House prices jump 17.4% in first three months of 2021
A report from the national property market shows that all districts, with the exception of Viseu, have seen an increase in average prices.
In the first quarter of 2021, the average sale price of residential property grew by 17.4% in Portugal, compared to the same period last year, while the price of office property fell, according to a report released today.
According to the national property market analysis report for the first three months of this year, despite the pandemic situation, property prices in the residential segment continued to show gradual growth, while the number of properties available for sale increased by 87.8%.
In the period under review, the supply of houses for rent more than doubled, registering a 101.1 per cent rise compared to the same quarter of 2020, leading to a 9.4 per cent drop in rents, to €842.
According to the report, all districts in Portugal, except for Viseu, which recorded a drop of 0.88%, saw an increase in average property prices in the period under review.
The district of Braga stands out, registering the greatest increase, with a growth of 18.6%, and Aveiro, with a rise of 15.2%.
Lisbon continues to be the district with the highest average sale price, 353 thousand euros.
The districts of Lisbon, Cascais and Oeiras stand out as the most expensive in Greater Lisbon, both in terms of average sale prices and in terms of average rental prices.
Lisbon also saw the greatest growth in the number of properties available for sale, up 166.6%, while Castelo Branco was the only district to register a drop.
Concerning renting, all districts recorded increases in the number of properties available for rent.
The report, prepared by the real estate data technology platform CASAFARI, also presents an analysis of the non-residential segment, emphasising offices.
In this segment, Casafari’s data points to “more accentuated effects due to the new trends driven by pandemic, such as telecommuting, with office prices retreating and, in the opposite direction, with the supply available for rent registering increases of up to 34.5%”.
