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House sales prices in mainland Portugal rose 7.9% in September, compared to the same period last year, down from 11.7% in August, according to the Confidencial Imobiliário residential price index.
“In annual terms, prices increased by 7.9% in September, a sharp brake from 11.7% in August,” Confidencial Imobiliário said in a statement.
According to the document, since the beginning of the year, the progression on an annual basis “has slowed down”, especially in recent months.
Therefore, “the annual price growth rate in September is less than the middle of the beginning of the year, when that appreciation reached 17.4%,” he stressed.
However, compared to August, prices fell by 2.1%.
As Confidencial pointed out, except for residual negative changes, this is also the first decline in the chain since September 2015 and one of the most pronounced monthly setbacks since 2007.
Quoted in the same document, the director of Confidencial Imobiliário said that the decline recorded in September “will only make sense in the light of the developments” that will occur in the following months.
“This reduction brings prices back to the same level as in March 2020, canceling the growth recorded since then. It is normal to have expectations of falling prices, in the face of the ongoing economic and social crisis”, underlined Ricardo Guimarães, stressing that it is also legitimate the market to resist and wait for information on the resolution of the covid-19 pandemic.
This residential price index is calculated on the basis of the data communicated to the SIR – Residential Information System since 2007.
Confidencial Imobiliário is an independent database with statistical data on transaction prices, yields and property leases.
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