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NEWS / 26 Oct 2021

7.6% increase in house prices

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The third quarter has revealed a 7.6 percent increase in house prices in Portugal when compared to the same period of 2020.

 

The third quarter has revealed a 7.6 percent increase in house prices in Portugal when compared to the same period of 2020.
Data from Imovirtual has found that the average value of properties, which in the third quarter stood at €368,441, still grew by 1.4 percent compared to the second quarter of this year.
Lisbon (€591,072), Faro (€485,065) and Madeira (€369,579) were found to be the most expensive districts in the quarter analysed by the real estate portal.
Property sales
The average value of properties in Portugal currently stands at €368,441, around €25,900 more expensive than in the same period in 2020. Compared to the second quarter of this year (average price of €363,475), there was also an increase of +1.4 percent.
The report found that all analysed districts show average price increase in Q3 2021 compared to Q2. Lisbon (€591,072), Faro (€485,065) and Madeira (€369,579) are the most expensive regions, while Guarda (€113,304), Castelo Branco (€124,717) and Portalegre (€129,543) are the cheapest.
 The most significant increases compared to the second semester were registered in Portalegre, with an average value of €129,543 (+7.3 percent); Vila Real, with an average value of €191,057 (+6.8 percent); Madeira, with an average value of €369,579 (+5.7 percent) and Setúbal, with an average value of €306,522 (+5.2 percent).
The districts with the highest increase in the average selling price in the third quarter of this year compared to the same period in 2020 are Évora (+29.3 percent), with the average price standing at €258,395, Madeira (+17.9 percent) and Portalegre (+12.4 percent).
Rental properties
With regard to leasing, there was a slight increase of +0.6 percent in the average price, which went from €996 in the second half to €1,002 in the third quarter. However, compared to the third quarter of last year, when the average rental price was €1,054, there was a decrease of -4.9 percent.
The most expensive areas to rent in Portugal in the third quarter were found to be Lisbon (€1,263), Porto (€947), Madeira (€874), Faro (€826) and Setúbal (€761), while at the other end of the scale, Castelo Branco (€399), Bragança (€401) and Portalegre (€421) were the cheapest.
Beja (+16.2 percent), Vila Real (+15.8 percent) and Portalegre (+15.3 percent) were the districts with the highest increase in the rent price announced in the third quarter compared to the second quarter, registering respectively the values ​​of €496, €513 and €421.

Article from the Portugal News 23rd October
 
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