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The data published this Tuesday by the National Institute of Statistics (INE) show a deceleration trend in the growth of house prices in Portugal during the third quarter of the year, and in many municipalities the evolution is already negative compared to the quarter of the previous year. and also with the third quarter of 2019.
The average value of home sales in Portugal amounted to 1,160 euros per square meter in the third quarter of 2020 (considering the 12-month period until September). This figure represents an increase of 2% compared to the second quarter of 2020 (12 months until June 2020) and an increase of 10.1% compared to the same period of the previous year (12 months until September 2019).
In this methodology (the only one in which the INE reports data for all municipalities), the price of housing decreased in 76 municipalities with respect to the previous quarter, stabilized in 14 and increased in 212.
In the year-on-year comparison (average price in the 12 months to September 2020 versus the average price in the 12 months to September 2019), the price drop was 56.
Among the municipalities with increases in home sales prices, in 50 the increases were greater than 10%, with emphasis on Cuba, Fronteira and Alfândega da Fé, with increases of more than 30% in chain and similar terms.
In the municipalities with negative evolution, Mêda, Fornos de Algodres and Murça stand out, with chain drops of around 30%.
In total, prices increased at an annual rate of more than 30% in 10 Alentejo municipalities, in another 10 in the North and in eight in the Center. This growth rate was also observed in three municipalities in the Azores and one in Madeira.
Prices drop in Lisbon
If only the three months of the third quarter are analyzed (and not the 12 months ending in September), the easing trend is more noticeable.
In this case, the average sale price of homes in Portugal was 1,168 euros per square meter, a reduction of 1.6% compared to the second quarter and an increase of 7.6% compared to the same period in 2019.
In large cities (with more than 100,000 inhabitants), the INE reports a slowdown in the growth rate of house prices in 10 of the 24 municipalities.
Highlight for the municipality of Lisbon, where the average value of homes sold was 3,183 euros per square meter in the third quarter of 2020 (taking into account only the three months of the third quarter), a figure that represents a fall of 1, 8% compared to the same period in 2019.
If the 12 months to September are taken into account, prices practically stagnated in the third quarter of the chain’s variation (-0.03% to 3,375 euros) and increased more than 5% year-on-year.
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