Home sales soar 16.6% in 2018 and are at 10-year highs

“Of the transactions carried out, 85.2% were related to existing accommodation, 0.7% more than in the previous year. In 2018, the median price of family homes sold in Portugal was 996 euros per m2, an increase of 6.9% over the previous year. The median price of housing surpassed the national value in the Algarve (1,523 euros per m2), Lisbon Metropolitan Area (1,333 euros per m2) and Madeira Autonomous Region (1,207 euros per m2), ”concludes INE.

Number of licensed buildings fires 17.6%

Regarding the number of licensed buildings in the country, it grew 17.6% over the previous year, corresponding to 22,223 buildings. “Buildings licensed for new construction reinforced their predominance in 2018, representing 68.9% of the total licensed buildings (+ 0.7% compared to 2017),” reads the INE website.

Building rehabilitation works (alteration, expansion and reconstruction works) increased by 11.7% year-on-year, accounting for 25.3% in 2018 (26.5% in 2017). “The number of licensed homes (28,321 homes) increased by 30.3% over the previous year (+ 19.0% in 2017). The number of new construction homes for family housing was 20,205, having grown by 38.9% over the previous year (+ 24.5% in 2017) ”, explains the institute, pointing out that in Portugal, in 2018, around 3 , 6 million classic family housing buildings and 6 million classic family housing, representing a year-on-year increase of 0.2% in both cases.

Completed works grow 19%

The data revealed by INE also allow us to conclude that, in relation to completed works, there was a 19% growth in the number of buildings completed compared to the previous year, corresponding to 13,483 buildings, most of them related to new construction (73.6%). ). Residential buildings represent 72.2% of total completed buildings.

“The number of completed homes (15,570 homes) increased by 36.3% over the previous year (+ 13.1% in 2017). Completed rehabilitation works increased by 10.6% (2.6% in 2017) and their total weight decreased by 2% to 26.4% in 2018 ”, says INE, noting that, by type of works, The new construction works were the ones that took the longest to be performed (22 months), when compared to the alteration works (11 months).

9.3% more expensive incomes

Regarding the rental market, INE reveals that the median rental value of the 77,723 new family home rental agreements signed in 2018 in Portugal was 4.80 euros per m2, 9.3% more than in the same period of the previous year.

“The value of rents was above the national value in the Lisbon Metropolitan Area (7 euros per m2), the Autonomous Region of Madeira (5.84 euros per m2), Algarve (5.58 euros per m2) and the Lisbon Metropolitan Area. Porto (5.07 euros per m2) ”, explains INE.

Source: Idealist, July 18, 2019