It was in the Algarve, Madeira and Greater Lisbon where there was a greater decline in house sales, exceeding 25%.
“Between April and June 2023, 33,624 homes were transacted with a total value of 6.9 billion euros, translating into a reduction, compared to the same period last year, of 22.9% and 16.7%, respectively”.
Looking at the map of Portugal, it also became clear that “in the second quarter of 2023, all regions registered a year-on-year reduction in the number and value of accommodation transactions”, concludes the Portuguese statistics office.
The biggest drop of all was recorded in the Algarve. A total of 2,946 homes were sold in this region between April and June this year, 29% less than in the second quarter of 2022. It was also here that the biggest decline in investment in housing was felt (-21%). It was in the Autonomous Region of Madeira that the second biggest drop in house sales was observed in that period: a total of 795 family homes were transacted, 305 fewer than a year before (-28%), which reduced investment by 18%.
The Lisbon Metropolitan Area also recorded a 27% drop in the number of transactions, totalling just 9,696 house deals in the second quarter of 2023. This is the lowest number of house sales recorded since the end of 2016, excluding the second quarter of 2020, which coincides with the start of the Covid-19 pandemic. As a result, investment in housing in Greater Lisbon also fell 16% to 2,931,894 euros.