Real estate offer fell 60% in Faro, but prices remained stable – Report

Real estate offer fell 60% in Faro, but prices remained stable - Report


According to CASAFARI's 'Market Report' report, covering Lisbon, Porto and Faro, with data from the last seven months, based on the analytical tool that analyzes data on the Internet, 2020 started as a record year in the real estate sector, but in March the first impact of Covid-19 was recorded.

Among the main data, CASAFARI highlights:

• Since February, the month in which the peak occurred, until May, apartments withdrawn and sold on the Internet decreased 60% in Lisbon, 62% in Porto and 60% in Faro;

• After the peak observed in February, there was a reduction in the number of listings of new properties, with Lisbon registering a decrease of 9% (15,867 in February compared to 14,409 in May), Porto and Faro with decreases of 5% and 3%, respectively;

• Prices per m² have remained stable, with a slowdown in price increases, while price reductions have seen the lowest percentage change since the beginning of the year, with falls ranging from 27% in Porto, 75% in Lisbon and 79% in Faro from February to May;

• In the rental market, after a sudden decline, there was a slight increase in supply (21.43% in Porto, 1.44% in Lisbon and 13.35% in Faro) in the last few months, with prices for rents remained stable despite the slight upward trend in the number of properties to rent;

• One of the most direct effects caused by the pandemic was the channeling of local accommodation apartments to the rental market.

It is recalled that CASAFARI aggregates, through artificial intelligence and machine learning, thousands of sources of information with properties available for sale on the Internet, avoiding its duplication and aggregating all the current and historical information of each property, offering in real time the data and history of more than 5.8 million unique properties.

Nils Henning – founder of Casafari

“Using the most complete database of the real estate market, updated in real time, this report is a reliable and faithful portrait of the property sale and rental market in Lisbon. We concluded that the first two months of the year were very positive, with February being the best month for the real estate market, but March proved to be a month in which we saw breaks at various levels, a sign that the market is reacting to the current pandemic situation. The recorded data are already showing some signs of recovery and the Portuguese property market is expected to recover gradually over 2021 ”says Nils Henning, founder of Casafari.

CASAFARI recently launched Market Analytics, a tool that allows the development of in-depth research, including descriptive analyzes of a property, new or used, for sale or lease, data on price developments and changes in the offer in different types of properties and locations, being able to compare it with other properties in the same location, and produce detailed graphical reports with all the relevant information of a property, a street, a parish, municipality or an overview of the entire country. This analysis is carried out in a graphic and interactive way, making it possible to generate market reports and evaluation reports with comparable and with all the information researched, as well as making real and reliable assessments.

Last year, CASAFARI obtained financing of 5 million euros from a group of some of Europe's biggest investors. The initial investment is intended to grow the team, develop more applications and accelerate expansion to other European markets. The investors who led the rounds were the investment funds Lakestar and Round Hill Capital.

About CASAFARI:

CASAFARI builds the most complete and clean database of the real estate market in the world, with applications that serve a variety of professionals in the sector. The company is developing machine learning technology applied to the real estate market with extensive data operations to index, clean, classify and de-duplicate millions of property listings available on the internet from thousands of different websites, in different languages, often with information inconsistent, daily. Since launching in 2018, CASAFARI has won the biggest companies in Portugal and Spain, from brands such as Sotheby's International Realty, Coldwell Banker, RE / MAX ExpoGroup, Savills, Century 21 Iberia, Engel & Voelkers, Keller Williams, Kronos, as customers. Vanguard Properties, Finsolutia and others.

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