Porto house prices fall 8.3%
House prices in the downtown and central historic districts of Portugal’s second city Porto saw a fall of 8.2% in the second half of 2020 in areas which have undergone refurbishment in recent years.
The 8.3% fall was on the first half of the year and 4.8% on the same period in 2019 according to data published by Confidencial Imobiliário from the Porto Historic Downtown and Centre Price Index.
Regarding the behaviour of knock on prices, the falls now seen follow the 3.7% in the first half of 2020, which was a downturn in prices seen in the 2nd half of 2019 when house prices fell 9.3%.
It means that even before the pandemic a trend had been seen over the past three years in which six-monthly prices had wavered between positive and negative variations, some of which with sharp differences.
In homologous terms, whilst the sharp 5.9% fall seen in the first half of 2020 was not as bad in the second half, the fall in the second half of 2020 consolidated cycle of three consecutive six-month periods in which prices fell.
As a result of this cycle of falling house prices, prices in these areas of central and historic downtown Porto ended 2020 with a 13.7% fall on the first half of 2019.