A slow down in demand in the Portuguese housing market is being reflected in the stabilisation of house prices in many areas of the country.
According to data shared by idealista, at the end of August 2023, buying a house in the national market had a median cost of 2,526 euros per square meter (euros/m2). Although at a monthly level they stabilised in August as in July, in terms of annual variation, house prices in Portugal rose 5.6%.
Looking at the 20 district capitals analyzed, it appears that the prices of houses to buy rose in 11 cities in August, with Viseu (3.5%), Leiria (3.4%) and Ponta Delgada (3.2% ) to top the list. Next are Beja (2%), Braga (1.8%), Bragança (1.6%), Guarda (1%), Coimbra (0.8%), Setúbal (0.8%), Viana do Castelo (0.7%) and Funchal (0.6%).
On the other hand, prices of homes for sale remained stable in Faro (0%), Castelo Branco (-0.2%), Lisbon (-0.3%) and Santarém (-0.4%). There were also five district capitals where houses to buy became cheaper between July and August: Évora (-7.7%), Vila Real (-6.8%), Aveiro (-2.2%), Portalegre (- 0.7%) and in Porto (-0.6%).
Source: ThePortugalNews