Housing Prices Fall Throughout Much of Portugal

30 October 2020After a series of prices rises over the last few years, housing prices declined in 87 of the municipalities in Portugal during the second quarter of this year, nearly a third of the total. While the average sales price increased over the country as a whole, an increasing number of regions are reporting falling or stagnant prices. At the same time, the country’s largest cities are experiencing marked slowdowns in price growth.

According to the National Statistics Institute (INE), housing price rises had already begun to moderate at the beginning of the year, the pandemic and the subsequent lockdown has accelerated the trend.

Nationally, average housing sales prices rose by 1.8% q-o-q to €1,137 per square metre in the second quarter of 2020, while prices still rose by 10.3% year-on-year. Portugal’s interior partially sustained the increase, as 34 municipalities posted double-digit gains in housing prices. Almost all of those, except for four in the Azores and Madeira, are located in the North, Alentejo and Centre.

Original Story: Jornal de Negócios – Rafaela Burd Relvas

Photo: Julia Volk

Translation/Summary: Richard D. Turner