House prices rose in 19 of Portugal’s 24 most populous municipalities, i.e. those with more than 100,000 inhabitants, new data from the country’s statistics office (INE) show.
In the fourth quarter of last year, the median price of a family home in Portugal was €1,870 per square metre, 15.5% higher than in the same quarter of 2023, or 10.8% more than in the previous quarter.
The number of family homes sold in the fourth quarter of last year was up 34.2% compared to the same period in 2023, the data showed.
Of the 19 densely populated municipalities where house prices rose, Funchal (+42.0 percentage points) and Matosinhos (+21.3 p.p.) recorded the strongest house price growth, while Maia saw the most significant slowdown (-7.7 p.p.).
The median house price in Lisbon 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 them – Grande Lisboa and Área Metropolitana do Porto – properties purchased by buyers with foreign tax residency were noticeably more expensive (by 65.0% and 35.7% respectively) than those purchased by domestic buyers, the data shows.
In 2024, the median house price in Portugal was €1,777 per square metre.
Among the sub-regions where the median house price exceeded this figure were 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)
