According to the National Institute of Statistics, the sale of homes in the country reached the highest number ever in 2022, despite the increase of 12.6%. 167,900 properties were sold
The real estate market in Portugal reached – in 2022 – maximum values, according to data recently released by the National Institute of Statistics (INE) which compiles this data since 2009. In simple terms, this means that in the last 14 years, 2022 was the year in which more real estate transactions took place in the country.
Last year, 167,900 properties were traded, which was the highest number ever, however, INE points out that house prices increased by 12.6% in 2022, which represents the highest annual rate of change ever (or since 2009). In global terms, these sales represented a financial transaction of 31.8 billion euros.
Rising interest rates and inflation
In this bulletin released by INE, several aspects stand out, including the fact that the sale of houses in Portugal was not linear throughout 2022, that is, in the first half, 87,151 houses were sold. In the summer months (July, August and September), 42, 223 homes were sold. In the third and last quarter of 2022, 38,526 properties were sold, data that can be explained by the global rise in interest rates and inflation, variables that began to produce effects in Portugal in the last months of 2022.
The report released by the National Institute of Statistics points out that – and within the scope of the historical values that 2022 reached – the sale of new homes increased, that is, there was an increase in demand for new homes of 8.5% compared to 2021. for second-hand homes there was a drop of just 0.1% compared to 2021.
Who bought a house in 2022?
The INE report reveals that the vast majority of the 167,900 properties sold in Portugal during the year 2022 were to residents in the country, however, citizens of foreign nationality also contributed to this historic maximum.
- 157,178 properties acquired by citizens with tax domicile in Portugal, which represents around 94% of the total number.
- 5812 houses were bought by people residing in the countries that make up the European Union.
- 4910 homes sold to buyers with a tax address in other countries.
In which regions were properties sold?
Data compiled by INE point out that the two preferred regions of buyers are the Lisbon Metropolitan Area and the North and that in 2022 the Autonomous Regions of Madeira and the Azores recorded an increase in transactions compared to previous periods.
- 50,218 houses in the Lisbon Metropolitan Area
- 47,303 homes in the North
- 35,516 properties in the Center
- 15,123 houses in the Algarve
- 12,652 homes in Alentejo
- 4142 properties in Madeira
- 2946 homes in the Azores
Total: 167,900 properties sold in 2022