The sales price of houses in mainland Portugal increased annually by 15.6% in September, according to the Confidencial Imobiliário Residential Price Index.

In monthly terms, the rise was 1.3%, according to the publication that tracks the change in transaction prices in the residential market. The September figures confirm that prices in the housing market continue to accelerate, with year-on-year increases having risen by more than 10% every month since July 2017.

“This year, valuations (annual increases) were always higher than 13.5%, reaching a maximum of 16.4% in May and remaining at around 15% since then,” the report said. The cycle of housing price recovery began five years ago in the last quarter of 2013, but for about two years, year-on-year increases remained below 3%.

Only in 2016 did the recovery began to accelerate, with annual price growth increasing from around 3.5% to 9% by the middle of last year and significantly increasing the pace of growth since then.

This cycle of successive increases has led to Portuguese property prices being 10.6% above the pre-crisis period (2007) and they have now recovered 41.4% from their lowest level (seen in June 2013).