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DREM releases statistics for house prices at a local level for the 3rd quarter 2020
Statistics Portugal (INE) released today the information for the 3rd quarter 2020 of the median price of dwelling sales.
Based in that information, this press release is divided in two sections, both related to the median value in the 3rd quarter: the first based in information for the last 3 months and the second in data for the last 12 months. This enables a more detailed analysis of the effects of the Covid-19 pandemic in house prices.
House prices rise again in the last three months
In the 3rd quarter of 2020 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 332 euros per square meter, standing as Algarve (1806 euros per square meter), Área Metropolitana de Lisboa (1 650 euros per square meter) and Área Metropolitana do Porto (1 264 euros per square meter), above the national value (1 168 euros per square meter).
In the reference quarter, the growth of this variable went up again in the Region. While in the 2nd quarter, the year-on-year growth rate of the median value of dwelling sales by square meter had been 8.9%, in the 3rd quarter it dropped to 12.2% (a increase of 3.3 percentage points, in Portugal it stood at -1.8 p.p.).
Median price of dwelling sales with a new high
In the 3rd quarter 2020 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 307 euros per square meter. Compared to the previous quarter, the price went up by 2.8% and in year-on-year by 10.2%. By the same order, the growth rates for the country (1 160 euros per square meter) were +2.0% and +10.1%, respectively. The value for new dwellings (1 494 euros per square meter) was higher than the value for existing dwellings (1 256 euros per square meter).
In the last two years, i.e. comparing the 3rd quarter 2020 with the same quarter of 2018, there was a 8.6% growth, below the country’s average (17.9%).
In the reference quarter, the median value of dwelling sales in Portugal stood at 1 160 euros per square meter, reaching 1 276 euros per square meter for the new dwellings and 1 141 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 starts in the 1st quarter 2016.
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