to €1,031 per square metre during the second quarter of this year with the priciest properties being found in Lisbon and the Algarve.

According to data from the National Statistics Institute (INE), 45 municipalities across the country presented higher than average values.
“Lisbon (€3,154 / m2) recorded the highest median price in the country”, according to INE, highlighting also municipalities with values above €1,500 / m2, including the municipalities of Cascais, Oeiras, Loulé, Lagos, Albufeira, Tavira, Porto, Odivelas, Lagoa, Funchal, Faro, Loures and Vila Real de Santo António.


In the second quarter of this year, the median price of family housing in Portugal was €1,031 / m2, registering “an increase of + 2.0 percent over the previous quarter and + 6.4 percent over the same quarter of the previous year”.


“The median price of housing has remained above the national value in the Algarve regions (€1,606 / m2), Lisbon Metropolitan Area (€1,383 / m2), the Autonomous Region of Madeira (€1,205 / m2) and for the first time since the first quarter of 2016, the Porto Metropolitan Area (€1,034 / m2)”, according to INE data.


Local housing price statistics for the second quarter of this year show that of the 308 Portuguese municipalities, 45 had a median housing sale price above the national value.


These municipalities are located mostly in the Algarve and the Lisbon Metropolitan Area - “the two highest priced subregions in the country”.


At the level of the municipality of Lisbon, three Lisbon parishes registered prices above €4,500 / m2, namely Santo António, Misericórdia and Santa Maria Maior.


In terms of price range between municipalities, the Lisbon Metropolitan Area was the sub-region with the largest difference (€ 2,446 / m2), with the lowest value at Moita (€ 708 / m2) and largest in Lisbon (€3,154 / m2), followed by the Algarve and the Porto Metropolitan Area, with price differentials between municipalities over €1,000 €/ m2.


During the period under review, “the median price of new housing was €1,153 / m2 and for existing housing the value was €1,010 / m2”, according to the statistics.


When it came to the prices of new build properties in Portugal the most expensive areas were once again to be found in the Lisbon Metropolitan Area (€1,805 / m2), the Algarve (€1,750 / m2), the Autonomous Region of Madeira (€1,333 / m2) and the Metropolitan area of Porto (€1,224 / m2).


“In the case of existing housing, only three of these subregions surpassed the national standard: the highest price was in the Algarve (€1,573 / m2), followed by the Lisbon Metropolitan Area (€1,334 / m2) and the Autonomous Region of Madeira (€1,170 / m2) ”, revealed INE.


Although Lisbon continues to record the highest prices in the country, “the city of Amadora, once again, stood out for having the highest growth compared to the same period of the year: + 21.8 percent”.


Compared to the same period of the previous year, the seven cities with more than 100,000 inhabitants all registered an increase in prices, namely Amadora (+ 21.8 percent), Porto (+ 20.7 percent), Braga (+ 18.6 percent), Vila Nova de Gaia (+ 17.5 percent), Lisbon (+ 14.6 percent) and Funchal (+ 8.3 percent) and the city of Coimbra, which recorded the lowest relative growth (+ 3.1 percent).
Produced by INE, local housing price statistics in Portugal are released quarterly.



Comments:

Whilst I am sure INE's statistics are arithmetically correct their relevance to owners and potential buyers is questionable as in the case of the Central Algarve they are averaging Quinta do Lago & Quarteira.

by David Norton from Algarve on 09-11-2019 08:53:00

Seems to be going up everywhere... Bad times ahead for many people if it does.... Creates homeless and poor people and crimes and slippery slope. On the other hand banks get rich. Portugal is a great country with rich history. I'm sure Portuguese local's don't want these rich folks destroying there history. Look at Toronto and Vancouver in Canada.

by Narciso Pacheco from Other on 09-11-2019 03:55:00
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