SYNTHESIS INE@COVID-19, 12 Feb-2021

February . 12 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 4/7 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt A deceleration in house prices In the 3 rd quarter of 2020, the median price of dwellings in Portugal was 1,168 euros/m 2 (-1.6% than in the previous quarter and +7.6% than in the same quarter of 2019). The evolution of the year-on-year rate of change between the 2 nd and 3 rd quarters of 2020, from 9.4% to 7.6%, shows the slowdown in the pace of growth of house prices, as was already the case in the previous quarter. At national level, the 1.8 percentage points (p.p.) reduction between the 2 nd and 3 rd quarters of 2020, had different expressions across the country. At NUTS 3 level: • The most significant reductions occurred in Beiras and Serra da Estrela (-35.3 p.p.), Central Alentejo (-28.0 p.p.) and Terras de Trás-os-Montes (-20.4 p.p.); • The Alto Alentejo showed the highest price increase (+41.1%). Of the 24 municipalities with over 100,000 inhabitants: • Between the 2 nd and 3 rd quarters of 2020, the largest reductions occurred in Amadora (-9.3 p.p.), Cascais (-8.9 p.p.), and Lisboa (-8.1 p.p.), although there were also significant increases: Almada (+12.5 p.p.), Porto, and Funchal (+10.5 p.p. in both); • Compared with the same quarter of 2019, only Lisboa recorded a contraction in house prices (-1.8%). Considering the results for the median price of dwellings in Portugal in the 12 months ending in the 3 rd quarter of 2020: • The median value at the country level was 1,160 euros/m 2 ; • The NUTS 3 regions remained above the national value: Algarve (EUR 1,711/m 2 ), Áea Metropolitana de Lisboa (EUR 1,586/m 2 ), Região Autónoma da Madeira (EUR 1,307/m 2 ), and Área Metropolitana do Porto (EUR 1,192/m 2 ); • 47municipalities had amedian price above the national value, located mostly in the Algarve sub-regions (14 out of 16 municipalities) and Área Metropolitana de Lisboa (15 out of 18); • The municipality of Lisboa accounted for the highest price in the country: 3,375 euros/m 2 . More information available at: House prices statistics at the local level – 3 rd quarter of 2020 (02 February 2021)