Portugal saw an increase in asking prices for residential property between February and March 2020, despite the intensity of the global pandemic, analysis from real estate portal Imovirtual has found.

The average asking price increased by 1% from €234,038 in February to €236,399 in March. Lisbon saw the asking price increase by €9,552 to €573,021 in March, while they rose by €10,014 in Porto to €318,027.

Prices in Portugal have increased by 12% compared to March 2019. However, Imovirtual also reported that the average price of rental properties has declined by 8% over the past 12 months, which means that average rental yields have decreased by around 18% since March 2019.