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House prices soar 10.4% and never sold so many real estate!

29 Dec 2017
House prices soar 10.4% and never sold so many real estate!
In the third quarter of 2017, house prices increased by 10.4% year-on-year, with 38 783 households being traded - 23% more than in the same period of last year.
Buying home is becoming more and more expensive and ... they sell themselves more and more real estate. The data released by the National Statistical Institute (INE) are enlightening: in the third quarter of 2017, house prices increased 10.4% year-on-year, with 38,783 households being traded, the highest value recorded in the series (started in 2009) - and 23% more than in the same period last year.
 
According to the INE, this year-on-year rise in prices of 10.4%, the highest since 2009, "was essentially determined by the behavior of the price of existing housing, which increased by 11.5% year-on-year." "The prices of new housing also grew significantly, up 6.9% over the third quarter of the previous year," concludes the INE.
It should be noted that in the quarterly terms, that is, between the second and third quarters of 2017, buying a home was 3.5% more expensive, with existing housing prices increasing by 4.1% and new housing prices by 1.7%.
 
Sales shoot ...
 
With regard to the number of properties transacted, were sold between July and September this year 38,783 lodgings, a new maximum of the series available. This is an increase of 23% in year-on-year terms.
 
"Existing housing accounted for the majority of sales (84.7%), reaching 32,864 transactions, representing an increase of 24.8% year-on-year, the highest rate of change since the second quarter of 2016. On the other hand , new housing sales increased by 14% over the same period of the previous year, which represents the highest rate of change since the first quarter of 2015, "reads the INE website.
 
In quarterly terms, 5.1% of homes were sold in the third quarter of the previous three months.
 
Almost 5,000 million euros in sales
 
With regard to the value of accommodation transacted in the third quarter of 2017, it was close to EUR 4.9 billion, 34.4% more than in the same period last year. The highest rate in the last two years.
 
"Compared to the previous quarter, the value of housing sold increased by 6%. This was the fourth consecutive quarter in which sales value increased between two consecutive quarters. In the period under review, the value of the existing housing transactions exceeded slightly 3.9 billion euros, with new housing prices reaching 933 million euros, "concludes the Housing Price Index.
 
Lisbon, North and Central in the center of attention
 
And where were more business celebrated? According to the INE data, the Lisbon Metropolitan Area (AML), the North and the Center "recorded maximum sales, with the first two regions accounting for about 64% of total transactions in the third quarter of 2017" .
 
In the case of the North, more than 11,000 transactions were made for the first time, of which 6,719 were made in the Porto Metropolitan Area (57.4% of the total in the North). The Central region for the first time exceeded the 7,000 transactions. In the case of AML, the 13,000 sales (34% of the national total) surpassed the second quarter in a row.
 
It should also be noted that nearly half of the transactions (47.5%) in the country - more than 2,000 million euros - originated in the AML.
 
News: Idealista
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