The National Institute of Statistics of Portugal INE has published the official and definitive figures of the Portuguese real estate market for 2018. More and more real estate are sold and for higher and higher values. Lisbon continues to shine in the real estate market, but last year, the palm of the region with the fastest growth was the Alentejo. According to data from the National Institute of Statistics (INE), prices have risen for the last 5 consecutive years, but they are starting to show signs of slowing down. Lisbob, the expatriate assistant in Portugal, gathered the ten official and definitive stats of the Portuguese real estate market in 2018.
178,000 real estate transactions were completed in 2018
According to INE data, 178,691 homes were traded between January and December 2018, the highest number since 2009. In comparison with the previous year with the sale of 153,292 homes, the increase was 16.6%. The number of residential properties sold has been steadily increasing since 2012, when approximately 76,000 homes were sold.
85% of homes sold are not new
Of the 178,000 houses sold, almost all are second-hand. INE figures show that this type of housing had a weight of 85.2% last year, which corresponds to about 152 000 dwellings treated. In turn, new homes accounted for only 14.8%, or 26,000 dwellings.
House prices up 10.3%
"In 2018, prices of negotiated homes have maintained a growth trajectory," says the INE. According to the same data, house prices rose by 10.3%, a dynamic observed in both new and existing homes.
Prices have increased for the 5th year in a row
The prices of real estate are getting higher and higher, even if the pace of growth slows. According to the INE, house prices climbed 10.3% last year, a trend that has been maintained for five consecutive years. Since 2014, 2018 was the year with the largest increase, followed by 2017 with a rise of 9.2%. We have to go back to 2013 to see prices fall compared to the previous year (-1.9%).
Transactions amounted to 24.1 billion euros
The 178,000 homes traded last year totaled 24.1 billion euros, the highest value since 2009. This number has been rising since 2012, when the total number of transactions was 7 , 73 billion euros. 2011 (€ 10.4 billion) and 2012 were two years of decline, with decreases of approximately five and three billion, respectively, compared to the previous year.
Average value of transactions: 134.655 €
On the basis of INE data, transactions concluded last year had an average value of 134.655 euros, an increase since 2012. Compared to the previous year, this average value increased by 6.74% (126,154 euros). Once again, the average value recorded last year is the highest since 2009, which reflects the good performance of the real estate market.
Lisbon concentrates 35% of real estate transactions
As expected, more properties were sold in the Lisbon metropolitan area last year, for a total of 62,000 homes, representing a 35% weight compared to Portugal as a whole.
Real estate transactions in Lisbon amounted to 11.6 billion euros
Transactions in the capital totaled € 11.6 billion, representing 48% of the total value of transactions in the country. "For the first time since 2013, this region has seen a reduction in its relative weight in the total value of home sales," says INE.
Home sales in Alentejo soared by 23%
But while Lisbon continues to be very important, it was Alentejo that shone last year, registering the strongest growth in the number of transactions compared to the previous year. These rose 23.1% to 855,000. In turn, their value has reached 10 billion euros.
22.5% of transactions in the Azores concern new homes
In contrast to the trend, the autonomous region of the Azores was where transactions with new dwellings had a greater weight: 25%. In this type of property, 2,061 transactions were observed for a total of 182 million euros.
Article translated from website Postal.pt