Portugal: House prices grew 12.9pct in Q1 YoY – statistics institute

The house price index (HPI) grew 12.9%, in the first quarter, compared to the same period of 2021, 1.3 percentage points more than in the previous quarter, according to data from the Portugal’s National Statistics Institute (INE), released on Thursday.

According to the statistical authority, in that period, prices of existing homes increased at a faster rate than new homes, growing 13.6% and 10.9%, respectively.

Compared to the previous quarter, the HPI increased by 3.8% (2.7% in the previous quarter). 

By category, prices of existing housing increased 4.4%, above that of new housing (1.8%), INE said.

In the first three months of the year, 43,544 dwellings were traded, which represents a year-on-year rate of change of 25.8% (17.2% in the previous quarter) and a chain reduction of 5.1% (reduction of 11.6% in the same period of 2021). 

In the period under review, the value of the houses transacted was around 8.1 billion euros, an increase of 44.4% compared to the same period last year.

Between January and March, 37,840 of the houses transacted were bought by families (86.9% of the total), totalling 7 billion euros (86.1% of the total). 

In that period, 5.9% of the total number of transactions (2,556 dwellings) involved foreign buyers.