Home sales down 2.1% in Lisbon and 0.9% in Algarve

 In Economy, News, Project, Real Estate

Home sales in both Lisbon and the Algarve remained above the national average but fell by 2.1% and 0.9% respectively for March.

According to the National Statistics Institute (INE), around six properties for around 1000 classic family homes were sold, a number that compares to the 6.15 in March 2019 and 6.6 in February 2019.
With the exception of the Lisbon metropolitan area and the Algarve, other regions were below the national average with the Centre at 4.49 and the Alentejo at 4.70 respectively.
However, despite the Lisbon metropolitan area and the Algarve seeing a sales value per 1000 family classic homes above the national benchmark in March, it was a fall of 2.1% and 0.9% respectively in comparison with the same period in 2019.
Additionally, the Centre (-3.7%) and the North (-3.3%) also saw a fall in sales numbers in March like-for-like.
As for rentals, with the exception of the Lisbon metropolitan areas of Lisbon and the Algarve, the other regions (NUTS II – North, Centre, Alentejo, Algarve, Azores and Madeira) saw new rental contracts below the national average.
“In 14 of the 25 sub-regions (NUTS III), the number of family home sales in March 2020 was less than like-for-like in March 2019. Of these the sub-regions of the Lower Alentejo )0.76), Beiras and Serra da Estrela (0.85) stand out for having the lower ratios.