Housing prices continue to rise after a 9% increase in the second quarter.
Prices for residential real estate in major urban and tourist areas significantly exceed the national median. Residential properties in Portugal continue to rise in price, indicating their immunity to the economic context. The average selling price of homes in the country increased by 9% in the second quarter of this year compared to the same period in 2022, reaching €1,629 per square meter (€ /m2). This also represents a 4.1% increase compared to the first three months of 2023, when the change was 7.6%.
According to data from the National Institute of Statistics (INE), the most urban and tourist regions had higher prices per square meter compared to the national median, as well as higher growth rates. In the Algarve, the average cost per square meter was €2,583, an increase of 9.5%. In the Lisbon Metropolitan Area, the price reached €2,306 (+11.1%), in Madeira it was €1,916 (+24.9%), and in the Porto Metropolitan Area, it was €1,802 (+14.3%). The price per square meter in the Médio Tejo region increased by 15.7%.
There was a decrease in prices in the second quarter compared to last year in the subregions of Viseu-Dão-Lafões (-12.9%), Baixo Alentejo (-10.9%), Beira Baixa (-8.6%), Beiras and Serra da Estrela (-6.4%), Alto Tâmega (-5.4%), and Trás-os-Montes (-3.6%). According to the data, from April to June, the average cost of a home for foreign citizens was €2,409/m2, which significantly exceeds the national median (€1,629/m2) and represents a 5.1% increase compared to the same period last year. Portuguese families spent €1,588/m2, which is 8.7% more than in the second quarter of 2022.
According to INE data, in the metropolitan areas of Porto and Lisbon, the average price per square meter in transactions made by foreign citizens was higher by +61.3% and +91.6% respectively compared to what local residents paid. In all cities with a population of over 100,000 in the metropolitan areas of Lisbon and Porto, except for Santa Maria da Feira and Gondomar, the median house prices were above the national level of €1,629/m2. Naturally, Lisbon had the highest price at €4,275/m2.
Regarding the annual change, eleven out of seventeen cities in two metropolitan areas of the country with a population of over 100,000 had values above the national average. The largest increase was observed in Matosinhos (+19.6%), followed by Loures (+14.9%), Porto (+13.4%), and Lisbon (+12.9%). In Vila Franca de Xira, the growth was lower than in Portugal, at 7.6%. Oeiras (+6.2%), Santa Maria da Feira (+5.9%), Almada (+4.9%), and Odivelas (+3.5%) also had values below the national level. However, there was a slowdown in housing price growth in seventeen out of twenty-four cities in the country with a population of over 100,000, particularly in Barcelos (-17.8 percentage points), Loures (-11.6 percentage points), and Odivelas (-10.3 percentage points). In contrast, the seven largest cities in the country saw an increase in annual change, especially in Funchal (+20.1 percentage points) and Matosinhos (+12.3 percentage points). Porto had an increase of +7.1 percentage points, while Lisbon had +3.7 percentage points.
In the analysis of sales made from July 2022 to June 2023, the average price of a house in the country was €1,541/m2, which is 9.9% higher than the previous year. Over these 12 months, buyers from Portugal paid an average price of around €3,978/m2, while foreigners spent €5,686/m2. These are the highest values among the twenty-four cities in the country with a population of over 100,000. In Cascais, Oeiras, and Porto, average prices also exceeded €2,500/m2 for transactions with local buyers, and reached €3,500/m2 for foreign transactions.
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