The first quarter of this year was marked by the invasion of Ukraine by Russia, but that was not enough to dampen the housing market in Portugal, with prices continuing to rise.

According to a report by CNN Portugal, on average, a house was traded in Portugal every three minutes – including early mornings and weekends… On average, each house was sold for around €186,000. For every 17 houses sold, 15 were bought by families. Of the same 17 houses, 16 were sold to Portuguese and one to foreigners.

Prices up by 12.9%

Data from the National Statistics Institute (INE) shows that the housing price index (IPHab) grew by 12.9% in the first quarter, compared to the same period in 2021. This growth was 1.3 percentage points stronger than in the previous quarter.

Price increases were more pronounced for second-hand homes (13.6%) than for new ones (10.9%).

Also according to the INE, in the 90 days between January and March, 43,544 homes were traded, 25.8% more than in the same period in 2021. Of these, 37,840 homes were purchased by families (86.9% of the total).