The increase in house prices in Portugal shows no signs of slowing down. In 2022 alone, they rose 18.7%, the highest annual appreciation in the last 30 years, according to the latest Residential Price Index by Confidencial Imobiliário, released this Tuesday.

According to Confidencial Imobiliário, it is necessary to go back to 1991 to find a year-on-year rate of change at the end of the year (18.8%) higher than that recorded in the last month of December 2022.

In statements to Renaissance, Paulo Caiado, President of the Association of Real Estate Professionals and Companies in Portugal (APEMIP), says that the recorded historical value was “expectable”. And more: he argues that “it has a very relative representation”, taking into account that it is based on an absolute average for national housing.

“Houses reached very high values ​​in large urban centers. And this has caused more and more people to move to locations where they can find cheaper properties. We are talking, as a rule, in municipalities that did not have great demand pressure and started to have. Now what happened? In these locations, where the houses with lower values ​​were, the appreciation has been very significant, but because the starting platform was very low”, he explains.

According to Paulo Caiado, “we are talking about councils where the average values ​​per square meter were very low. Imagine, by hypothesis, 700 euros. When going from 700 to 900 or to a thousand, the rise is huge, even if this value remains low.”

At issue are not exactly the suburbs of large cities, but several areas of the country. “The so-called suburbs already had pressure.”

“If you take the numbers from Lisbon for the latest, what you will see is that there is almost no oscillation, that prices have remained stable and that there has not been any significant increase for a long time”, he adds.

The increase of almost 19% in 2022 is in line with that of the years 2018 and 2019, that is, the pre-pandemic period, with year-on-year increases in December of 15.4% and 15.8%, respectively.

Since 2017, prices have almost always evolved in the double digits. Even 2020 and 2021, which had more moderate growth, as a result of international circumstances, were years of appreciation. So, in the first year of Covid-19 on national soil, there was an increase of 4.8%, and in the following year of 12.2%.

In 2022, in the first half of the year, more specifically until July, prices maintained an acceleration path, with successive average monthly increases of almost 2.0%.

The second half of 2022 saw a loss of intensity, with a cooling of monthly variations, which were twice below 1.0%, even entering negative territory (monthly variation of -0.5% in September).

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