Portugal Housing Prices Rise 8.2% in 2023: IPHab Report
The Housing Price Index (IPHab) in Portugal saw an 8.2% increase in 2023, with a significant drop in house transactions. Stay informed with our latest report.
The Housing Price Index (IPHab) saw an increase of 8.2% in 2023, marking a 4.4 percentage point decrease from the previous year. This growth was accompanied by a significant drop in the number of house transactions, which fell by 18.7%. The Instituto Nacional de Estatística (INE) reported that despite the slowdown, Portugal housing prices continued to rise throughout the year, with the average annual variation rate of the IPHab decreasing from 12.6% in 2022 to 8.2% in 2023.
INE noted that both existing and new homes experienced price increases in 2023, with existing homes seeing a more significant rise of 8.7% compared to 6.6% for new homes. However, the gap in price growth between the two categories narrowed significantly, decreasing from 5.2 percentage points in 2022 to 2.1 percentage points in 2023.
The Portugal housing market in 2023 saw a moderate increase in prices, with existing homes leading the way in terms of growth. Despite the overall slowdown in price growth compared to the previous year, the market remained robust.
Portugal Housing Prices Rise 8.2% in 2023: IPHab Report
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