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Property value drops 7% in a year

A survey carried out by the National Statistics Institute (INE) on the evaluation of housing throughout the country showed that the average price of property has fallen by 7% in the last year. According to INE, the average household in Portugal now costs €1,028 per square metre. From August last year until the same month this year, the biggest declines of property values were seen in Lisbon (-8.3%), central Portugal (-8.2%), northern Portugal (-5.8%) and the Algarve  (-3.0%).