Housing Prices Rose 1.2% During Lockdown

The average price of home sales in Portugal rose by 1.2% during the first quarter of this year.

According to Confidencial Imobiliário’s Residential Price Index for mainland Portugal, average housing prices increased by 1.2% during the first quarter of 2021. That period coincided with the country’s second general lockdown, as growth held steady compared to the previous quarter (1.3%).

In year-on-year terms, the index showed that prices rose by 2.6% in March 2021. Despite the continued growth, the low figure confirmed the previous trend, which saw the growth rate diminishing due both to the pandemic and the preceding increase in prices. At the end of the first quarter of this year, housing prices were up more than 15% year-on-year, with this indicator losing steam throughout 2020. The year closed with a year-on-year price variation rate of 4.8%.

By month, prices have remained stable, with little volatility in the month-on-month figures. In March, prices increased held ats just 0.3%. The Confidencial Imobiliário Residential Price Index tracks residential transaction prices and is calculated based on data reported to the SIR – Sistema de Informação Residencial.

According to that data, the average sales price of homes in Mainland Portugal reached €1,653/m2 in the first quarter of 2021. The average lead time for homes sales stood at six months.

Read the full article in Portuguese

Translation: Richard D K Turner