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Imagine how much house prices in Portugal will rise in 2023?  – HR

Imagine how much house prices in Portugal will rise in 2023? – HR

Doctor Finance, a personal finance company, in collaboration with Alfredo, an artificial intelligence platform that collects data from the real estate sector, has released the 2023 Real Estate Data Balance.

House prices in Portugal rose by 8.8% last year compared to 2022, according to Alfredo's data, which also shows that at the end of 2023, residential properties were trading at an average value of €2,330 per square metre.

Last year, average property prices rose by 8.8%, and there were areas that increased in value by more than 20%.

Looking at the 12 months of last year, Santarem stands out as the area where prices rose the most (22.8%). However, it was not the only site to achieve over 20% growth, as Viana do Castelo also recorded a 20.9% increase.

On the other hand, the smallest increase was recorded in Évora, with a growth of 2.2%, followed by Beja, where average prices rose by 4%.

Portalegre (-3.6%), Guarda (-2.4%) and Vila Real (-2.3%) were the only municipalities where prices decreased.

Guarda, which was one of three regional capitals to record a decline in house prices last year, is the area with the lowest average price in the country (440 euros per square metre).

Lisbon remains the most expensive region in the country, with the average price at €4,700, which is more than double the national average (€2,330).

In addition to rising property prices throughout the year, there is also a decrease in the number of properties available on the market, especially in certain areas of the country.

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At the national level, the decrease was slight, amounting to only 0.77%. However, there are capitals where the decline has been significant, as in Lisbon, where the decline in apartments on the market reached 76%. In terms of housing supply, Porto led the reduction (-80%).

The Alfredo Price Index combines information from various public listing portals and real estate agency websites with transaction data that is subsequently processed using advanced artificial intelligence algorithms, allowing to characterize the reality of the real estate market in Portugal in a unique way. Doutor Finances is Alfredo's partner in reporting with real-time data.