Pandemic Hits Housing Sales Across Portugal

25 June 2020 Housing sales and new rentals have fallen sharply amid the Covid-19 pandemic, according to the latest data from the National Statistics Institute (INE). Perhaps unsurprisingly, the number of home sales decreased y-o-y in April in every region in Portugal.

“In April 2020, 5.1 dwellings per 1,000 standard dwellings were sold,” a decrease of 19% compared to the previous month and 17% compared to the same period in the previous year. “At the regional level, except for the Metropolitan Area of Lisbon (7.1) and the Algarve (6.7), all other regions had the number of sales per thousand dwellings below the national average, with the Centre standing out with the lowest number among the seven NUTS II regions in the country” (3.8 dwellings/1,000 dwellings).

During the same month, housing sales fell across the board in those same seven regions compared to the same month last year. In particular, the Algarve (-24.3%) and the Autonomous Region of Madeira (-20.5%) were severely impacted.

Original Story: – Paulo Ribeiro Pinto

Translation/Summary: Richard D. Turner