In the third quarter of 2018, house prices in Portugal rose 15.6% compared to the same period of the previous year. This increase was mainly driven by growth in the municipalities of the metropolitan areas of Lisbon and Porto, indicate data from the Residential Housing Price Index from Confidencial Imobiliária (Ci).
At the national level, it was in the municipality of O Porto that prices rose the most in year-on-year terms: real estate prices went up 28.8%. In quarterly terms, compared with the second quarter of 2018, property prices in Porto grew by 7.4%. In the case of Lisbon, the year-on-year increase was 18.6% and the quarterly increase was 3.1%.
"Porto is at the top of the ranking," said Ricardo Guimarães, director of Ci, quoted by Dinheiro Vivo. "The city made a real leap in terms of potential value." He also noted that there were, for the first time, transactions made at 5,000 euro per square metre, which is 465 euro per square foot. "There is no memory of values of this kind" in the city, he added.
As for Lisbon, the person in charge emphasized that the Portuguese capital city is now experiencing "a confirmation phase". It should be noted that of the 278 Portuguese municipalities monitored in the Ci index, 90 showed year-on-year growth of more than 10% and a further two dozen had valuations above the national average.