Evolution of house prices in Portugal House Sales

House prices in Portugal, Evolution

The evolution of house prices in Portugal, according to INE data, continues to rise. This trend can be seen, for new areas, apparently because the pressure in Lisbon and Porto is already at very high levels. Real estate agents have a more accurate perception, as they are permanently in contact with the market. However, the house price statistics provided to us by an exempt entity such as INE, despite not being “real time” information, give a correct and reliable view of the real estate market in the largest urban centers. We will therefore be able to have an idea of ​​the trends that are occurring, whether from the perspective of selling or purchasing a house, for housing or another destination.

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Evolution of house prices in Portugal

Since 2018 the rate of growth in house prices has been rising.

Comparing the values ​​of median house prices in February of each year since 2018, the evolution was as follows.

Table 1. Median bank valuation value (€/ m²) by geographic location

Area of ​​occurrenceFebruary 2024February 2023February 2022February 2021February 2020February 2019February 2018
National Total (€/ m²)1560€1478€1314€1174€1111€1000€911€
Annual Growth (%)5.5%12.5%11.9%5.7%11.1%9.8%---
Annual average (%)11.9%

Between February 2018 and February 2024 the price per m/2 rose 71,2%, an average of 11,9% per year.

There are, however, differences in the value of buying and selling houses between various regions and cities.

For example, in Lisbon the housing price per square meter is €3.672 and in the Autonomous Region of the Azores it is €1.232.

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Table 2 Median bank valuation value (€ m²) by geographic location

Area of ​​occurrenceFebruary 2024February 2023February 2022February 2021February 2020February 2019February 2018
Vila Nova de Gaia16251538136912211093951892
Vila Franca de Xira178116991556131312191098979
Azores Autonomous Region123210821031933896846793
Funchal; Madeira Auto Region2076174315101445135112551153

Despite the overall increase in Portugal, regions such as Braga, Vila Nova de Gaia, Azores and Funchal increased in February 2024 compared to the same month of the previous year, more than the national average. Braga with an annual increase of 9,8% and Vila Nova de Gaia with 5,7%.

In fact, Funchal, in the Autonomous Region of Madeira and the Autonomous Region of the Azores had the biggest increase in relation to the national average, with 19,1% and 13,9% respectively.

Table 3. Percentage change in median house price by geographic location

Area of ​​occurrenceFebruary 2024February 2023February 2022February 2021February 2020February 2019
Vila Nova de Gaia5.7%12.3%12.1%11.7%14.9%6.6%
Vila Franca de Xira4.8%9.2%18.5%7.7%11.0%12.2%
Autonomous Region of the Azores13.9%4.9%10.5%4.1%5.9%6.7%
Funchal, Aut Madeira Region19.1%15.4%4.5%14457.6%8.8%

Vila Franca de Xira, Coimbra and Amadora appear in February 2024 with an annual increase of 4,8%, 3,3% and 2,0%, lower than the national average.

Porto and Lisbon had a decrease in February 2024 of 6,7% and 2,2% respectively in relation to the national average of 5,5%.

The following graph gives a visual idea of ​​the evolution of house prices. Note that the legends show the colors assigned to each city and, since the map is interactive, if you place the cursor on each of the points, you will see the value in euros of the price per square meter in the city and quarter you choose.

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If we want to know more details about the prices of houses sold, INE has a interactive map of house prices in cities, parishes and streets.

Source methodology used in this data

The data presented in this article are based on statistics on housing prices from the National Statistics Institute (INE) which gives them some advantages:

1 – INE is an entity that does not intervene in the business of buying and selling houses, the data is not biased and, therefore, we can consider the data as reliable and produced by an exempt entity.

2 – INE values ​​are based on real house prices and the gross private area of ​​the property, which allows correct price values ​​per square meter to be obtained. This information is shared by the Tax Authority, allowing INE access to information of a tax nature, IMI and IMT.

3 – Properties with a gross private area greater than 600 m2 or less than 20 m2 are excluded from this statistics, thus not biasing the values ​​per square meter of a given area.

INE also presents monthly statistics based on bank valuations which, although provisional, are available more quickly.

Home sales studies carried out by real estate agents

In some cases, real estate portals are based on the asking price and not the actual value of the transaction, and sometimes the areas entered are not correct. Therefore, we find the same property advertised for different prices and areas.

In larger mediation companies we can know the real transaction prices, but only in those where they had direct intervention in the business, which may limit the scope of the study. In this case, the advantage is that prices may be more current than those of the INE, which are normally published a few quarters late.

There are also databases with the values ​​that various associated companies provide them. However, this information depends on the companies that are associated with a given database.

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