DREM releases statistics for house prices at a local level for the 2^nd quarter 2020

Statistics Portugal (INE) released today the information for the 2^nd quarter 2020 of the median price of dwelling sales, this time including information for this variable with data only from the 3 months of the quarter and not from the prior 12. This enables a more detailed analysis of the effects of the Covid-19 pandemic in house prices.

Thus, this press release is divided in two sections, both related to the median value in the 2^nd quarter: the first based in information for the last 3 months and the second in data for the last 12 months.

Pandemic leads to a slowdown in the growth rate of house prices

In the 2^nd quarter of 2020 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 310 euros per square meter, standing  as Algarve (1807 euros/m²) and Área Metropolitana de Lisboa (1 601 euros/m²), above the national value (1 187 euros/m²).

In the reference quarter, the growth of this variable slowed down in the Region. While in the 1^st quarter, the year-on-year growth rate of the median value of dwelling sales by m² had been 15.8%, in the 2^nd quarter it dropped to 8.9% (a decrease of 6.9 percentage points, higher than in Portugal where it stood at -5.0 p.p.)

Median price of dwelling sales with a new high

In the 2^nd quarter 2020 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 272 euros per square meter. Compared to the previous quarter, the price went up by 1.8% and in year-on-year terms by 5.6%. By the same order, the growth rates for the country were +1.8% and +10.3%, respectively. The value for new dwellings (1 443 euros per square meter) was higher than the value for existing dwellings (1 227 euros per square meter).

In the last two years, i.e. comparing the 2^nd quarter 2020 with the same quarter of 2018, there was a 9.7% growth, below the country’s average (17.3%).

In the reference quarter, the median value of dwelling sales in Portugal stood at 1 137 euros per square meter, reaching 1 234 euros per square meter for the new dwellings and 1 121 euros per square meter for the existing dwellings.

It should be highlighted that the median value of dwelling sales in both Portugal and the Autonomous Region is the highest value of the series, which begins in the 1^st quarter 2016.

Back

• Prev
• Next