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Portugal Sees Biggest Property Price Increase in 30 Years: A Look at the Real Estate Market Trend

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According to the Confidencial Imobiliário Residential Price Index, house prices in Portugal (Mainland) rose by 19% in 2022, marking the largest increase in the past 30 years. This significant rise in property prices is a continuation of a strong growth trend that started in 2017, except for a minor slowdown in 2020 due to the pandemic.

The data shows that the increase in house prices in Portugal has been consistent over the years, with the year-on-year rate of change more than doubling from 5.6% in 2016 to 12.8% in 2017. The trend continued in 2018 and 2019, with the December year-on-year increase standing at 15.4% and 15.8%, respectively.

However, the pandemic brought a temporary interruption to this growth cycle, leading to a more moderate growth of 4.8% in house sales prices at the end of 2020. Nevertheless, the growth path has continued, with the 12.2% year-on-year increase in 2020.

The Confidencial Imobiliário Residential Price Index highlights that to find a year-on-year rate of change higher than that recorded in December 2022, one must go back to 1991 when the increase was 18.8%. This makes the current property price increase in Portugal one of the highest in recent times.

In conclusion, the robust growth in property prices in Portugal reflects the country’s strong economic performance and the growing popularity of the region as a desirable place to live and invest. With the positive trend expected to continue, it is an exciting time for both potential homebuyers and property investors in Portugal.

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