The price of houses in Portugal increased 9.7% last yearaccording to data from Alfredo that show that, at the end of 2022, residential properties were traded at a average value of 2,066 euros per square meter.The Alfredo Price Index brings together information from various public listing portals and real estate agency websites with transaction data that is subsequently processed using advanced Artificial Intelligence algorithms, which allows you to characterize the reality of the real estate market in Portugal in a way never seen before. Doctor Finance is Alfredo’s partner in the report issued with real-time data. Last year, the rise in prices was accompanied by a significant decrease in supply. In December 2022, there were 157,593 properties available on the marketwhich translates a decrease of 17.57% compared to the end of the previous year. This value compares with the peak of 267,349 reached in May 2020, the month in which the highest offer was recorded. Guarda was the only district capital to register a annual drop in house prices. In December, residential properties were traded at a average value of 411 euros per m2which represents a decrease of 17.8% compared to the same month of the previous year. At the same time, it was one of the districts in which the average time available on the market was higher. Apartments in Guarda took, on average, 132 days to be sold, a result equaled by Porto, and only surpassed by Aveiro (139 days), Lisbon and Viana do Castelo (133 days). In the case of housing, the average time was 196 days, behind only Castelo Branco (212 days) and Vila Real (200 days). In the opposite direction, Alfredo’s data show that the biggest price increases in 2022 were registered in the islands and in the south of the country. There, highlight for Évora, which headed the list with a annual increase of 36.9% to 1,863 euros per m2, an evolution justified, in large part, by the scarcity of supply in the region. Still to the south, Faro registered an increase of 19.5% to 2,333 euros per m2. In the islands, Funchal led, with a annual increase of 22.5% to 2,313 euros per m2followed by Ponta Delgada, which saw the sale prices of houses climb 21.5% in the space of one year to 1,332 euros per m2. the highest selling prices in December, 4,451 and 2,820 euros per m2, respectively, but an annual growth below the national average and less than two digits (5.7% and 7.2%).Read more: Who buys more houses in Portugal?
Houses value more than apartments. But price is less than half
Last year, the price of houses traded in Portugal increased by 13%, which compares with 9.3%, in the case of apartments. Even so, the latter were being sold at an average price of 2,850 euros per m2, more than double the 1,130 euros per m2 of housing.In the case of apartments, Évora was the municipality with the highest annual increase (32%) and, simultaneously, the lowest absorption time (60 days), followed by Funchal (85 days) and Setúbal (87 days). Lisbon that the price of apartments less increased compared to 2021 (6%), and in which the sales time remained among the highest at national level (133 days, which is equivalent to almost 4 and a half months). what Évora was the municipality in which the highest price increase was observed (34%) while Guarda and Portalegre were the municipalities with the lowest growth (-7%) in the last year. Read more: What changes in the IMT in 2023?
Évora, Portalegre and Leiria lead climbs in December
Considering only the last month of last year, the Alfredo Price Index points to a 0.5% drop in average residential property prices, with the value of apartments rising 0.5% compared to November and that of houses 0.2%. This apparent divergence results from the significant decrease in the number of apartments traded and considered in the analysis, which, due to their weight, in terms of price, in the index, creates some distortion in the global monthly evolution. Évora, Portalegre and Leiria were the municipalities where prices more increased in December, with increases of 5.8%, 5.1% and 4.6%, respectively. With regard to the offer, Lisbon was the district capital with the largest number of apartments on the market51,605, and the highest average price (335 thousand euros) while Portalegre presented the lowest offer (391) and the lowest price (75 thousand euros). Porto was the district capital with the most offer in December (8,788). The highest prices, however, were once again observed in the capital, where houses were traded at an average price of 425 thousand euros, contrasting with Guarda, which saw these properties sold for 50 thousand euros, on average. : Bank rating on housing reaches new all-time highs
A professional writer by day, a tech-nerd by night, with a love for all things money.