Real Estate Market in Numbers: Monthly Barometer of July
07 agosto 2020
The average price of properties announced on Imovirtual for sale in Portugal was 341.089€ in July 2020, thus seeing a slight decrease of -1,73% compared to the previous month.
In July, the district that showed the largest increase in percentage price variation compared to June was Évora with a 4% increase, with 202.181€ in June and 210.094€ in July.
The most expensive district to buy a property in Portugal is still Lisbon, with property costing on average 542.996€. Compared to the previous month the average sale price decreased by -1,73%. As in Lisbon the other three most expensive districts to buy a property, Faro, Região Autónoma da Madeira, and Porto showed a decrease in the average sales price of -1,80%, -1,74% and -0,48% respectively.
The four districts that stand out for the lower average property sales prices were Portalegre (114.483€), Castelo Branco (121.134€), Guarda (123.851€) and Beja (131.273€). Portalegre was the district with the highest percentage drop in the average price compared to June of -0,89%.
In Portugal, the average price of properties advertised on Imovirtual in the rental segment fell -2,92%, maintaining previous downward trends, from 1.096€ in June to 1.064€ in July. This growth can be driven by the district of Guarda where there has been a decrease of -10% from 357€ to 321€.
Bragança is the district with the highest percentage growth of 14,84%, compared to June, rising from 411€ in June to 472€ in July. Contrary to Bragança, Guarda, as mentioned above, shows a percentage drop in the average property price with -10%.
Lisbon continues to lead the top of the most expensive districts for renting a property, with an average rent of up to 1.387€, however, compared to June there was a decrease of -2,19% from 1,418€ in June to 1,387€ in July. The other districts like Porto, Região Autónoma da Madeira, and Faro are also the most expensive to rent a property with a decrease in the average price announced in July, except for Região Autónoma da Madeira who saw an increase in the average price (1,34%).
The districts that in July presented a lower average price was Guarda, Portalegre, Castelo Branco, and Vila Real, with 321€, 343€, 403€, and 421€ respectively.
For a better analysis of the evolution of average prices, it is important to compare two homologous periods in consecutive years with a quite distinct social reality to understand the felt impact.
Comparing the average prices of property advertisements in Imovirtual in July 2020 with the same period in the previous year, there was an increase of 5,18%, rising from 324.281€ to 341.089€.
The average price announced has been growing from November 2019 reaching its peak in April 2020. May saw a slowdown in price growth in the buying and selling market, but there was a recovery in June.
The district with the highest percentage variation was Vila Real (12,92%), with the average price rising from 155.967€ in the same period of the previous year to 179.125€ in 2020, a difference in absolute terms of 20.158€.
Évora follows Vila Real as the second district with the highest average price variation of advertised properties, having registered a percentage increase of 12,07%, from 187.474€ in July 2019 to 210.094€ in July 2020. On the other hand, Portalegre remains the cheapest district to buy a property, with the average price of properties announced in July 2020 being 114.483€.
Thus, Portalegre is one of the districts with the highest percentage drop in the period considered with -23,88% (from 150,402€ in 2019 and 114,483€ in 2020).
In the rental segment, rental prices have decreased since 2019, with a percentage decrease of -8,04%, comparing the average prices announced for July 2020 (1.064€) with the same period of the previous year (1.157€).
The districts with the largest percentage drop were Porto with -14% (from 1.097€ to 941€), Vila Real with -11,74% (from 477€ to 421€) and Lisbon with -8,51% (from 1.516€ to 1.387€).
Contrary to these decreases, Beja recorded the highest percentage increase of 43,24% in the average price announced, moving the average monthly rent from 414€ to 593€ in July 2020, but does not include the most expensive districts to rent.
The average price of advertisements for rent in Portugal has fallen sharply since January 2020 and has remained throughout the rest of the period, analyzing a constant pace with slight fluctuations. However, from April onwards the trend started to become more pronounced and has continued to the present day.