DREM releases statistics for house prices at a local level for the 4^th quarter 2020

Statistics Portugal (INE) released today the information for the 4^th 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 4^th 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.

Growth of house prices decelerated in the last three months

In the 4^th quarter of 2020 (last 3 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 264 euros per square meter, standing as Algarve (1 809 euros per square meter), Área Metropolitana de Lisboa (1 638 euros per square meter) and Área Metropolitana do Porto (1 288 euros per square meter), above the national value (1 188 euros per square meter).

In the reference quarter, the growth of this variable decelerated in the Region. While in the 3^rd quarter, the year-on-year growth rate of the median value of dwelling sales by square meter had been 12.2%, in the 4^th quarter it dropped to 3.7% (a decrease of 8.5 percentage points, while in Portugal the change stood at +0.2 p.p.).

Median price of dwelling sales with a new high

In the 4^th quarter 2020 (last 12 months), the median price of dwelling sales in the Autonomous Region of Madeira was 1 322 euros per square meter. Compared to the previous quarter, the price went up by 1.1% and year-on-year by 10.5%. By the same order, the growth rates for the country (1 188 euros per square meter) were +2.4% and +9.9%, respectively. The value for new dwellings (1 562 euros per square meter) was higher than the value for existing dwellings (1 252 euros per square meter).

In the last two years, i.e. comparing the 4^th quarter 2020 with the same quarter of 2018, there was a 9.5% growth, below the country’s average (19.3%).

In the reference quarter, the median value of dwelling sales in Portugal stood at 1 188 euros per square meter, reaching 1 319 euros per square meter for the new dwellings and 1 164 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 1^st quarter 2016.

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