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House prices rise by over 10% in the 1st quarter of 2020

29 Jun 2020
House prices rise by over 10% in the 1st quarter of 2020
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House prices rose by 10.3% in Portugal in the first trimester of 2020 compared to the same period in 2019 In the first quarter of 2020, the Housing Price Index (IPHab) grew 10.3% year on year, 1.4% more than in the previous quarter. In this period, the prices of existing housing increased at a faster rate than that of new housing, 10.6% and 8.9%, respectively .
House prices rose by 10.3% in Portugal in the first trimester of 2020 compared to the same period in 2019
In the first quarter of 2020, the Housing Price Index (IPHab) grew 10.3% year on year, 1.4% more than in the previous quarter. In this period, the prices of existing housing increased at a faster rate than that of new housing, 10.6% and 8.9%, respectively .

With regard to the sale of houses (houses and apartments), the figures show that there was a slow down in March, due to the pandemic, however, the quarterly balance is still very positive: between January and March 2020 “Transactions on 43,532 households, amounting to 6.8 billion euros, corresponding to year-on-year rates of change of -0.7% and + 10.4%, respectively ”.

INE notes, however, that “while in January and February 2020 there were year-on-year increases in the number of transactions (9.4% and 3.5%, respectively) and the respective value (21.5% and 13.5%, in the same order), in March the number of transactions and the respective values decreased 14.1% and 3.3% compared to the same month of 2019 ”.

In monthly terms and with regard to the total value, after January and February having presented year-on-year growth of 21.5% and 13.5%, respectively, in March there was a reduction of 3.3% compared to the same month of 2019 ”, concludes INE.
In geographic terms, 15,433 homes were sold in the Lisbon Metropolitan Area (AML) in the first quarter of 2020, that is, 35.5% of the country's total (+ 0.1% compared to the same period in 2019). According to INE, the North region, with 12,168 sales, concentrated 27.9% of transactions, 0.4% less than in the same period last year. “The Centre (7,974 transactions) was, along with the North, the other region where there was a reduction in their relative weight (-0.2%)”, concludes the INE, adding that the regions of Alentejo (6%), of the Algarve (8.6%), the Autonomous Region of the Azores (1.7%) and the Autonomous Region of Madeira (2%) kept the respective Regional relative quotas practically unchanged.

“In the period under review, accommodation transactions at AML amounted to 3.2 billion euros (47.8% of the total), the highest amount in this region in the series available. In the North, housing sales stood at 1.6 billion euros, corresponding to a relative regional weight of 23.3%. The combined relative share of these two regions was 71.1%, the highest record since the third quarter of 2018 ”, says the institute.

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