A house is sold every three minutes in Portugal and almost all Portuguese families
Despite the prices, a house is sold every three minutes in Portugal
In the first quarter of the year, nearly 45,000 homes were sold in the country. In every 17 sales, only one was to foreigners.
House prices continue to rise in Portugal and will reach never seen before. In the first quarter of this year alone, the increase was 12.9 percent. The Instituto Nacional de Estatística (National Statistics Institute) agrees with the prices of houses also given at a higher rate than new ones. Between January and March, 43,544 homes were sold, equivalent to around 8.1 million euros.
On average, a house was traded in Portugal every three minutes and each house was sold for around 186 thousand euros. For every 17 houses sold, 15 were bought by families. In the same 17 houses, 16 were sold to Portuguese and one to foreigners.
The property has been in Portugal for several years, and as this will rise, it will be useful as one of the reasons for the demand for foreigners. However, in this quarter, only 5.9 percent of the total number of transactions (2,556 dwellings) originated from foreigners.
The housing price index (IPHab) grew 12.9 percent in the first quarter, compared to the same period in 2021. This growth was 1.3 percent higher than the previous quarter.
Price increases were more pronounced for second-hand homes (13.6 percent) than for new ones (10.9 percent). Most of the homes purchased belong to the Lisbon Metropolitan Area, with 13,464 homes sold. North and Center followed, with 12,371 and 8,721 transactions respectively. Even so, it was the Algarve that registered a higher increase in sales, with 4,129 units. “This was the region that grew the most in terms of relative regional weight, plus 1.5 percentage points”, according to INE data.