Real Estate Market in Numbers: Annual Barometer
The year 2020 was marked by several changes in the real estate market due to the global pandemic. For a detailed annual analysis of the percentage change in prices it is necessary to identify four distinct periods and compare them between them: beginning of the year 2020 (January and February, lockdown (March and April), after lockdown (May and June) and end of the year 2020 (November and December).
Annual Review 2020
Sale | Properties announced
The average price of properties announced on Imovirtual for sale in Portugal during this year has maintained a variation of 1% during all periods, with the exception of the lockdown period where there was a slight decrease of -0.11%. In January, the average price was 344,417€ and in December 348,223€, an increase of 1.1%.
Évora was the district with the highest percentage variation at the beginning of the year with 11.9%. However, in the lockdown, there was a decrease in the order of -0.3% and after lockdown the decrease became more accentuated with -3.6%. At the end of this year, Évora continued this increase from 202,049€ in November to 205,187€ in December, marking an increase of 1.6%.
The decrease in the price for sale after lockdown was accompanied by an increase in demand for property in Évora of around 41%.
Viana do Castelo, Santarém and Setúbal were districts that presented at the beginning of the year an increase in the percentage variation of prices in the order of 3% and 2%, but in the remaining periods indicated above, there were no significant increases or decreases. However, the demand for property in Viana do Castelo, Santarém and Setúbal during the lockdown/after lockdown period increased by 39.3%, 53.6% and 42.7% respectively.
Beja and Guarda were the two districts where there was the most significant decrease in prices for sale during the lockdown in the order of -2.7% and -3.3% respectively. Guarda maintains this same decrease currently, accompanied by the increase of the demand after lockdown in the order of 41.6%. In Beja there was an increase in the price during the months after lockdown around 2.9%, rising from 126,099€ to 129,773€.
Portalegre was the district that over the four periods suffered a price drop. At the beginning of the year, there was a slight decrease of -0.6%, in the lockdown of -3.1%, after lock down of -11.8% and now, at the end of the year, of -4.4%, with an average price of 110,217€.
Lisbon, Porto and Faro were at the top of the most expensive districts to buy a house all year round.
Lisbon, at the beginning of the year, showed an average price increase of 1.3%. Although the trend of the pandemic marked by greater demand for real estate outside the metropolitan areas, Lisbon didn’t undergo significant changes in its prices. In the lockdown and after lockdown the average price changes were 0.15% and 0.01% respectively.
At the end of this year, Lisbon resumed the price increase with 2.57%, rising from 543,621€ to 557,595€.
The same happened in Porto. At the beginning of the year, it presented an average price increase of 1.4%, a trend that continued in the lockdown where the price variation was marked by an increase of 1.1%. Only in the period after lockdown was there a price decrease of -1.3%, from 310,694€ to 306,713€.
At the end of this year, Porto saw a 0.7% increase in prices, rising from 309,265€ to 311,443€.
Faro, contrary to Lisbon and Porto, at the beginning of the year, showed an average price decrease of -0.4%. However, during the lockdown and after lockdown period it showed a percentage increase in the average price of 3.2% and 0.4% respectively.
Faro ends the year with an average price of 453,378€.
Rent | Properties announced
The average price of properties advertised on Imovirtual for rent in Portugal during this year has undergone several changes in all of the defined periods. At the beginning of the year and lockdown we saw a drop in prices of -1.2% and -3.2% respectively.
At the end of the year, we saw a recovery, with 1.1% and 3% respectively. Now, in December, the average price of a property for rent in Portugal is 1,036€.
Beja was the district with the highest percentage variation at the beginning of the year with 17.1%. This growth was maintained in the four periods. In the lockdown the growth was 26.7% and after lockdown it was 3.2%, accompanied by a growth in demand of around 16.6%. Now, at the end of the year, there was a significant increase of 21.8%, rising from 614€ to 748€.
Guarda was the district that presented at the beginning of the year an increase in the percentage variation of prices of 10.6%, but in the lockdown suffered a decrease of prices of -5.8%. However, at the end of the year, there was a 10.4% recovery, rising from 364€ to 402€.
