LISBON, Portugal, April 22, 2020 /PRNewswire/ -- Despite the current uncertainties surrounding COVID-19, property asking prices in Portugal have increased by 12% since March 2019.
Portugal has experienced exceptional growth in its housing market throughout the years and now, Imovirtual's analysis suggests that the market remains resilient amid the current crisis.
The average asking price rose from €316,629 in March 2019 to €354,757 in the same period of 2020, Evora and Setubal contributed towards the highest growth in the average asking price announced, with Evora recording an increase from €177,814 to €215,045 whilst Setubal reported an increase from €243,869 to €294,817. Lisbon and Algarve district Faro are both areas with the highest average sale price, €573,021 and €454,030 respectively, whilst Castelo Branco (€119,947) and Beja (€130,719) are destinations with the lowest property asking prices.
Portalegre experienced the largest decrease in the average property asking prices in Portugal, reporting a 12% reduction as opposed to March 2019. Although prices of houses have dropped, Portalegre possesses the highest average price growth in rental properties with a 26% increase since last year.
Conversely, Imovirtual report that the average price of rental properties has declined by 8% in comparison to March 2019. Lisbon and Porto attain the highest average lease asking price, €1,595 and €1,156 per month respectively, whilst the districts with the lowest announced average asking price for rent, Guarda and Castelo Branco, total at an average of €366 and €387 per month. Faro and Braganca reported the largest percentage reduction regarding average announced asking prices for rent, marking a decrease of 26% (€838) and 22% (€393) respectively.
An Upward Trend Between February and March 2020
Portugal has noted an increase in asking prices of properties since February 2020, despite the intensity of the global pandemic. Within a month, the average asking price has increased by 1%; the average asking price in February being €234,038 and in March €236,399 - a price difference of €2,361. Lisbon reported in February 2020 the average asking price was €563,469, meaning that average asking prices in Lisbon during March increased by €9,552. Similarly, Porto witnessed a notable increase with average asking prices totaling at €308,013 in February compared to €318,027 in March; a striking increase of €10,014. Setubal, Faro and Brago also experienced an increase in asking prices since February 2020.
Imovirtual reports a moderate increase in prices per month for rental properties since February 2020. Average monthly rent asking prices in the nation equaled to €655, compared to March's €660. Lisbon and Braga noted an increase in rent prices, marking a growth of 2.4% (€1,595) and 3.4% (€763) respectively.
For more about Portugal's rising house prices, please visit: https://www.imovirtual.com/noticias/atualidade/house-price-growth-rises-to-12-in-march-2020-co%20mpared-to-the-same-period-of-the-previous-year-id215.html
Imovirtual is a real estate and property management portal based in Portugal with a portfolio of over 300,000 properties across both long-term and short-term property requirements. Based in the capital, Lisbon, Imovirtual offers the simplest, fastest and most practical method of searching for properties across all districts and regions in Portugal.