House transactions reach new high of 167,900 in 2022

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The number of houses transacted reached a new high in 2022, of 167,900, but registered the lowest growth (1.3%) since 2012, with the exception of the pandemic year of 2020, the National Statistics Institute (INE) announced today.

According to INE’s “Construction and Housing Statistics”, last year 2,218 more dwellings were transacted than in 2021, “the highest record in the series started in 2009”.

The value of dwellings transacted in 2022 amounted to EUR 31.8 billion, 13.1% more than in 2021, with the median price of dwellings transacted being EUR 1,484 per square meter (m2), which corresponds to an increase of 14.4% over the previous year.

The median house price remained above the national value in the sub-regions of Algarve (2,339 €/m2), Área Metropolitana de Lisboa (2,096 €/m2), Área Metropolitana do Porto (1,697 €/m2) and Região Autónoma da Madeira (1,571 €/m2).

On the other hand, the median rent of the 92,664 new rental contracts for family housing in Portugal reached 6.52 euros/m2, which corresponds to an increase of 7.9% compared to 2021. There was also an increase of 6.1% in the number of new contracts signed.

Aerial view - Beautiful European touristic town Ericeira, Portugal.
Aerial view – Beautiful European touristic town Ericeira, Portugal.

In the opposite direction, the licensing and completion of works decreased last year, with 24,696 buildings licensed, a drop of 4.4% compared to 2021 (+9.3% in 2021) and an increase of 1.0% compared to 2019.

Last year, 37,458 dwellings were licensed in the country, corresponding to a decrease of 0.5% compared to the previous year (37,636 dwellings in 2021, corresponding to an increase of 9.5%; +5.3% compared to 2019).

INE also estimates that, in 2022, 15,588 buildings were completed, representing a decrease of 3.5% compared to the previous year (+5.3% in 2021; 16,161 buildings) and 23,489 dwellings, representing a slight decrease of 0.1% (+13.1% in 2021, corresponding to 23,522 dwellings; +42.4% compared to 2019).

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