House prices up €34,000 on Q3

 In News, Real Estate

House prices in Portugal saw an average increase of €34,000 in the third quarter of 2022, which means a like-for-like growth of 9.3% according to the data from property website Imovirtual’ released on Monday.

The average price of a home is now €403,000 compared to €369,000 for the same quarter in 2021 and €393,000 seen in the second quarter of the year — an increase of 2.5%.
Among the most expensive districts to buy a home are Lisbon (€642,488), Faro (€565,008), Madeira (€458,869, Setúbal (€376,925) and Porto (€367,300).
The least expensive included Guarda (€108,118), Portalegre (€118,600) and Castelo Branco (€123,367).
Moreover, the districts which saw the highest increase in average home prices for sale in Q3 on Q2 were Évora (8.8%), the Autonomous Region of Madeira (7%), with prices of €264,986 and €458,869 respectively.
The greatest fall in prices was seen in Braganza (7.1%) with an average house price falling from €210,387 to €195,503.
The biggest increase in home sales like-for-like was seen in Madeira (24.1%), Setúbal (22.9%) and Faro (16.4%), with Braganza (-10.4% and Portalegre (-7.5%) being the districts which had the cheapest homes for sale.
And average rents in Portugal rose 9.9% in Q3 on the like-for-like period, which meant an increase of €110, In relation to the second quarter of this year, average rents rose 8.1% with rents in Lisbon now at €1,711, Porto at €1,164, Faro at €1,107, Madeira (€1,097) and Setúbal (€1,058). On the other hand, the cheapest rates are in Portalegre (€363), Guarda (€449) and Braganza (€462).