13.1% increase in 3rd quarter of 2022
Housing prices rose 13.1% in the third quarter compared to the same period in 2021, with the increase recorded in existing housing exceeding that of new housing, statistics institute INE announced today.
“In the third quarter of 2022, the Housing Price Index (HPI) rose 13.1% year-on-year, 0.1 percentage points below the previous quarter,” the highlight from Statistics Portugal states.
In the period under review, “the increase observed in the prices of existing homes (14.7%) surpassed that of new homes (8.4%).
In comparison to the second quarter, “the HPI increased 2.9% (3.1% in the second quarter of 2022)” and in the category of new housing, “the rate of change was 4.0%, 1.4 percentage points above the increase in prices of existing housing (2.6%)”.
Between July and September, “42,223 homes were sold, which represents a year-on-year rate of change of -2.8% and a reduction of 3.2% in comparison to the previous quarter,” the statement said.
In the reference quarter, the value of homes transacted was €8.1 billion, up 9.6% on the same period in 2021,” added the latest report, noting that “purchases of homes by the institutional sector of families corresponded to 36,647 units (86.8% of the total), totalling €6.9 billion, while homes acquired by buyers with tax domiciles outside Porutgal (2,767) represented a year-on-year increase of 12.6%.