The trend toward a recovery in sales is evident across all regions. In the Lisbon Metropolitan Area, sales rose 7.0% to 11,790 transactions, reversing the 8.4% decline, while in the Porto Metropolitan Area, 6,500 transactions were recorded, up 7.9% from the previous quarter, which had seen a 10.3% decline. In the Algarve, sales rebounded by 6.3% to 2,875 homes sold, a particularly notable recovery following the 16.6% contraction observed in the first quarter.
“The recovery is in line with the sentiment captured by the most recent survey of market operators—the Portuguese Housing Market Survey—which had already pointed to a turning point in the market following a period of weakening activity. In the second quarter, Euribor rates halted their upward trend and the conflict in the Persian Gulf entered a lull, leading the market to see a boost in confidence indices and resulting in a recovery in demand indicators,” explains Ricardo Guimarães, director of Confidencial Imobiliário.
At the same time, home sales prices continue to show strong growth and even indicate a slight recovery in the pace of increase. The Confidencial Imobiliário Residential Price Index shows a quarterly change of 3.5% in the second quarter, 0.3 percentage points higher than the figure recorded in the first quarter (3.2%). It should be noted that, although prices remain at very high levels, the rate of appreciation showed signs of moderating at the beginning of the year, a trend still evident in the year-over-year rate of change, which is below the 21% levels observed during that period, reaching 18.6% in June.
According to the SIR (Residential Information System), the average sale price stood at 325,342 euros per unit, with homes selling, on average, within five months.
Image credits: © Jakub Zerdzicki | Unsplash
Translated with DeepL.com (free version)
