House sales up 6.4% in May after one year of falls

In the last three months, between March and May 2023, 33,800 homes will have been sold in mainland Portugal. This estimated volume of sales shows a growth of 6.4% compared to the previous three months (from December 2022 to February 2023), when 31,800 homes were sold in the country, and reverses the downward trend of sales felt over the last year.

According to the CRS data, after reaching a peak of 43,600 homes sold in the 4th quarter of 2021, the volume of housing sales has been progressively reducing, with the only exception being the zero variation recorded in the 2nd quarter of 2022. Thus, for three consecutive quarters, housing sales have been falling on a quarterly basis, with the sharpest drop (of -9.1%) occurring in the 1st quarter of 2023, when the market recorded 33,100 units sold.

It should be remembered that in May, sale prices of houses in Portugal (Mainland) showed a monthly variation of 0.6% and a year-on-year variation of 14.1%, maintaining the upward trajectory, but at a much slower pace than at the beginning of the year, according to data from the Residential Price Index.

In the accumulated March to May 2023, houses in Portugal were sold for an average price of 2,130.00 euros/m2, translating into an average price per home of 220,947.00 euros, according to data from the CRS.

More information: https://www.confidencialimobiliario.com/mercados/habitacao-compra-e-venda/venda-de-casas-cresce-6-4-em-maio-apos-um-ano-de-quebras/

Source: Confidencial Imobiliário