Portugal property portal, Imovirtual, reports that Portugal’s real estate market has experienced a notable decline; a first in eight months. Compared to April, sale property prices have dropped by -0.78% and rental property prices have dropped by -0.98% respectively.
The above data reflects the current housing market situation in the United Kingdom, where the country has endured the fastest decline in house prices since 2009, as the impact of COVID-19 begins to set in. Popular destinations such as Faro, Lisbon, Madeira and Porto have announced the following average prices for property-to-buy in May 2020:
Faro: (-0.45%) average property for sale price now โฌ475,062 compared to Aprilโs โฌ477,223
Lisbon: (-0.73%) average property for sale price now โฌ592,709 compared to Aprilโs โฌ597,050
Madeira: (-0.90%) average property for sale price now โฌ332,524 compared to Aprilโs โฌ335,542
Porto: (-0.60%) average property for sale โฌ318,735 compared to Aprilโs โฌ320,645
Additionally, rental property prices for sought-after tourism hotspots have declined year-on-year by as much as -30%.
Faro: (-31.14%) average rental property price now โฌ869 per month compared to last yearโs โฌ1,262 per month
Lisbon: (-11.58%) average rental property price now โฌ1,459 per month compared to last yearโs โฌ1,650 per month
Madeira: (-12.27%) average rental property price per month now โฌ794 per month compared to last yearโs โฌ905 per month
Porto: (-17.19%) average rental property price per month now โฌ997 per month compared to last yearโs โฌ1,204 per month
For more on Portugal‘s annual and monthly property data, please visit: https://www.imovirtual.com/noticias/atualidade/real-estate-market-in-numbers-monthly-barometer-of-may