Portugal's leading property portal, Imovirtual reports that the real estate market has experienced a notable decline; a first in eight months. Compared to April, sale property prices have dropped by -0.78% and rental property prices have dropped by -0.98% respectively. 

The above data reflects the current housing market situation in the United Kingdom, where the country has endured the fastest decline in house prices since 2009, as the impact of COVID-19 begins to set in. Popular destinations such as Faro, Lisbon, Madeira and Porto have announced the following average prices for property-to-buy in May 2020: 

• Faro: (-0.45%) average property for sale price now €475,062 compared to April's €477,223 

• Lisbon: (-0.73%) average property for sale price now €592,709 compared to April's €597,050

• Madeira: (-0.90%) average property for sale price now €332,524 compared to April's €335,542 

• Porto: (-0.60%) average property for sale €318,735 compared to April's €320,645

Additionally, rental property prices for sought-after tourism hotspots have declined year-on-year by as much as -30%. 

• Faro: (-31.14%) average rental property price now €869 per month compared to last year's €1,262 per month

• Lisbon: (-11.58%) average rental property price now €1,459 per month compared to last year's €1,650 per month 

• Madeira: (-12.27%) average rental property price per month now €794 per month compared to last year's €905 per month 

• Porto: (-17.19%) average rental property price per month now €997 per month compared to last year's €1,204 per month 

For more on Portugal's annual and monthly property data, please visit: https://www.imovirtual.com/noticias/atualidade/real-estate-market-in-numbers-monthly-barometer-of-may

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Imovirtual is a real estate and property management portal based in Portugal with a portfolio of over 300,000 properties across both long-term and short-term property requirements. Based in the capital, Lisbon, Imovirtual offers the simplest, fastest and most practical method of searching for properties across all districts and regions in Portugal. 

https://www.imovirtual.com/en/

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