House sales in Portugal hit all-time high in 2021

18 Jul 2022

The number of house sales throughout Portugal reached a record high in 2021, according to new findings released by the National Statistics Institute (INE). 

The report states that in regard to the construction and housing statistics last year “165,682 dwellings were traded, which constitutes a new maximum and a growth of 20.5% compared to 2020.” 

The value of homes sold last year totalled €28,100 million, a 31.1% rise over 2020, Portugal News reports. In addition, the average price of family homes sold was €1,297 per square metre, representing a 9% rise compared to the year before. 

Furthermore, average housing prices remained above Portugal’s national value in the sub-regions of the Algarve (€2,000/m2), Lisbon Metropolitan Area (€1,813 /m2), Madeira (€1,436/m2) and in the Metropolitan Area of Porto (€1,370/m2). 

In addition, average rent for family accommodation in Portugal rose 7.7% in 2021 compared to the previous year, hitting €6.04/m2. There was also a 9.4% rise in the number of new contracts, the report goes on to add. 
 
There was also substantial growth in construction in Portugal last year, according to the National Statistics Institute. Over the year, a total of 25,409 buildings were licensed, an 8.2% rise compared to 2020 and a 4.3% increase over 2019.

Moreover, in 2021, 36,731 dwellings were licensed in Portugal, representing an 8.7% hike compared to 2020’s 33,806 homes. 

Estimates by the INE show that last year, 15,262 buildings were completed, which corresponds to an increase of 3.6% over the year before, when a 7.8% rise was registered, and 14,732 buildings were finalised. Whereas a 10.2% rise in homes was finalised last year, amounting to 22,384, compared to a 27.6% rise in 2020, corresponding to 20,320 homes.