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Housing Prices in Porto’s Downtown and Historic Centre Fall by 8.2%
6 March 2021 – Ana Custódio
Housing prices in Porto’s official Downtown and Historic Centre Urban Rehabilitation Areas registered a fall of 8.2% in the second semester of 2020 compared to the previous semester. The year-on-year drop stood at 4.8%. Confidencial Imobiliário published the data as part of its Downtown and Historic Centre of Porto Price Index.
The decline in prices follows an increase of 3.7% during the first half of the year, which had reversed a previous drop in the second semester of 2019 when prices had already fallen by 9.3%.
Over the last three years, semester-on-semester price changes have oscillated, occasionally sharply, between ups and downs. These price swings began before the pandemic, leading some market watchers to downplay the lockdowns’ effects.
Confidencial Imobiliário’s Downtown and Historic Centre of Porto Price Index also adds that, although relieving the 5.9% decrease in the first semester, the fall in the second semester consolidates a cycle of three consecutive semesters of losses. As a result, prices in the region ended 2020 at 13.7% below the first semester of 2019.
Translation: Richard Turner