House prices have increased in 19 of the 24 most-populous municipalities in Portugal – i.e. those with more than 100,000 inhabitants – new data from the country’s statistics office (INE) has found.
In the fourth quarter of last year, the median house price for a family dwelling in Portugal stood at €1,870 per square metre, a 15.5% increase compared to the same quarter in 2023, or a 10.8% increase on a quarter-on-quarter basis.
The number of family dwellings sold in the fourth quarter of last year rose 34.2% compared to the same period in 2023, the data showed.
House price increases
Of the 19 populous municipalities to see house prices increase, Funchal (+42.0 percentage points) and Matosinhos (+21.3 p.p.) registered the largest increases in house prices, while Maia experienced the biggest slowdown (-7.7 p.p.).
Lisbon’s median house price reached €4,425 per square metre, followed by Cascais (€4,201 per square metre), Funchal (€3,693 per square metre), and Oeiras (€3,622 per square metre).
The regions with the highest median house prices were Grande Lisboa, Região Autónoma da Madeira, Algarve, and Área Metropolitana do Porto. Notably, in two of these – Grande Lisboa and Área Metropolitana do Porto – properties purchased by buyers with foreign tax residency were notably more expensive (by 65.0% and 35.7%, respectively) than those bought by domestic buyers, the data showed.
Average house price
For the full year 2024, Portugal’s national median house price stood at €1,777 per square metre.
Sub-regions with a median house price above this average included Grande Lisboa (€2,939 per square metre), Algarve (€2,752 per square metre), Região Autónoma da Madeira (€2,395 per square metre), Península de Setúbal (€2,117 per square metre), and Área Metropolitana do Porto (€1,986 per square metre). Read more here.
