Lisbon recovers from negative growth rate
The Portuguese government office for national statistics INE (Instituto Nacional de Estatística) today announced that in the 2nd quarter of 2021, the median house price of dwellings sales in Portugal was 1 268 €/m2, representing a YOY growth rate of +6.8%, a 3.1% rise as compared to the previous quarter.
According to the report by INE, the capital city of Lisbon recovered from the negative growth rate in house prices, but registered an annual growth rate (+1.4%) lower than the national level (+6.8%). The price acceleration was also noted in the the autonomous regions of Madeira and Azores with median house prices higher than the national value – Madeira recording a +10.1 p.p., the Metropolitan area of Lisbon registering +5.6 p.p. and the Metropolitan area of Porto recording +0.4 p.p.
The report highlights that in the 2nd quarter of 2021, the YOY growth rate in house prices increased in 9 out of the 11 municipalities with more than 100 thousand inhabitants in the the Metropolitan area of Lisbon, with this acceleration being higher than that recorded at a national level (+3.7 p.p.) in Lisboa (+9.3 p.p.), Setúbal (+7.1 p.p.), Vila Franca de Xira (+7.0 p.p.) and Cascais (+4.7 p.p.).
The capital city recovered from the negative growth rate observed in the previous quarter but maintained a YOY growth rate of +1.4%, much lower than that recorded at national level. Among the six municipalities with more than 100,000 inhabitants in the Metropolitan area of Porto, Maia (+6.7 p.p.) and Gondomar (+6.3 p.p.) also registered an acceleration in house prices higher than in the country. Conversely, the industrial city of Porto (-11.6 p.p.) registered the most significant reduction in year-on-year growth rates among municipalities in metropolitan areas.
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