This increase represents, however, a slight slowing down compared to the rate of price growth registered in the third trimester of the year, when the increase was 7.5% compared to the same period of the previous year, and the highest in the past 15 years. In the 3rd term, the Confidencial Imobiliário Index of Residential Prices had a termly variation of 2.4%, and 1% in the 4th term.
Ricardo Guimarães, Director of Ci, commented on these numbers, explaining that «the Confidencial Imobiliário Index of Residential Prices is calculated based on effective sales, demonstrating the reality of the market. Our results show that price growth continues robust, continuing the consolidating tendency».
The Director recalls that «prices have risen almost without interruption for 18 months, reflecting an increase in demand. What we observe is an ever greater alignment between effective market performance and the predictions given to us by the operators in this market, who in turn estimate the average annual increase in value of house prices in Portugal to be about 4%».
Ci also adds that the participants in the most recent Portuguese Housing Market Survey forecast a price increase of about 4% in house prices in the next 12 months, equal to the previous year’s estimate. They maintain that the dynamic of demand continues to exceed the arrival of new houses on the market, which puts upward pressure on prices.