The price difference between the two cities has been narrowing. Two years ago it was 67% and in 2020 it was 57%.
The average price of apartments for sale in Lisbon reached 5070 euros per square meter in July this year, 50% more than the 3373 euros per square meter registered in Porto in the same month, carried out by Prime Yield’s Residential Market Barometer.
According to the study released yesterday, for about six months, Lisbon has maintained offer values above 5000 € / m2 and Porto above 3300 € / m2.
Even so, the price difference between Lisbon and Porto shows signs of reduction. In July 2019 it was 67%, in the same month last year it was 57% and has now reached 50%.
This reduction is due to the more intense growth in prices in Porto than in Lisbon, justifies the Barometer. As a revelation, a year-on-year increase in the offer price of apartments in July in Porto was 10.3% and, in Lisbon, it was 5.7%. Already a year earlier, the year-on-year increase in prices in Porto was 9.1% and 2.6% in Lisbon.
Nelson Rêgo, CEO of Prime Yield, recalls that “maintenance prices are showing an upward trend, as this has been a sector in which demand has not only not contracted with a pandemic, but has even revealed a surprising vitality” .
As he emphasizes, “the latest official data show that sales records were exceeded and that credit for acquisitions has not slowed down. And more than that, it has been a developed market in a context of low levels of supply, which also influenced the behavior of prices”.
Regarding the asking prices in Lisbon and Porto vis-à-vis other markets in its region, Prime Yield’s Residential Market Bulletin concludes that, in July 2021, Porto placed its offer of apartments at a value 63% above the respective regional average, in Lisbon, this difference was around 85%.
In an analysis of the Metropolitan Areas, the difference in values between the Lisbon and Porto regions is a little less pronounced. In July, the apartments on offer in the total Lisbon Metropolitan Area had an average value of 2,738 € / m2, 33% above the 2,063 € / m2 registered in the Porto Metropolitan Area.
In July 2021, the average value of apartments available for sale in the Lisbon Metropolitan Area was 7.3% above that recorded in the same period in 2020. In the Porto Metropolitan Area, an increase between the two periods was 5.4%.