Housing prices in Portugal increased 11.2% in the second quarter of 2018 compared to the same period of 2017, according to the House Price Index (HPI) from the Portuguese Office of Statistics (INE).

Being 1.0 percentage point (p.p.) less than the recorded in the previous quarter, this result ended a period of five consecutive quarters in which the HPI recorded growing annual rates of change.

Price increases were more pronounced in the case of existing dwellings, with this residential property category showing a 12.6% increase, twice the one observed for new dwellings (6.3%).

Compared to the previous quarter, the HPI grew 2.3% (3.7% in the first quarter of 2018). The increase in prices was mainly due to existing dwellings, which recorded a rate of change of 2.9%, while new dwellings depicted a slight increase of 0.1%. A total of 45,619 dwellings were sold between April and June 2018, which represents an increase of 23.7% over the same period of the previous year. The value of sales was approximately 6.2 billion euros, 34.9% more than in the second quarter of 2017.

Original Story: INE
Photo: BigStock
Edition: Prime Yield