House prices increased 16.4% in May

Sales prices of homes in mainland Portugal rose 16.4% in May compared to the same period in 2017, "continuing the trend of acceleration of the year-on-year change", according to estimates by Confidential Real Estate.

According to data released Monday by Confidential Real Estate, which are based on the actual transaction prices registered under that entity's Residential Information System, in May, "the price of housing increased by 16.4% over the same period month of 2017 ".

This increase shows "a new intensification in the rhythm of rise" and continues "the trend of acceleration of the year-on-year change observed since the end of 2015 (and only interrupted at the end of 2016)," the entity adds in a statement.

"After ending 2017 at 12.8%, the year-on-year rise in house prices has intensified already this year, so that prices in May are 6% above the level recorded in December," he notes.

In monthly terms, house prices rose 0.9% in May, but slowed down from 2% in April.

In the note, Confidential Real Estate, which is dedicated to statistics in the sector, also points out that "since July 2016, the Residential Price Index has recorded uninterrupted monthly increases, the highest of which (+ 2.4%) in June last year".