Licensed Works Increase by 11.7%

According to the Statistical Housing Synthesis, carried out by AICCOPN (Association of Civil Construction and Public Works Industries), cement consumption in Portugal totalled 2.55 million tonnes in the first eight months of the year, increasing 7% y-o-y.

By the end of August, the number of works licensed by city councils reached 12,336 (new construction and rehabilitation works in residential buildings). The figure translates to an increase of 11.7% y-o-y. Likewise, the number of dwellings licensed in new construction increased by 11.6% to 18,475.

Mortgages granted by financial institutions in Portugal increased by 37.9% in the year to August, compared to the same months of 2020, to 9.826 billion euros.

According to AICCOPN, the average residential housing valuations conducted within mortgage applications rose by 8.2% year-on-year, as flats were up by 9.9% and houses by 3.2%.

The analysis also highlighted the Autonomous Region of Madeira, where the number of dwellings licensed in new constructions totalled 487 in the twelve months ending August 2021, an increase of 5.4% compared to the 462 homes licensed in the previous twelve months. Of these, 10% were studio or one-bedroom units, 26% were two-bedroom units, 58% were three-bedroom units, and 6% had four or more bedrooms. Bank valuations in the region rose by 11.5% y-o-y.