House prices up 5.9% during the pandemic
Any expected fall in the Portuguese real estate market has not yet occurred, with prices in Portugal instead rising 5.9 percent in 2020.
House prices rose 5.9 percent, reaching €2,147 per square metre (m2). In relation to the quarterly variation, the increase was 2.7 percent in the last quarter of the year, according to the price index from Idealista. In the third, second and first quarters, prices had grown by 1 percent, 0.5 percent and 1.6 percent, respectively.
The Lisbon Metropolitan Area, with an average price of €3,017 per m2, remains the most expensive region, followed by the Algarve (€2,368 per m2), the North (€1,834 per m2) and the Autonomous Region of Madeira (€1,678 per m2).
At the other end of the scale are the Autonomous Region of the Azores (€999 per m2), the Alentejo (€1,024 per m2) and the Centre (€1,105 per m2), which are the cheapest regions.
Of the analysed districts of Portugal, the biggest increases in 2020 took place in Vila Real (16.7 percent), Viseu (14.2 percent), Aveiro (14.1 percent), Porto (11.6 percent), Coimbra (11.3 percent), Braga (10.4 percent) and Setúbal (10 percent). Next onthe list are São Miguel, in Azores, (9.5 percent), Madeira (7.8 percent), Faro (7.2 percent), Viana do Castelo (4,6 percent), Santarém (4,3 percent), Island of Porto Santo (4,2 percent) and Lisbon (2,2 percent). Lisbon, despite leading as the most expensive district, suffered a smaller increase in 2020 compared to other districts.