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Such increase consolidates the cycle of strong appreciation that the residential market has experienced over the last two years, registering during the same period price variations predominantly above 15 percent.
The results are calculated by Confidencial Imobiliário within the scope of the Residential Price Index (IPR), which has been following the dynamics of housing transaction prices in Portugal since 2007.
For Ricardo Guimarães, director of Confidencial Imobiliário, “This year will see a very significant increase in housing prices again, although with a different structure, that is, with the results reflecting the dynamics of the second cities.
“Lisbon, which was previously the driving force for national appreciation, saw increases in 2019 of around 9 percent, showing robust growth. It is expected that in 2020 the national market will begin to reflect the trend already felt in Lisbon, and that prices will eventually stabalise to more normalised rates”. In quarterly terms, the price increase at a national level stood at 4.2 percent in the last quarter of 2019.
The latest IPR results also show that house prices at the end of 2019 were 46 percent above the levels recorded at the start of the decade, in 2010. Such accumulated appreciation already absorbs the 14 percent losses that were observed between 2010 and 2013, the latter the year when house prices in the country would reached their lowest point.
House prices in Portugal up 15.8%
House prices in Portugal showed a 15.8 percent year on year increase at the end of 2019.
in News · 14 Feb 2020, 01:00 · 8 Comments
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I am not sure what the real estate agent means by"prices will eventually stabalise to more normalised rates." Prices in Porto are already falling. Properties are sitting longer on the market without a sale. With the overbuilding of new apartments - which usually come pre-loaded with bank financing - existing and older properties can be anticipated to drop in price further. This will still not bring relief to local people who are far outside of the market pricepoints. The soft job market and low entry bar to the real estate business, and its lack of regulation in Portugal, mean that thousands of agents trained in US-styled sales tactics (by KW, ERA, Remax, C-21, etc.) are continually being let loose on the market, each promising sellers more money than they can hope to get. It is a very unhealthy, speculative market that I observed in the US, and it creates income inequality that is contrary to the positive character of Portugal.
By Wendy Hermance from Porto on 14 Feb 2020, 11:22
I must agree with Wendy Hermance comments. As a real estate business in Tomar, Central Portugal, we are finding life very much the same, with the US-styled sales tactics (by the companies mentioned) increasing the expectations of sellers so that they can increase asking prices and therefore increase their sales commissions!! They tend also to demand exclusive rights on the sale. The actual outcome is that properties stay on the market for far too long, depressing the marketplace rather than making to healthy. Sellers need to be encouraged to be more realistic, buyers will then be found.
The situation does not help the economy nor the culture of Portugal
By Paul Verdeyen from Other on 14 Feb 2020, 14:43
I agree with Wendy Hermance from Porto. I have a property in Lisbon and Washington DC. It is unlike in Washington DC older properties have a very little impact on price. The US has tools that sellers can verify the housing comparisons. Also the US government has stricker rules on real estate process.
By Sue Bowman from USA on 14 Feb 2020, 21:35
what Wendy and Paul said...period.
By felix from Lisbon on 15 Feb 2020, 00:17
I agree With Wendy Hermance. This article is totally untrue. I am a real estate agen ther ein Porto, and I help many foreign buyers get houses here , and in the last 2 years the supply is far more than the demand in Porto, especially in the past year. there are Loads and loads of available apartments and building / houses to buy here . Also, with the new Laws concerning Air bnb, AL etc, for new people entering that market, people are selling more and more instead of Starting Alojamento Local. The people described in the article are just trying to generate speculation, but in reality its coming down alot. In Bonfim, 3 Days ago, near av. rodrigues freitas, a I saw a T2 for sale in perfect shape for 180k , that would have cost 250k one year ago.
By joão Gilberto Gil from Porto on 15 Feb 2020, 14:26
All that American hustle has done is to drive the Portuguese out of the most desirable parts of their cities into cubes of no history or tradition. Media exploits it. Shame on you!
By Jack from Algarve on 15 Feb 2020, 16:14
Greed and speculation by an unregulated real estate sector created by unsustainable government strategies is leading to a bubble that will burst soon with the expected and already known consequences! An unfordable country! The anacronic part is the hipocrisy of the Portuguese government when it simultaneously invites Portuguese emigrants to return! To live where am I asking?
By Tony Fernandes from Other on 16 Feb 2020, 13:00
The inner cities were ghettos, Portugal was reduced to a nation of mostly beggars in 2012 and now that the economy is recovering, the local people are complaining. Foreign migrants aren't stupid - they will move elsewhere if the policies keep changing. Ask any Portuguese person living out of the country regarding efficiency - sunshine & cheap beer only go so far.
By Jack Walker from Lisbon on 18 Feb 2020, 13:38