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3,500 New Buildings in Portugal in the First Quarter of 2018

19 June 2018

3,500 buildings were completed in Portugal in the first quarter of 2018, 20% more than in the year before. Licensed buildings totalled 5,100, up by 2%.

According to INE – the National Institute of Statistics, the 3,500 new buildings built in Portugal in the first quarter of 2018 correspond mostly to new buildings (72.0%), of which 69.8% were slated for use as family housing.

There were 24.7% more new buildings built in Portugal compared to the first quarter of 2017 and rehabilitation works increased by 9.5%. Compared to the previous quarter, completed works on new construction grew by 4.7%, while rehabilitation works increased by 0.7%.

2,700 of the completed homes were used for family housing, an increase of 36.8% over the first quarter of 2017 (+26.0% vs the fourth quarter of 2017).

Licensing for new construction increased by 6.3% (+3.5% in the 4th quarter of 2017), while there was a decrease of 20.7% (-12.1% % in the 4th quarter of 2017) in licensing for rehabilitation.

Compared to the previous quarter, the number of licensed buildings increased by 18.3% (-4.0% in the 4th quarter of 2017), while there was a + 3.6% change (+0.7% in the 4th quarter of 2017) in buildings completed.

INE also stated that of the total number of licensed buildings, 70.7% were new buildings and, of these, 70.3% were used for family housing. Demolished buildings (504 buildings) accounted for 9.8% of the total buildings licensed in the first quarter of 2018.

In the period under review, licensed new builds in Portugal increased by 6.3% compared to the first quarter of 2017, while rehabilitation works declined by 20.7%. Compared to the previous quarter, licensing for new buildings increased by 22.2%, while rehabilitation works decreased by 5.5%.

Original Story: Diário Imobiliário

Translation: Richard Turner