Portugal’s Real Estate Market Declines in May 2020

Portugal’s Real Estate Market Declines in May 2020
Portugal's real estate market
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Written by Linda Hohnholz

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 โ‚ฌ475,062 compared to Aprilโ€™s โ‚ฌ477,223

Lisbon: (-0.73%) average property for sale price now โ‚ฌ592,709 compared to Aprilโ€™s โ‚ฌ597,050

Madeira: (-0.90%) average property for sale price now โ‚ฌ332,524 compared to Aprilโ€™s โ‚ฌ335,542

Porto: (-0.60%) average property for sale โ‚ฌ318,735 compared to Aprilโ€™s โ‚ฌ320,645

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 โ‚ฌ869 per month compared to last yearโ€™s โ‚ฌ1,262 per month

Lisbon: (-11.58%) average rental property price now โ‚ฌ1,459 per month compared to last yearโ€™s โ‚ฌ1,650 per month

Madeira: (-12.27%) average rental property price per month now โ‚ฌ794 per month compared to last yearโ€™s โ‚ฌ905 per month

Porto: (-17.19%) average rental property price per month now โ‚ฌ997 per month compared to last yearโ€™s โ‚ฌ1,204 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

About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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