As well as Guarda, Aveiro, Braga and Vila Real were the districts where there was a more significant decrease in rental prices during the lockdown of -5%, -5.2% and -9.4% respectively.
When analysed the percentage variation of Viana do Castelo and Castelo Branco prices were verified that at the beginning of the year there was a drop of -5,8% and -13% respectively. However, we saw a price increase throughout the year, highlighting a significant increase after lockdown, in Viana do Castelo, of 10.5%. At the end of the year, Viana do Castelo shows a price increase of around 2%, rising from 509€ to 519€ and Castelo Branco shows an increase of 5.2%, rising from 387€ to 407€.
Lisbon, Porto and Faro were at the top of the most expensive districts to rent a house all year round.
Lisbon, at the beginning of the year and in the lockdown, was marked by the decrease in the average price in the order of -0.6% and -3.6% respectively.
At the end of this year, we saw a resumption of the price increase with 0.8% and 2.4% (from 1,288€ to 1,319€) respectively.
In Porto it was different. At the beginning of the year, it presented a slight increase in the average price in the order of 0.4%. In the remaining periods we saw a price decrease in the order of -5.2% in the lockdown, -2.1% after lockdown and -0.2% at the end of the year (from 906€ to 904€).
Faro, as well as Lisbon, at the beginning of the year showed a slight decrease in the average price of -0.6%. However, in the remaining periods it showed a percentage increase in the average price of 5% in the lockdown, of 4.2% after lockdown and ended the year with an increase of 4.2% (from 801€ to 835€).
Annual analysis 2020 vs 2019
Sale | Properties announced
The panorama of the average price of properties announced on Imovirtual for sale in Portugal during the year 2020 when compared with the year 2019 is quite positive.
At the beginning of 2020, we saw an increase in the average price of 8%, from 318,951€ to 344,417€. With the appearance of the pandemic, accompanied by the lockdown, and against expectations of falling prices, we saw an increase of 11.3%, rising from 316,657€ in 2019 to 352,339€ in 2020. In the period after lockdown we saw an increase of 7.2% when compared to that period in the previous year.
We ended the year with a price increase of 1.6% (from 342,783€ to 348,223€).
Setúbal, Vila Real, Aveiro and Évora stand out as the districts with the highest percentage variation in prices throughout the year.
Setúbal presented in January an increase in percentage variation of 17.5% and when comparing the period of lockdown with the same period of the previous year, we saw a continued increase to 19.6% (from 243,970€ in 2019 to 291,863€ in 2020). In the period after lockdown we saw growth of 14.2% accompanied by an increase in demand of around 21.6%.
In the district of Vila Real, we should highlight the period of lockdown and after lockdown when compared to 2019, had an increase of 11.8% and 13.9% respectively.
The district of Aveiro started the year with a price increase of 11.3% which, even with the lockdown, has not suffered any decline and maintains growth of 9.9% (from 195,656€ to 215,092€) when compared to 2019.
In the case of Évora, as well as Vila Real, in the periods of lockdown and after lockdown it stands out with an increase of 19.7% and 15.1% respectively and ends the year with an average price increase of 16.9% (rising from 175,592€ in 2019 to 205,187€ in 2020).
Portalegre and Guarda stand out for the districts with a sharp decrease in average price.
Portalegre started the year with a decrease in the average price that remained in the lockdown, of -14.5% and -13.5% respectively and this decrease is accentuated in the remaining periods. In the after lockdown period we saw a sharp drop in the price of -21.4% (from 168,119€ in 2019 to 132,082€ in 2019) and it ended the year 2020 with a price decrease of -16.9%.
Guarda showed a sharp drop in price in the period after lockdown and at the end of 2020, when compared to the previous year, with -12.6% and -14% respectively. However, accompanied by the decrease in the price after lockdown, we saw an increase in demand of around 56.5%.
