Investment in construction in Portugal increased by 0.8% last year, and in the fourth quarter was up 3.3% on the previous quarter, the sector’s main business association announced on Monday.
As the Association of Civil Construction and Public Works Industries (AICCOPN) notes, the latest release by the National Statistics Institute (INE) of the Quarterly National Accounts shows growth in gross domestic product at 6.7% in 2022. With regard to investment in construction, there was year-on-year growth of 0.8% in 2022, with construction expanding 3.3% in the final quarter.
As for gross value added (GVA) in the sector, this was up 0.7% last year, with the final quarter seeing an increase of 2.3% on the third quarter.
Total licensing of building and rehabilitation works increased by 2.0% in 2022 in the area licensed in residential buildings, and by 13.9% in non-residential buildings. In terms of new housing permits, these swelled 5% in number, to 29,924, the best outturn since 2008, the association notes.
Meanwhile, the volume of new loans granted to individuals for home purchases last year was up 5.8% on the year, to €16.153 billion.
In terms of housing valuations, in January this year, “the trajectory of strong appreciation continued” – with a 14.9% increase on the same month last year, with this breaking down into a 16.4% increase for apartments and 11.1% in houses.
In the public works market, January of this year “was positive” both with regard to open tenders and to public works contracts registered on the Base Portal.
Indeed, in January of this year the total volume of public works tenders promoted was €651 million, representing a “significant increase” of 203% compared to the same month last year, the association notes.