In Lisbon and Faro, prices of houses for sale remained stable. In Viseu, Leiria and Ponta Delgada they rose by more than 3%.
The housing market is feeling the effects of the current context marked by lower purchasing power and high interest rates on housing loans. Home sales are adjusting, as are new financing requests. And this cooling in demand is being reflected in the prices of houses to buy in Portugal, which remained stable in August compared to the previous month, shows the idealista price index. But this scenario is not visible across the entire Portuguese territory, as houses became more expensive in 11 district capitals, between July and August, with Viseu leading the rises (3.5%). In Lisbon and Faro, house prices remained stable during this period.
At the end of August 2023, buying a house in the national market had a median cost of 2,526 euros per square meter (euros/m2), according to the idealista price index. Although at a monthly level they stabilized in August as in July, in terms of annual variation, house prices in Portugal rose 5.6%.
Houses became more expensive in 11 district capitals
Looking at the 20 district capitals analyzed, it appears that the prices of houses to buy rose in 11 cities in August, with Viseu (3.5%), Leiria (3.4%) and Ponta Delgada (3.2% ) to top the list. Next are Beja (2%), Braga (1.8%), Bragança (1.6%), Guarda (1%), Coimbra (0.8%), Setúbal (0.8%), Viana do Castelo (0.7%) and Funchal (0.6%).
On the other hand, prices of homes for sale remained stable in Faro (0%), Castelo Branco (-0.2%), Lisbon (-0.3%) and Santarém (-0.4%). There were also five district capitals where houses to buy became cheaper between July and August: Évora (-7.7%), Vila Real (-6.8%), Aveiro (-2.2%), Portalegre (- 0.7%) and in Porto (-0.6%).
Lisbon continues to be the city where it is most expensive to buy a house in the country: 5,333 euros/m2. Porto (3,419 euros/m2) and Funchal (2,996 euros/m2) occupy second and third place, respectively. This is followed by Faro (2,917 euros/m2), Aveiro (2,480 euros/m2), Setúbal (2,327 euros/m2), Évora (2,035 euros/m2), Viana do Castelo (1,962 euros/m2), Coimbra (1,824 euros/m2), m2), Braga (1,732 euros/m2), Ponta Delgada (1,728 euros/m2), Viseu (1,368 euros/m2) and Leiria (1,355 euros/m2).
The most economical cities to purchase a home are Portalegre (723 euros/m2), Guarda (728 euros/m2), Castelo Branco (810 euros/m2), Bragança (908 euros/m2), Beja (944 euros/m2) , Santarém (1,124 euros/m2) and Vila Real (1,269 euros/m2).
Prices of houses for sale fall or stabilize in 14 districts and islands
Analyzing the 25 districts and islands with representative data, it is clear that the biggest increases in the prices of houses for sale took place on the island of São Jorge (8.6%), Viseu (3.9%) and the island of Porto Santo and Pico (both with 3.2%). This is followed by the island of São Miguel (2.3%), Leiria (2%), Santarém (1.5%), Setúbal (1.3%), Braga (1.3%), Faro (1.2 %) and Madeira Island (0.7%).
House prices remained stable during the month of August in the district of Bragança (0.3%), Beja (0%), Faial island (-0.1%), Aveiro (-0.2%) and Terceira island (-0.4%). On the other hand, houses became cheaper between July and August in Évora (-7.5%), Castelo Branco (-6.7%), Vila Real (-2.2%), Guarda (-2.2% ), Coimbra (-0.9%), Porto (-0.9%), Viana do Castelo (-0.6%), Lisbon and Portalegre (both districts recorded drops of -0.5%)
The ranking of the most expensive districts to buy a house is led by Lisbon (3,840 euros/m2), followed by Faro (3,215 euros/m2), Madeira Island (2,634 euros/m2), Setúbal (2,465 euros/m2), Porto ( 2,460 euros/m2), which makes up the top5 districts/islands where buying a house is most expensive.
The list of the most expensive districts and islands to purchase a home in Portugal includes the island of Porto Santo (2,034 euros/m2), Aveiro (1,687 euros/m2), Leiria (1,554 euros/m2), the island of São Miguel (1,533 euros/m2), Braga (1,528 euros/m2), Viana do Castelo (1,509 euros/m2), Coimbra (1,392 euros/m2), Pico island (1,333 euros/m2), Évora (1,329 euros/m2), island of Faial (1,308 euros/m2), São Jorge island (1,148 euros/m2), Terceira island (1,113 euros/m2) and Santarém (1,096 euros/m2).
The most economical prices to buy a house are in Guarda (654 euros/m2), Portalegre (699 euros/m2), Castelo Branco (791 euros/m2), Bragança (850 euros/m2), Vila Real (958 euros/m2), m2), Viseu (1,033 euros/m2) and Beja (1,048 euros/m2).
Housing to buy becomes more expensive in 4 regions in August
During the month of August, prices of homes for sale rose in four regions of the country. Leading the rises is the Autonomous Region of the Azores (1.5%), followed by the Algarve (1.2%), Autonomous Region of Madeira (0.7%) and Alentejo (0.6%).
Conversely, in the North the prices of houses to buy fell by 1.2%. In the Center (0.1%) and in the Metropolitan Area of Lisbon (-0.3%) prices remained stable during this period.
The Lisbon Metropolitan Area, with 3,480 euros/m2, continues to be the most expensive region to purchase housing, followed by the Algarve (3,215 euros/m2), the Autonomous Region of Madeira (2,624 euros/m2) and the North (2,082 euros/m2) m2). On the opposite side of the table are the Autonomous Region of the Azores (1,366 euros/m2), the Center (1,402 euros/m2) and Alentejo (1,598 euros/m2) which are the cheapest regions to buy a house.
Read the full article here!
Source: Idealista
Comments