The year ended with Lisbon, Faro, Região Autónoma da Madeira and Porto at the top of the most expensive districts to buy a property. In all regions, when compared to the year 2019, we saw a constant increase in price in the four periods
In Lisbon, we should highlight the period of lockdown in which we saw a price increase when compared to the previous year of 12.1% (from 508,299€ to 569,776€). It ends the year with an average price of 557,595€.
Faro, in the lockdown period, showed an increase of 6.2% of the price, from 423,791€ to 450,225€. It ended the year with an average price of 453,378€.
In the Região Autónoma da Madeira, during the lockdown period, we saw an increase of 9.1% in the average price, rising from 305,081€ to 332,691€. After lockdown we saw an increase in the average price of 7.5% and an increase in demand of 21.7%.
The same trend continued in Porto, with an increase in the average price during the period of lockdown of 12.9%, rising from 279,288€ in 2019 to 315,417€ in 2020. It ended the year with an increase of 1.9% and an average price of 311,443€.
Rent | Properties announced
The panorama of the average price of properties announced on Imovirtual for rental in Portugal during the year 2020 when compared with the year 2019 maintained the downward trend.
At the beginning of the year, we saw a decrease in the average price of -9.6% from 1,317€ in 2019 to 1,191€ in 2020. With the appearance of the pandemic, accompanied by the lockdown, we saw a decrease of -13.3%.
In the period after lockdown we saw a sharp drop of -20.9% when compared to the same period in the previous year, rising from 1,355€ to 1,072€.
We ended the year with a decrease in prices of -13.5% (from 1,198€ in 2019 to 1,036€ in 2020).
Beja, Guarda and Évora stand out as the districts with the highest percentage variation at the end of 2020.
Beja presented in the period of lockdown a drop in the percentage variation of -14.2%, accompanied by an increase in demand of 7%. In the period after lockdown we saw a recovery of 3.5% (from 541€ in 2019 to 560€ in 2020). It ended the year with a growth of 66.6%, from 449€ to 748€.
In the district of Guarda, we should highlight the period after lockdown when compared to 2019, with a drop of -9.8%, decreasing from 368€ to 332€ and it ended the year with an average price of 402€, a percentage increase of 34%.
In the case of Évora, in the periods of lockdown and after lockdown it stands out with a decrease of 11.1% and 15.4% respectively and ended the year with an average price increase of 12.9% (rising from 487€ to 550€).
Porto, Castelo Branco and Lisbon stand out for their districts with a sharp decrease in average price.
Porto began the year with a slight decrease in the average price, which remained in the lockdown, in the order of -3.6% and -3.9% respectively and this decrease is accentuated in the remaining periods. In the after lockdown period we saw a sharp drop in the price of around -19.7% (from 1,211€ to 973€) and ended the year 2020 with a price decrease of -19.2%, from 1,119€ in 2019 to 904€ in 2020.
Castelo Branco showed a sharp drop in price in the period after lockdown and at the end of 2020, when compared to the previous year, with -6.9% and -14.9% respectively. Accompanied by the price decrease after lockdown, we saw an increase in demand of 15.6%.
Lisbon began the year with a decrease in the average price that remained in the lockdown, in the order of -9.8% and -10.5% respectively and this decrease is accentuated in the remaining periods. In the after lockdown period we saw a sharp drop in the price of around -16% (from 1,651€ to 1,387€) and ended the year 2020 with a price decrease of -13.9%, from 1,531€ in 2019 to 1,319€ in 2020
Faro and Região Autónoma da Madeira, as well as Lisbon and Porto, are at the top of the most expensive districts to rent a property. In all regions, when compared to the year 2019, we saw a constant decrease in price in the four periods
Faro, in the period of lockdown and after lockdown, showed the sharpest drop in prices of -26.8% and -29.5% respectively. It ended the year with a percentage price change of -3.7%, decreasing from 867€ in 2019 to 835€ in 2020.
In Região Autónoma da Madeira, in lockdown there was a decrease of -12.4% in the average price, from 991€ to 868€. After lockdown, the trend continued and we saw a drop in the average price of 15.6%, from 949€ in 2019 to 801€ in 2020.
