Fewer homes sold in 2023? Prices increased by 11.8%
According to data released, fewer houses were sold in 2023 compared to the previous year, but the justification may lie in the increase in prices. Understand better, next.
Need to sell a house? The real estate agency Casa no Minuto is here to help you, as well as the credit intermediaries from Poupança no Minuto in case you need financing for a new property. But understand the data at stake.
Price increase of 11.8% (lower than the previous year)
According to the Residential Price Index of Confidencial, quoted by Notícias ao Minuto, the sale of houses slowed down in 2023, but justified by the price increase of 11.8% compared to 2022.
However, note that this increase slowed down, considering the price increase equivalent to 18.7% from 2021 to 2022.
"The deceleration in the increase of housing prices is also evident in the quarterly variation rate, which dropped from 3.7% in the 3rd quarter of 2023 to 1.6% in the 4th quarter. The quarterly variation rate for the 4th quarter is actually the lowest of the year," the news reads.
According to the information website, quoting Ricardo Guimarães, director of Confidencial Imobiliário, this "softening in price increases" was already expected: "The market has been going through a cycle of strong appreciation even in the most affordable areas, so naturally, there is less room for significant growths".
Fewer houses sold in 2023 compared to 2022.
According to the index, in the news in question, the 2023 data reveals "a lower volume of housing sales than 2022", however, the "decrease behavior was mainly limited to the 1st quarter of the year, which recorded a quarterly reduction of 9% in transactions, to 33,100 units".
Regarding the impact of the evolution of the number of sales on prices, the fact that the drop in transactions was limited to the initial period of 2023 and that the predominant trend for the rest of the year was stabilization, supported prices, which eventually did not face great pressure. For 2024, given the recovery behavior of sales that we are observing, it is natural to expect prices to maintain a positive behavior," explained Ricardo Guimarães, quoted by the platform.
Taking into account the same data, the houses transacted in mainland Portugal had an average price of 2,257 euros per m2, ranging from 3,465 euros per m2 for new housing to 2,114 euros per m2 for used housing.
"These values translate to an average price per fire of €237,450 for the total market, €401,476 for new fires and €218,243 for used fires," explains the news.
House for sale? The agency Casa no Minuto can help! Buying a new house? Mortgage brokers from Poupança no Minuto can help! Contact the entities for both services, according to your needs, and ensure the best property and financing for you.