ATTA Newsletter 12
This newsletter covers the Residential market in Portugal with the focus on the main kpi´s of the sector
Main findings:
Decrease of all Euribor’s rates, after the 25b.p. decrease on ECB rate to 4,25%. The 6M Euribor is the rate most linked to residential mortgages being at 3,46% (+38 b.p. April 24).
In 2023, nearly 140 thousand housing market transactions were recorded, -18.7% than 2022. The 2022-2023 variation of the mortgage values for housing was +7.83%. Top average €/sqm value registered in AM Lisbon Q1 2024, 2,769€/sqm.
Regarding lease agreements were recorded in 2023 nearly 95 thousand deals. The median rent value has a compound growth rate Q1 20 – Q1 24 of 3,9%, registering in the Q1 of 2024, 7.46 €/sqm/month (-3.25% since previous quarter). The maximum €/sqm/month value was reached in 2024 in AM Lisbon, 12.12€/sqm/month (+9,5% since homologous period).
The residential Gross implicit yields have been slowly compressing since 2020. Portugal Q1 2024 average yield is at 5,48% (-11 b.p. than Q1 2023).
The annual labour costs continue to growth steadily, with an average monthly variation of approximately +3.7%.Since March 2023, the annual variation of cost of materials start to decrease until June 2024, registering a growth rate of 0,1%.
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