The purchase of a house in Portugal has become 1.9% more expensive at the beginning of 2024.

In 2023, real estate sales in Portugal significantly decreased, reaching the lowest level in the past seven years. This situation has affected the rate of increase in housing prices in a country that is experiencing a structural shortage of properties. According to the price index data from idealista, the cost of residential properties rose in the first three months of 2024.1.9%compared to the previous quarter, which indicates a slowdown in price growth compared to 2023+5.3%As of the end of March, the average housing price was2,610 eurosper square meter. Despite the slowdown in growth rates, housing in most administrative centers remains more expensive, including in Lisbon (2.4%) and Porto (2.7%). The annual increase in housing prices in the country was6.4%.

In the first quarter of 2024, housing purchase prices increased by13in administrative centers, where the highest growth is noted in:

• Vila-Reale (8.7%)
• Castelo Branco (3.8%)
• Evore (3.8%)
• Visa (3.6%)
• Leiria (2.9%)
• Porto (2.7%)
• Lisbon (2.4%)
• Coimbra (2.3%)
• Funchal (2.2%)
• Setúbal (1.8%)
• Braga (1.8%)
• Santaren (1.2%)
• Faru (1%)

Against this backdrop, in Bragança (0%), Aveiro (0%), and Viana do Castelo (-0.2%), prices have remained virtually unchanged over the same period. However, in Beja (-5.1%), Ponta Delgada (-4.6%), Guarda (-4.2%), and Portalegre (-1.8%), housing prices are decreasing.

Lisbon remains the most expensive city for real estate purchases, with the cost per square meter reaching5.569 eurosPorto (€3,546/m²) and Funchal (€3,260/m²) occupy the second and third places, respectively. Among the administrative centers with high housing prices, the following also stand out:

• Faro (2.926 euros/m2)
• Aveiro (€2,496/m²)
• Setúbal (€2,300/m²)
• Evora (2,088 euros/m2)
• Viana do Castelo (€1,885/m²)
• Coimbra (€1.867/m²)
• Braga (€1.794/m²)
• Ponta Delgada (€1,788/m²)
• Leiria (€1,455/m²)
• Viseu (€1,453/m²)
• Vila-Real (€1,257/m²)

The lowest housing prices are recorded in cities such as:

• Guarda (773 euros/m2)
• Portalegre (800 euros/m2)
• Castelo Branco (€896/m²)
• Beyya (908 euros/m2)
• Bragsanka (931 euros/m2)
• Santaren (€1,199/m²)

According to the data26districts and islands of Portugal with representative samples, in20Housing prices have increased among them.

• Vila-Reale (3.3%)
• Leiria (3%)
• Lisbon (2.9%)
• in Madeira (2.7%)
• Porto (2.6%)
• Visa (2.5%)
• Far (2.1%)
• on the island of Terceira (1.8%)
• Bey (1.6%)
• Coimbra (1.3%)
• Braga (1.3%)
• Aveiro (1.2%)
• Setúbal (1.1%)
• on the islands of Piku (0.9%)
• Fayal (0.9%)
• Ponta Santo (0.9%)
• Santaren (0.8%)
• on Santa Maria Island (0.6%)
• Bragsanke (0.6%)
• Guarde (0.6%)

On the other hand, prices have dropped to:

• on the island of San Jorge (-4.1%)
• Castelo Branco (-4%)
• Evora (-3.6%)
• Viana do Castelo (-1.4%)
• Porto Alegre (-0.5%)
• San Miguel Island (-0.4%)

Lisbon remains the leader among districts with the highest housing prices.4.008 euros/m2), where the price first exceeded the mark of4,000 euros per square meterin the first quarter of 2024. Next follows:

• The lighthouse (3.321 euros/m2)
• Madeira (2,965 euros/m²)
• Porto (€2,581/m²)
• Setúbal (€2,472/m²)
• Ponta Santo (€2,273/m²)
• Aveiro (€1,687/m²)
• San Miguel (€1,629/m²)
• Leiria (1,604 euros/m2)
• Braga (€1,520/m²)
• Viana do Castelo (€1,437/m²)
• Santa Maria (€1,413/m²)
• Coimbra (€1,410/m²)
• Peak (1.374 euros/m2)
• Fayal (1.314 euros/m2)
• Evora (1,273 euros/m2)
• San Jorge (1,218 euros/m2)
• Terseira (€1.173/m²)
• Santaren (1.135 euros/m2)

The real estate prices in the country have reached their lowest values in:

• Guarde (708 euros/m2)
• Portalegre (717 euros/m2)
• Castelo Branco (€832/m²)
• Bragsanka (877 euros/m2)
• Vila-Reale (€972/m²)
• Beyé (1.071 euros/m2)

In the first quarter of 2024, housing prices increased in all regions of the country, except for Alentejo (-1.5%) and the autonomous region of the Azores (0.3%). In the Madeira region, the cost of housing rose by2.7%The largest increase is also seen in the northern region (2.6%), the Lisbon metropolitan area (2.6%), the center (2.3%), and the Algarve (2.1%), where housing prices have risen.

The Lisbon metropolitan area remains the most expensive region for purchasing real estate with prices3.632 euros/m2His competitors are Algarve (€3,321/m²), Madeira (€2,954/m²), and the northern region (€2,159/m²). The most affordable housing prices can be found in the center (€1,431/m²), the autonomous region of Azores (€1,443/m²), and Alentejo (€1,502/m²).

The data for the real estate price index from idealista is generated based on the listing prices (taking into account the built square meters) posted by advertisers. Anomalous listings and prices that fall outside the market range are excluded from the statistics. The types of properties considered are "single-family homes," and all listings that had no user interaction over a certain period are filtered out. The final result is determined based on the median of all valid listings in each market.