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House prices continued to rise in the second quarter of 2020, a period marked by the impact of the COVID-19 pandemic. However, in that period, there was a clear deceleration in prices, while the number of sales decreased by more than 20%. In total, more than 33 thousand homes were negotiated, for a total value of 5,100 million euros.
The data was released this Tuesday, September 22 by the National Institute of Statistics (INE), which reports a 7.8% increase in the housing price index, in the second quarter of 2020, in relation to it. last year. This variation represents a reduction of 2.5 percentage points compared to the first quarter, when house prices still increased by 10.3% year-on-year. Since the end of 2016, house prices have not been growing that low year over year.
The impact of the pandemic, according to INE data, is more evident in the quarterly analysis. Between the first and second quarters of 2020, house prices increased by 0.8%; at the beginning of this year, the chain’s growth approached 5%.
This price slowdown can be seen in both new and existing accommodations. In the first case, prices increased 6% compared to the second quarter of last year, below the rate of 8.9% that had been registered in the first quarter. In the case of existing accommodations, the price increase was 8.2%, after the 10.6% registered in the first quarter.
Average price drops
Between April and June 2020, 33,398 homes were processed, a decrease of 23% compared to the more than 43.5 thousand sold in the first quarter, for a total value of more than 5,100 million euros, a value that represents a decrease of 24 % compared to the 6,700 million registered in the first three months of the year.
In total, the average price of homes sold in Portugal during the second quarter was set at 154 thousand euros, 1% less than the 155 thousand registered in the first quarter. Even so, the average house price remains at a peak of at least 2009, the year in which this INE statistical series began.
Algarve and Madeira are the most affected
Algarve and Madeira are the most affected regions, with the steepest drops in both the number of transactions carried out and the total amount traded.
In the Algarve, 2,323 homes were sold during the second quarter, 38% less than in the same period last year, for a total value of 460.4 million euros, a year-on-year drop of 36%. In Madeira there were 525 sales, a drop of 29%, for a total value of 75 million euros, 23% less than a year ago.
On the contrary, Alentejo was the region where the least impact was felt, with an increase in the total amount traded, from 212.7 to 213 million euros.
Last news update at 11:34 am with more information.
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