House prices rose 0.9% in April compared to the previous month, according to data released recently by Confidencial Imobiliário in its regular assessment of residential property prices in Portugal.

“Although it doesn’t go beyond 1%, it is one of the most significant monthly variations since March 2020, the month that marked the beginning of the pandemic. In fact, only in December 2020 did the chain valuation register a more positive evolution, reaching precisely 1%,” said the data bank, based on its analysis of the Residential Price Index.

In year-on-year terms, house prices saw a 3% rise in April, a slight acceleration compared to the 2.6% year-on-year change observed in the previous two months. Still, the annual increase registered at the moment remains very far from that of a year ago, standing at 15%.

According to calculations within the scope of the SIR - Residential Information System, the average price of a property in mainland Portugal reached €1,723/sqm in April, with an average sale time of six months.

This latest data follows the news that demand from British buyers has increased substantially as Portugal starts to open up. The majority of investors is looking to move permanently to Portugal within the next year or two, seeking a healthier, less stressful lifestyle (read more).

The team at Algarve Home Sales is well placed to provide knowledgeable and impartial advice on buying or selling property in the Algarve. Get in touch here or drop in to our head office in Carvoeiro.