House sales fall 8% over summer

Sales of apartments and houses in Portugal fell 8% over the summer months.

According to a study by Confidencial Imobiliário, an estimated 37,900 residential properties were sold between June and August.
However, the number of sales revealed an 8% fall on the 41,310 homes transacted in Q1 of 2022, placing the market at levels seen in 2019 when between 34,000 and 39,000 properties changed hands per quarter.
The study was done based on statistics compiled from the SIR – Residential Information System which keeps pace with the ebb and flow of house sales in the Portuguese housing market and is updated monthly.
The market buoyancy seen between the second half of 2021 and the start of this year has somewhat deflated.
In the preceding period and for the first time, more than 40,000 homes were sold per quarter, a rate sustained throughout three consecutive quarters and which attained a peak of 43,600 units sold in the first quarter of 2021.