House prices up 8.4%By TPN/Lusa, In Business, Economy, Property · 01 Apr 2021, 01:00 · 0 Comments
House prices increased 8.4 percent in 2020, decelerating comparing to the 9.6 percent growth in 2019, but maintaining the “growth dynamics” despite the “unfavourable context” resulting from the pandemic.
According to data from the National Statistics Institute (INE): “In 2020, despite the unfavourable context resulting from the restrictions imposed due to the covid-19 pandemic, the dynamics of growth in the prices of traded housing continued to be observed.
“The average annual rate of change of the IPHab [Housing Price Index] stood at 8.4 percent, reflecting a reduction compared to the pace of price growth observed in 2019 (9.6 percent)”, said the INE report.
According to the statistical institute, the average annual increase in the prices of existing housing (8.7 percent) exceeded that of new housing (7.4 percent), but, and in line with the last few years, the difference in the respective growth rate of prices fell from 2.5 percentage points in 2019 to 1.3 percentage points in 2020.