Housing prices in Portugal have increased by 8.4% in 2020, which is down from 9.6% in 2019. However, despite the “unfavorable environment” brought about by the pandemic, the “growth momentum” has been maintained.
According to data from the National Bureau of Statistics (INE): “In 2020, despite the unfavorable background due to the restrictions imposed by the covid-19 pandemic, the rising dynamics of transaction house prices continue to be observed.
The INEreport stated: “The average annual rate of change of the IPHab [House Price Index] is 8.4%, which is a decline compared to the price growth rate (9.6%) observed in 2019.”
According to the statistical agency, the average annual price growth rate of existing housing (8.7%) exceeds the average annual growth rate of new housing (7.4%), but consistent with recent years, the respective growth rates of prices differ from 2019 of 2.5 percentage points in 2020 to 1.3 percentage points in 2020
