The House Price Index (IPHab) increased by 8.7% year-on-year in the second quarter, in line with the previous quarter’s pace, while the number of transactions fell (22.9%) for the fourth quarter in a row, as announced this Thursday. Fair INE.
According to the National Institute of Statistics (INE), from April to May, prices for existing homes rose at a faster rate than for new homes, at 9.0% and 8.0% respectively.
Overall, IPHab was up 3.1% from the first quarter (1.3% in the previous quarter), with existing home prices up 3.2%, ahead of new homes (2.8%).
According to the statistics institute, 33,624 houses were sold in the second quarter for a total of 6,900 million euros, representing a decrease of 22.9% and 16.7% respectively compared to the same period in 2022.
“This was the fourth quarter in a row in which there was a decline in the number of transactions,” INE said.
Existing homes made up the majority of transactions (79.7%), totaling 26,799, down 25.0% from the same period in 2022. In terms of new homes, 6,825 transactions were recorded, down 13.2% compared to the second quarter of 2022.
Overall, the number of transactions decreased by 2.5% between the first and second quarters of 2023 (-10.5% in the previous quarter), with the decline in the number of transactions being more significant for existing homes (-2.6). %) than in new buildings (-2.1%).
As for the value of houses sold, it amounted to about 6.900 million euros, which is 16.7% lower than the same period in 2022.
Of the total transaction value, €5,000 million was from existing home transactions (down 20.7% compared to the same period in 2022), while €1,900 million was from new home transactions (down 4.1%). on an annualized basis). %).
Compared to the previous quarter, the value of homes sold in the second quarter of 2023 increased by 0.7% (-6.9% in the first quarter of 2023). By category, there was a decrease 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 purchased 28,732 houses (85.5% of the total) for a total of €5.800 million (83.8% of the total).
Home sales to households were down 24.7% from the same period in 2022, and the change rate was -1.9% from the previous quarter.
In terms of value, the 5.800 million euro transactions carried out by families, corresponding to 83.8% of the total, represent “the lowest percentage since the first quarter of 2020.”
In annual terms, the cost of purchasing housing for families decreased by 19.5% (change -17.3% for the first quarter of 2023).
In the second quarter, the number of residential transactions involving buyers with a tax domicile outside Portugal amounted to 2,535 (7.5% of the total), representing a decrease of 8.9% compared to the same period last year.
For the second quarter in a row, different behavior was observed in the two categories analyzed: purchases by buyers with tax domicile in the European Union amounted to 1,174 units, down 24.5% compared to the same period in 2022, while transactions in “other countries” tax residence increased by 10.8% to 1,361 housing units.
Author: Lusa
Source: CM Jornal
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