Commercial property prices rise by 5.5% in 2023, reveals INE
The Commercial Property Price Index (IPPCom) rose by 5.5% in 2023, 1.3 percentage points (p.p.) more than in 2022, the National Institute of Statistics (INE) announced today.
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Economia IPPCom
The 5.5% increase is the highest since the beginning of the series, in 2009, and, in this period, only once more, in 2021, was there a year-on-year growth above the 5% barrier.
"In 2023, the commercial property market continued to show a dynamic of growth in transaction prices", says the INE, pointing out that the 1.3 percentage point increase compared to the value in 2022 reflects the "highest average annual rate of change in the last decade".
This year-on-year increase in the IPPCom led to a reduction in 2023 of the difference between the rate of this index and that of the Housing Price Index (IPHab) - with the latter advancing 8.2%, which reflects a slowdown compared to the previous year.
"In 2023, the residential market [...] continued to show an annual growth rate in prices higher than that recorded in commercial properties, 8.2% and 5.5%, respectively", says the INE, noting that the slowdown in residential property prices (-4.4 p.p.), "associated with the increase in the rate of growth of commercial property prices, led to the smallest differential in the rates of change between the two indicators since 2015".
Thus, last year, this difference was set at 2.7 p.p. (against 8.4 p.p. in 2022).
The Commercial Property Price Index (IPPCom) has as its main objective to measure the evolution of the prices of commercial properties transacted in the national territory.
Similar to what happens with the IPHab - which has been published by the INE since July 2014 - the IPPCom uses administrative tax information from the municipal tax on onerous property transfers (IMT) and the municipal property tax (IMI).
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