The Housing Price Index (IPHab) increased 8,7% year-on-year in the second quarter, a rate identical to the previous quarter, with the number of transactions falling (22,9%) for the fourth consecutive quarter, INE announced today .
According to the National Statistics Institute (INE), from April to May, prices for existing housing increased at a faster rate than for new housing, 9,0% and 8,0%, respectively.
As a whole, compared to the first quarter, IPHab increased by 3,1% (1,3% in the previous quarter), with prices for existing accommodation increasing by 3,2%, above new accommodation (2,8%).
According to the statistical institute, in the second quarter 33.624 homes were transacted with a total value of 6.900 million euros, which represents a reduction of 22,9% and 16,7%, respectively, compared to the same period in 2022.
«This was the fourth consecutive quarter in which there was a reduction in the number of transactions», notes INE.
Existing homes represented the majority of transactions (79,7%), totaling 26.799, 25,0% less compared to the same period in 2022. Regarding new homes, 6.825 transactions were recorded, a reduction of 13,2% by comparison with the second quarter of 2022.
Overall, the number of transactions decreased by 2,5% between the first and second quarter of 2023 (-10,5% in the previous quarter), with the reduction in the number of transactions being more significant in the case of existing homes (-2,6 .2,1%) than in new housing (-XNUMX%).
As for the value of transacted homes, it totaled around 6.900 million euros, 16,7% below the same period in 2022.
Of the total value transacted, 5.000 million euros corresponded to transactions of existing homes (a reduction of 20,7% compared to the same period in 2022) and 1.900 million euros were related to transactions of new homes (a year-on-year reduction of 4,1%) .
Compared to the previous quarter, the value of homes transacted in the second quarter of 2023 increased by 0,7% (-6,9% in the first quarter of 2023). By category, there was a reduction in the value of existing housing transactions (-0,1%) and an increase in the value of new housing transactions (2,9%).
From April to June, the institutional “family” sector acquired 28.732 homes (85,5% of the total), for a total of 5.800 million euros (83,8% of the total).
Sales of accommodation to families registered a reduction of 24,7%, in number, compared to the same period in 2022 and a variation rate of -1,9% compared to the previous quarter.
In terms of value, transactions worth 5.800 million euros carried out by families, corresponding to 83,8% of the total, represented “the lowest percentage since the first quarter of 2020”.
In year-on-year terms, the value of housing purchases by families decreased by 19,5% (change of -17,3% in the first quarter of 2023).
In the second quarter, accommodation transactions involving buyers with a tax domicile outside Portugal stood at 2.535 (7,5% of the total), representing a year-on-year reduction of 8,9%.
For the second consecutive quarter, different behaviors were evident in the two categories analyzed: Purchases by buyers with tax domicile in the European Union stood at 1.174 units, 24,5% less compared to the same period in 2022, while transactions in the tax residence “other countries” increased by 10,8% to 1.361 homes.
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