The most common reasons given for this change are economic or changes in the household.
In the last five years, 36% of Portuguese people have moved house, with 7% having done so in the last year, according to a study carried out by Observador Cetelem – a commercial brand of the BNP Paribas Personal Finance group.
Among the reasons given for the move were: a change in the household (33%); economic reasons (32%) or professional reasons (17%). The majority (31%) of those who cited economic reasons for moving house are in the 35-44 age bracket. On the other hand, it is in the younger age group (between 18 and 24) that there is a higher percentage of other reasons: changes in the household (43%) and professional reasons (30%).
However, those responsible for the study say that these figures are “not surprising” given what the figures from the National Statistics Institute (INE) tell us: in the last five years, house prices have risen by more than 50%, especially in large metropolitan areas. In addition, the latest figures, which relate to the third quarter of last year, show that the Housing Price Index (IPHab) rose by 7.6%. And we must also take into account the increase in rents and interest rates on housing loans, which “have led many people to adjust their family budgets and look for other housing solutions”.
Even so, the data shows that the majority of respondents claim to own their own home (69%), while 28% live in rented accommodation. “These figures are in line with those released by the 2021 Census, which also details that around 62% of owner-occupied homes have no housing purchase costs,” says Observador Cetelem, which adds that there is a small percentage (4%) who chose the “other” option, which includes living with relatives.
Porto is the location with the highest number of respondents owning their own home (72%), followed by the South (71%) and the North (68%). In contrast, the Center region (32%) and Lisbon (31%) have the highest number of respondents living in rented accommodation.
Looking ahead to 2024, 17% plan to move house, 10% to buy a house, while 7% plan to move to a rented house.