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Housing Sales In Lisbon’s Urban Rehabilitation Area Increase 24%

April 24, 2021 – Ana Custódio

According to the INE and Confidencial Imobiliário, housing prices rose by 5.2% year-on-year for the first quarter of 2021, down 3.4% from the previous quarter. The price of existing homes rose more rapidly than that of new dwellings, at 5.4% and 4.5%, respectively.

According to data on Urban Rehabilitation from SIR-Sistema de Informação Residencial, between March and May 2021, home sales in the Lisbon Urban Rehabilitation Area (ARU) grew by 24% q-o-q.

The statistical report is based on the notification of sales within the framework of the Lisbon municipality’s pre-emption rights. In the capital, the SIR-RU monitors the 17 central parishes covered by the ARU.

Around 1,400 housing transactions were reported in the Lisbon Urban Rehabilitation Area during the three months. That compares with approximately 1,130 in the previous three months (December to February).

According to the SIR, the parishes of Arroios and Avenidas Novas, with 13% and 10% of sales, respectively, were the main foci of demand. The report also highlights the parishes of Santo António and Estrela, with an 8%, and Penha de França and Campo de Ourique (7%).

The average home sales price in the Lisbon Urban Rehabilitation Area in the quarter ending in May reached €3,961/m2. Avenidas Novas and Santo António were the most expensive, with sales in this period at €5,722/m2 and €5,314 €/m2, respectively.

Translation: Richard D K Turner