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Apartment prices recede, rental market recovers in the third quarter

CASAFARI, the Portuguese proptech that has the most complete and clean database of the real estate market in Portugal, has just released the ‘Market Report’, related to Lisbon, Porto and Faro, and other major Portuguese cities with data for the third quarter of 2020 .

This is one of the most important market analyzes in Portugal, considering that CASAFARI aggregates, through artificial intelligence and machine learning, thousands of information sources with properties available for sale on the Internet, avoiding duplication and aggregating all information current and historical data of each property – which offers, in real time, the data and history of more than 5.9 million unique properties.

According to the report, based on the analytical tool that analyzes the existing data from the most varied sources on the Internet, the third quarter of 2020 reveals very important data, still with the impact of COVID-19. Among the main ones, we highlight:

The average selling price of apartments in Portugal fell slightly by 0.51% in the third quarter, still under the effect of the pandemic;

  • The average sale price of apartments fell 8.38% in Lisbon reaching €3,320/m2, down 4.13% in Faro and fell 0.82% in Porto (€2.128/m2), while Leiria and Aveiro registered the increases more accentuated, of 6.63% and 6.45%, respectively;
  • The municipalities of Lisbon, Cascais, and Oeiras appear as the most expensive municipalities in Greater Lisbon, with the highest average selling prices, €275,162, €271,177, and €169,722, respectively, while the municipalities of Sobral de Monte Agraço, Arruda dos Vinhos and Cadaval appear as the most accessible;
  • The municipality of Porto (€278,657), Matosinhos (€235,895), and Póvoa de Varzim (€198,834) stand out for being the municipalities with the most expensive average selling price. The municipalities of Amarante, Lousada, and Marco de Canaveses have the lowest average prices;
  • The municipality of Loulé, Vila do Bispo and Lagos remain the municipalities with the highest average selling price, while Silves, Vila Real de Santo António, and Alcoutim appear as the most affordable average prices;

Analysis of average rental prices:

  • Lisbon remains the district with the highest average income in the country, at €13.9/m2, while the average rent in Porto amounts to €10/m2 and in Faro around € 8.5/m2.

Analysis of available stock:

  • The housing supply of houses for sale in Faro increased considerably, by 12.6%, in the third quarter, followed by Lisbon and Porto with increases of 10.5% and 9.6%, respectively. However, Vila Real has the highest appreciation of available stock: 61.3%

According to Nils Henning, founder of Casafari, “the current data already indicate some signs of recovery, especially in the rental market, where both average prices and supply show a recovery. The Portuguese real estate market felt and, in some way, continues to feel the impact caused by Covid-19, but it should continue to recover gradually until the end of this year”.

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