Discover how home sales in Portugal increased by 21% and average prices soared to €2,492/m² between August and October.
In a remarkable turn of events, the Portuguese real estate market has witnessed a significant surge, with home sales soaring by an impressive 21% between August and October. According to data sourced from Confidencial Imobiliário, which utilizes the SIR-Residential Information System, a staggering 39,600 properties were transacted across mainland Portugal during this period. This figure starkly contrasts with the 32,800 homes sold in the preceding quarter, underscoring a robust recovery in the housing sector.
The momentum of this upward trajectory is further evidenced by a comparative analysis with the previous three-month period, wherein the number of transactions exceeded the 35,900 properties sold between May and July by a notable 10%. This resurgence in sales follows a rather lackluster performance in 2023 and early 2024, characterized by a marked decline in transactions.
In tandem with this sales boom, the average sale price of residential properties has also experienced a pronounced escalation. The year-on-year appreciation of housing prices has surged from 7.5% in July to a striking 11.5% in October, reflecting a 4 percentage point increase in this critical economic indicator. This acceleration in price appreciation has been consistent, with the monthly rate of change climbing from a mere 0.1% in July to a more robust 1.7% by October.
During the period from August to October, the average sale price of housing in Portugal reached 2,492 euros per square meter. Notably, new housing units commanded an average price of 3,518 euros per square meter, while used properties were priced at 2,348 euros per square meter. This dynamic interplay between rising sales and escalating prices paints a vivid picture of a market in the throes of revitalization, albeit one that may leave prospective buyers feeling as though they are navigating a veritable labyrinth of economic fluctuations.
