House prices maintain stable in Portugal

 In Markets, News, Property

Portugal house price sales have remained stable despite the Coronavirus pandemic standing at 1.8% on average in December, above prices achieved in February 2020.

This is according to Confidencial Imobiliário’s Residential Price Index in which the last month of 2020 provided an important contribution to this accumulated price development, recording the highest monthly variation during the pandemic at 1.0%.
Since March, house sale prices saw the highest monthly variation for the whole pandemic in 2020 at +1%.
Since March, the sale price of houses saw a stabilisation trend in a cycle of month-on-month variations which wavered between -0.2% and +0.9%. September was the only exception to this long-term pattern during the pandemic, with the Residential Price Index then showing a monthly variation of -2.1%.
The last months of the year confirmed that September was the exception to the overall stable and slightly positive pattern for 2020.
Nevertheless, despite market resilience to the shock from the pandemic, the short-term behaviour of house prices during the pandemic showed a slowdown compared with the market rate seen in 2019 when prices had grown by an average of 1.2% per month, a trend which was confirmed in the first two month of 2020.
Within this context, naturally the comparable value of 2020 on 2019 revealed a clear slowdown over 2020, closing the year at 4.8% or almost 13 percentage points down on the 17.4% that house prices had risen in January says CI.