The housing price index grew 7% in the first quarter compared to the same period in 2023, a variation lower by 0.8 percentage points compared to the previous quarter, according to data released this Friday by the National Statistics Institute (INE). Of the total real estate transactions in this period, 6.2% were made by non-residents in Portugal.
The prices of houses already on the market increased more than the prices of new houses. As specified by INE, “the prices of existing homes increased at a faster rate than that of new homes, 7.6% and 5.5%, respectively†.
As a whole, the increase in the housing price index was 0.6%, with the prices of existing accommodation growing by 1.1% and that of new accommodation falling -0.8% .
33 thousand homes were transacted during the period, a year-on-year reduction of 4.1%. The value of homes transacted in the first quarter of 2024 reached 6.7 billion euros, 1.8% less than in the same period of 2023.
Of the total housing transactions, 28.2 thousand units, or 85.5% of the total, were purchased by families, reaching a total amount of 5.7 billion euros.
On the other hand, non-residents purchased 6.2% of the total number of houses (around two thousand), for a total value of almost 700 million euros.
