Houses for sale became more expensive in 12 district capitals between January and February 2023, with Viana do Castelo leading the way (5.2 %), according to idealista's price index.
By TPN, in News, Portugal, Property, Business · 28 Feb 2023, 13:06 · 2 Comments
In Lisbon, the prices of houses to buy rose 1.2% and in Porto they remained stable in this period.
At the end of February 2023, buying a house in Portugal cost €2,475 per square meter (euros/m2), just 0.3% higher than at the end of January, according to the idealista price index. Regarding the quarterly and annual variation, house prices in Portugal rose by 0.6% and 6%, respectively.
House prices bought in February rose in 12 district capitals, with Viana do Castelo (5.2%), Braga (5.1%), and Guarda (4.6%) leading the list. Followed by Santarém (3.5%), Portalegre (2.5%), Faro (1.7%), Funchal (1.6%), Setúbal (1.6%), Lisbon (1.2%), Castelo Branco (0.9%), Viseu (0.8%) and Ponta Delgada (0.6%).
On the other hand, house prices for sale remained almost stable in Bragança (0.3%), Porto (-0.1%), and Coimbra (-0.3%). And they even went down in Vila Real (-2.9%), Aveiro (-1.5%), Évora (-1.5%), Beja (-1.1%), and Leiria (-1.1%).
Unsurprisingly, Lisbon remains the most expensive city to buy a house: 5,178 euros/m2. Porto (3,274 euros/m2) and Funchal (2,743 euros/m2) occupy the second and third places, respectively. The list of district capitals where buying a house is more expensive in the country follows Faro (2,625 euros/m2), Aveiro (2,495 euros/m2), Setúbal (2,208 euros/m2), Évora (2,016 euros/m2), Ponta Delgada (1,772 euros/m2), Coimbra (1,702 euros/m2), Braga (1,609 euros/m2), Viana do Castelo (1,484 euros/m2), Leiria (1,331 euros/m2) and Viseu (1,288 euros/m2).
The cheapest cities to buy a house in the country are Portalegre (696 euros/m2), Castelo Branco (829 euros/m2), Guarda (833 euros/m2), Bragança (872 euros/m2), Beja (960 euros/ m2), Santarém (1,130 euros/m2) and Vila Real (1,237 euros/m2), reveal the same data.
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Comments
'The market' sets the price. The market is the price where both an owner and a buyer agree to do a transaction. Need more dwellings? Build them.
By Warren Currier from USA on 04 Mar 2023, 21:50
Every market can be manipulated to some degree by governments policies, big property investors, scalpers, flippers etc. Because I want 1m for my shack in Lisbon it doesn't necessarily mean that it is worth that much.
By Robert from Lisbon on 07 Mar 2023, 13:41
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Send us your comments or opinion on this article.
As a seasoned real estate analyst with a deep understanding of property markets, I bring forth a wealth of knowledge to dissect the intricacies presented in the recent article about the housing market in Portugal. My expertise in real estate trends, economic indicators, and market analysis allows me to provide a comprehensive overview of the concepts discussed.
The article delves into the fluctuations in house prices across 12 district capitals in Portugal between January and February 2023. The primary source of information is the idealista price index, a reputable tool widely recognized for its accuracy in reflecting real estate market dynamics. This index is crucial for understanding the shifts in property values and serves as a benchmark for both buyers and sellers.
One noteworthy aspect highlighted is the overall increase in house prices in Portugal during this period. The article mentions that, on average, buying a house in Portugal cost €2,475 per square meter at the end of February 2023, representing a 0.3% increase from the end of January. Quarterly and annual variations further indicate a 0.6% and 6% rise, respectively, offering a holistic view of the market's performance.
The district capitals experiencing the most significant price hikes are outlined, with Viana do Castelo leading the way with a 5.2% increase. This information is crucial for potential investors or buyers seeking specific locations for real estate transactions.
Moreover, the article provides a detailed breakdown of the price changes in each district capital. Notably, Lisbon saw a 1.2% increase, while Porto remained stable. The variations in other capitals, such as Viseu, Ponta Delgada, and Faro, offer valuable insights into regional market trends.
The data also sheds light on the cities where house prices remained stable or experienced a decline. Cities like Bragança, Porto, and Coimbra saw marginal changes, while Vila Real, Aveiro, and Évora witnessed a decrease in house prices. Such detailed information aids in understanding the nuanced dynamics of the Portuguese real estate landscape.
Additionally, the article ranks the cities based on their average house prices, revealing Lisbon as the most expensive city, followed by Porto and Funchal. This hierarchy provides a clear perspective on the cost variations across different regions.
The concluding section highlights the affordability aspect, identifying the cheapest cities to buy a house in Portugal. Portalegre, Castelo Branco, and Guarda emerge as the most budget-friendly options, presenting a well-rounded picture of the diverse real estate market in the country.
In essence, this article encapsulates a comprehensive analysis of the Portuguese housing market, drawing on reliable data sources and offering valuable insights for anyone interested in the dynamics of real estate in the region.
