In this period, the increase observed in the prices of existing
housing (14.7%) surpassed that of new housing (8.4%).
"In relation to the previous quarter, the IPHab
increased by 2.9% (3.1% in the 2nd quarter of 2022). In the category of new
housing, the rate of change stood at 4.0%, 1.4 p.p. above the increase in
prices of existing housing (2.6%)".
Between July and September 2022, 42,223 homes were sold,
which represents a year-on-year change rate of -2.8% and a decrease of 3.2%
compared to the previous quarter. In the reference quarter, the value of
housing transactions reached 8.1 billion euros, 9.6% more than in the same
period of 2021.
In the quarter under review, 2,767 homes were purchased by
buyers with a tax domicile outside the National Territory, representing a
year-on-year increase of 12.6%.
These figures are unsustainable and together with the interest rate rises mean that a huge percent of potential Portuguese buyers are unable to buy. Driven by migrants, many of whom buy as a second home, they distort the housing economy.
By Russell Taylor from Other on 27 Dec 2022, 07:30
Up the mortgage rates, and add a premium for non resident buyers. NZ had a problem with this some years back and made it almost impossible to buy as a non resident. Portugal need# to do the same.
By Ian from Beiras on 28 Dec 2022, 18:55