The average price of residential property transactions in Portugal increased by 9.0% in the second quarter compared to the same period in 2022, reaching €1,629 per square meter (m2).
According to the National Institute of Statistics(INE), this value represents an increase of 4.1% compared to the first quarter of 2023 and an acceleration of year-on-year changes compared to the 7.6% recorded from January to March.
During the period analyzed, the average house price increased compared to the same period of the previous year in 19 NUTS III subregions, with INE noting an increase in the Autonomous Region of Madeira (+24.9%) and in the Middle Tagus. (+15.9%) 7%).
“Four NUTS III sub-regions with house prices higher than the country also registered year-on-year rates of change higher than the national figure: Algarve (2583 euros/m2 and +9.5%), Lisbon Metropolitan Region (2306 euros) / m2 and +11.1%), the Autonomous Region of Madeira (1916 euros/m2 and +24.9%) and the Porto agglomeration (1802 euros/m2 and +14.3%).”
The Medio Techo region also stands out, with an annual rate of change of +15.7%.
Subregions Viseu-Dau-Lafoínes (-12.9%), Baixo Alentejo (-10.9%), Beira Baixa (-8.6%), Beiras and Serra da Estrela (-6.4%) , Alto Tamega (-5.4%) and Terras de Tras-Hos Montes (-3.6%) recorded year-on-year declines in house prices in the second quarter of 2023.
As in previous quarters, Alto Alentejo showed the lowest average sales price for family homes (546 euros/m2).
During the same period, the average price of family houses sold in Portugal by buyers with a tax domicile abroad was 2,409 euros/m2 (+5.1% compared to the same quarter of the previous year), and in the case of transactions by some buyers with a tax domicile domicile in the country, this cost amounted to 1,588 euros/m2 (+8.7% compared to the same quarter of the previous year).
The four subregions with the highest average house prices – Algarve, Lisbon Metropolitan Region, Madeira Autonomous Region and Porto Metropolitan Region – also presented the highest values in both buyer tax domicile categories.
In the major cities of Porto and Lisbon, the average price (EUR/m2) of transactions carried out by buyers with a tax domicile abroad exceeded by +61.3% and +91.6% respectively the price of transactions carried out by buyers with a tax domicile. on national territory.
Source: The Portugal News