“In the second quarter of 2024, the House Price Index (IPHab) increased 7.8% year-on-year, 0.8 percentage points (p.p.) more than in the previous quarter,” the INE reported in a statement. “In the reference quarter, the rate of change in prices for existing homes was 8.3%, above that observed for new homes (6.6%)”.

Compared to the previous quarter, the IPHab grew by 3.9% (a change of 0.6% in the previous quarter), it added. By category, existing homes recorded a similar increase in prices to that observed for new homes, 3.9% and 3.8%, respectively.

Between April and June 2024, 37,125 homes were transacted, with a total value of 7.9 billion euros, which represents an increase, compared to the same period of the previous year, of 10.4% and 14.1%, respectively, explained the INE.

In the reference quarter, housing acquisitions by the institutional household sector corresponded to 31,948 units (86.1% of the total), which amounted to a total of 6.7 billion euros (85.4% of the total).

In the second quarter of 2024, buyers with a tax domicile outside the national territory acquired 2,464 properties (6.6% of the total), which represents a year-on-year reduction of 2.8%.

In regional terms, the North, with a total of 10,995 transactions, concentrated 29.6% of total housing sales, up 1.0 p.p. compared to the same period last year.

“Alongside the North, the Centre and Alentejo, with 5,885 and 1,945, respectively, were the other regions that showed increases in their respective regional shares, 0.5 p.p. and 0.2 p.p., in the same order”, he highlighted.

“Transactions of housing located in Greater Lisbon stood at 7,031 units, that is, 18.9% of the total, a percentage identical to that of the same period last year”, he explained, adding that between April and June 2024, housing transactions in Greater Lisbon totalled 2.5 billion euros, 32.2% of the total, 0.7 p.p. less year-on-year.

In the North, the value of transacted housing rose to 1.9 billion euros, while in the Algarve it reached 912 million euros, with a year-on-year increase in the respective relative weight of 1.3 p.p. in the first case, and a reduction in the relative share of the same magnitude (-1.3 p.p.) in the second case.