Portugal Housing Boom Continues

According to the National Institute of Statistics (INE), in this period, the prices of existing houses increased at a faster rate than that of new houses, 9.9% and 9.5%, respectively. Compared to the previous quarter, the IPHab increased by 3.6% (2.2% in the second quarter of 2021), with the increase in prices being more intense in existing housing (3.9%) than in new housing (2.5%). Between July and September 2021, 56,464 homes were traded, 25.1% more than in the same period of the previous year. According to the INE “there were similar rates of change” in July (26.8%), August (24.5%) and September (23.9%). In value, in the quarter under review, the houses traded accounted for approximately 9.4 billion euros, which represents an increase of 38.7% year-on-year.