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8% Difference Between INE House Prices and Real Estate Agency Data

6 November 2017

The average difference between the value of home sales as published by the National Statistics Institute (INE) and the Confidencial Imobiliário (Ci) database is significant and, in some cases, quite significant. In Lisbon’s parishes, for example, the disparity can reach an average of 8%, and there are cases where the difference can reach 550 euros per square meter.

According to Público, who compared the two databases, “a client of CI who consulted the latest information from the Residential Information System (SIR) would learn, for example, that in the second quarter of this year, the average price per square meter of an apartment sold in the parish of Belém, in Lisbon, reached 3,048 euros.”

But the truth is that according to the INE, and based on the median value of reported sales released last week, “the cost of the square meter in the same parish and the same period was 2,410 euros.” This means that the average price per square meter of apartments sold in certain parishes is different from the amount indicated in the INE.

The parish of Belém displays the most significant disparities, but every parish suffers from the same differences. On average, in the case of parishes analysed in Lisbon, when comparing the value published by INE and that calculated by Ci, the difference reaches 8.1%.

Differences in Lisbon, but also in Porto

There are parishes in Porto where the disparities are equally significant. According to the INE, the median value calculated in the parishes of Cedofeita and Santo Ildefonso was 1,460 euros per m2. The SIR of the Ci “has obtained an average sale of 1,855 euros”, Público reported. “It is a differential of around 20%, the same size as found in the statistics found in the parishes of Aldoar, Foz and Nevogilde: the INE median is 1,643 euros, the SIR average is 2,058 euros,” the publication concludes.

Original Story: idealista

Translation: Richard Turner