Portuguese Residential Market - October 2023
This newsletter covers the Residential market in Portugal with the focus on the main kpi´s of the sector
• The August 2022-2023 variation of the bank mortgage valuation for flats was +8.24% (-8,0% than the previous period). The maximum €/sqm value on this sector was reached last August in AM Lisbon, 2,059€/sqm.
• Since the 2nd semester 2017, the Portuguese median rent value has a compound growth rate of 4,3%, reaching in the 1st semester of 2023 7.27€/sqm/month (+5,21% since previous semester). The maximum €/sqm/month value was reached in August 2023 in AM Lisbon, 11.03€/sqm/month.
• The residential Gross implicit yields have been compressing since 2020, however, in the 1st semester 2023 rise in all locations. In Portugal is at 5,46% (+18 bp than S2 2022).
• The annual labour costs continue to growth at a stabilized variation of approximately +7%. Since March 2023, the annual variation of the cost of materials start to decrease and at July 23 is at a negative growth rate of 1,5%. Continuous rise of all Euribor’s rates. The 6M Euribor is the rate most linked to residential mortgages being at 4,14% (+20 bp June 23)
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