"The year-on-year increase is in line with the pace of market appreciation over the last two years (since July 2017), almost always around 15%," said Confidencial Imobiliário, recalling that in quarterly terms, the trend is also of stabilization in the rate of increase, with variations remaining between 3% and 4% since mid-2017, also the cycle of greater chain appreciation since 2007.

The Residential Price Index is calculated based on actual transaction prices, and this indicator follows the evolution of housing valuation in the country.

The last two years mark the "definitive recovery" of the residential market, as for the first time in ten years, prices increased by more than 10%.

The highest year-on-year change in this cycle of rising house prices was recorded at the end of 2018 (October and November), with increases of over 17%.

The director of Confidencial Imobiliário, Ricardo Guimarães, warned that "despite the strong appreciation, the price levels reached in the meantime seem to be holding back the expectations of operators, who are increasingly cautious about price evolution."

"The market itself is reacting to this upward trend, with a robust launch of new offerings," he said, adding that "there are around 93,000 new homes in the pipeline since 2017.

This is a volume that is seen by real estate agents as an important response to stabilise the price increase, having the potential to solve the pressure of demand and the lack of supply in the market.