According to the Residential Price Index for Mainland Portugal, the result of Confidencial Imobiliário’s September analysis, house prices in the country, based on sales, increased by 9.5% since the start of the pandemic in March last year.
With accumulated increases that rarely passed 2.0%, and after a period of stabilisation in the first year of the pandemic, price rises in the post-Covid period have been gaining steam since last April. While the accumulated appreciation since March 2020 stood at just 3.5%, this indicator had already reached 7.2% at the end of June and increased to 9.5% by September.
House prices increased by 0.9% m-o-m in September 2021, a marginal change to the increase of 0.6% in June and July. The third quarter accumulated a 2.1% rise, down from 4.5% in the second quarter.
According to Confidencial Imobiliário, prices rose by 9.4% y-o-y in September. That figure is almost seven percentage points above the 2.6% increase observed at the beginning of this year.
The average sale price of a home on mainland Portugal reached €1,895/m2 in the third quarter of 2021, standing at €2,438/m2 in the Metropolitan Area of Lisbon, €1,905/m2 in the Metropolitan Area of Porto and €2,032/m2 in the Algarve.
It should be noted that Confidencial Imobiliário’s Residential Price Index tracks changes to house prices, as derived from sales data reported to the SIR – Residential Information System.