The number of residential property transactions in Portugal increased by 19% in the last quarter, recording the biggest price increase in the last two years.
The reduction in interest rates on housing loans, together with the exemption from IMT for young people, are encouraging the purchase of homes in Portugal. This is what the most recent data from the National Statistics Institute (INE) shows: in the summer of 2024, a total of 40,909 homes were sold, up 19.4% compared to a year ago. And this dynamic gave even more momentum to the rise in house prices, having recorded an annual increase of 9.8%, the biggest in two years.
“Between July and September 2024, 40,909 homes were transacted, which represents an increase of 19.4% compared to the same period in the previous year (a variation of 10.4% in the 2nd quarter of 2024)”, reveals the INE in the statistical bulletin published this Monday (December 23). This increase in the number of homes sold in Portugal also resulted in the movement of more capital in the third quarter: a total of 9.1 billion euros, representing an increase of 28% compared to the same period in 2023.
The vast majority of these homes (86.7% of the total) were purchased by families, this being “the highest percentage” since the summer of 2022. And it was precisely buyers residing in Portugal who were mainly responsible for this increase in the number of homes sold in the country (93.5% of the total), as revealed by the same data:
Buyers with tax domicile in the National Territory: purchased 38,254 homes, 21.4% more than in the same period last year.
Buyers residing in the European Union (EU): purchased 1,376 units, up 2%;
Buyers residing in other countries outside the EU: carried out 1,279 home transactions, 8.1% less than a year ago.
All things considered, this means that there were fewer house sales to foreigners in the summer, with only 2,655 sales recorded, a reduction of 3.1% compared to the same period last year. The end of golden visas for real estate investment and the old Non-Habitual Residents (NHR) regime may help explain these figures.
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Source: Idealista
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