The sale price of homes in mainland Portugal increased by 15.6% in September compared to the same month last year and by 1.3% on a monthly basis. The data comes from Confidencial Imobiliário (CI), within the scope of the Residential Price Index (IPR), and confirms that it is increasingly expensive to buy a home in the country.
According to Ci, prices were rising above 10% year-on-year since July 2017. "This year alone, valuations were always higher than 13.5%, reaching a high of 16.4% in May, and has been around 15% since then", the company said in a statement.
The most recent IPR data shows that the recovery cycle of housing prices in the country began five years ago, in the last quarter of 2013. For about two years, year-on-year increases were below 3%. "In 2016, the recovery started to accelerate, with prices rising by 3.5% - 9% by the middle of last year and significantly increasing the pace of growth since then, with year-on-year variations always double-digit".
Comparing to the pre-crisis period (2007), the sale price of homes soared 10.6%, and recovered 41.4% from their lowest level, June 2013.
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