This is a stabilization, implies that house prices continue to rise compared to last year, but at the same pace as the previous quarter, according to a report by ECO.

The most recent update to the Housing Price Index from the National Statistics Institute (INE), shows that a Portuguese family that bought a house between April and June paid 8.7% more than they would have paid in the same three months of last year, the same year-on-year variation as in the first quarter.

However, if the comparison is made as a chain, the INE data points to an acceleration. In other words, while the index had increased by 1.3% in the first quarter compared to the fourth quarter of 2022, housing prices increased by 3.1% in the second quarter of 2023 compared to the first of this year.