House prices in Portugal increase by 11.5% in “just three months”

The extraordinary boost in property prices shows no sign of slowing down as Portugal approaches the New Year.

According to the country’s best-read tabloid, (used) house prices have increased “just in the last three months” by 11.5%.

It’s the kind of leap that hasn’t been seen since ‘the good old days’ pre-financial crisis.

Correio da Manhã is using figures released by INE, the national statistics institute, which show that the residential market “moved 50.5 million euros per day between January this year and September”.

The last three months (the height of the summer) saw almost 39,000 homes change hands for €4.9 billion, says the paper.

“The dynamism in the market accelerated in the third quarter of the year, particularly in the used house sector” which made up 84.7% of sales.

Lisbon and the North were the most active areas, accounting for 64% of all registered business, while overall, throughout the nine month period “around 50.5 million euros changed hands per day”, reaching a global total of 13.8 billion euros: a 29% increase on numbers declared for the first nine months of 2016.

Says CM, on average, 400 properties were sold every day between January 1 and September 30, all of which will spelt very good news for State coffers which have benefitted from the gamut of related charges and taxes.

[email protected]