The average valuation of Portuguese real estate dropped again in January, according to figures released by the National Statistics Institute (INE).
January’s statistics revealed a 0,9% fall on December and a 6,2% year-on-year slide in the value of Portuguese properties surveyed by the financial sector within the scope of mortgage loan application procedures.
In annual terms, comparing January 2012 with January 2011, property prices in Portugal’s two major cities Lisbon and Oporto are down 9,4% and 5,3% respectively.
The two regions outside of Lisbon and Oporto with the maximum price fall were the Autonomous Region of Madeira, down 4%, and the Algarve that saw a 3,1% fall in the value of its properties.
By property type, while apartments saw an 8,5% year-on-year drop, homes and stand-alone residential properties slipped 1,8% over the same period.
Source: http://theportugalnews.com/news/housing-prices-take-another-turn-downwards/7581