House prices in Portugal rose by almost 18.7% in 2022, which represents the biggest increase recorded in the last 30 years. According to data from Real Estate Confidentialthe values recorded last year already exceed the pre-pandemic ones.
“It is necessary to go back to 1991 to find a year-on-year change rate at the end of the year higher than that recorded in the last month of December”, can be read in the statement sent to the newsrooms.
Data from the House Price Index show that values were higher in the first half of the year, with a slowdown in the second half.
Despite the year-on-year variation having reached 18.7%, the month of December presents “a contraction compared to the records of the second half of the year”. In August, a “unprecedented peak” of 21.1%.
The rise in house prices is influenced by the rise in interest rates and rising inflation in the country. However, the growth trend has been registered since 2017, when the valuation of housing doubled that of the previous year.
“This cycle was only interrupted in 2020, when house sales prices ended the year with a more moderate growth, of 4.8%, reflecting the pandemic”, it can also be read.
However, the values recorded in 2022 already exceed those recorded before the covid-19 pandemic.