Everyone loves a bargain, especially when it comes to buying a new house. If moving to Portugal is on your radar for 2021, then now is the time to get the search for your new home underway as summer is quickly approaching.
House prices, although less than in previous years, continued to increase in 2020 in Portugal and in general, this upward trend is expected to continue in 2021. What explains this phenomenon in a context of economic crisis generated by the COVID-19 pandemic?
What factors affect the selling price of a home in Portugal? There are many elements that will have an influence on the price a property is eventually sold for, including the condition and decor of the property.
Will house prices fall in Portugal in 2021? Is 2021 a good time to invest in property in Portugal? What effect will COVID-19 have on house prices? These are just some of the questions on the minds of those planning a move to Portugal in 2021.
The median price of houses in Portugal rose again at the end of 2020 to 1,168 euros per m2, a figure that represents a reduction compared to the previous quarter (-1.6%) but an increase compared to the same period in 2019 (+7.6%).
With 2020 coming to a close, it's time to have a look at some of the main statistics when it comes to house prices in Portugal for 2020, as well as some predictions from the European Commission in Brussels for 2021.
In spite of the coronavirus pandemic that has seen house prices drop in many countries, the cost per square metre of housing in Portugal continues to rise, although the pandemic is putting a brake on the pace of growth.
In the second quarter of 2020, marked by several confinement measures and restrictions because of the pandemic in most Member States, house prices increased by 5% in the eurozone and 5.2% in the European Union (EU) compared to the same period last year.
After rising by 1.6% and 0.5% in the first and second quarters of 2020 respectively, compared to previous quarters, house prices in Portugal continue to rise during the COVID-19 pandemic: prices rose by 1% between July and September compared to the previous three months, to 2,090 euros/m2.
Buying a house in the most expensive street in Portugal in 2020 costs, on average, 2,743,000 euros, slightly lower than last year's average price for a luxury home on Portugal's most expensive streets.