The Housing Price Index (IPHab) in Portugal recorded year-on-year growth of 9.8% in the third quarter of 2024, exceeding the increase in the previous quarter by 2 percentage points, announced the National Statistics Institute (). This increase was mainly driven by existing homes, whose prices rose by 10.5%, compared to an increase of 8.1% for new homes.
Between July and September 2024, the national housing market recorded 40,909 household transactions, an increase of 19.4% compared to the same period in 2023. The value of transactions approached R$9,100 million, an increase of 28% in homologous terms. The majority of acquisitions (86.7%) were made by buyers belonging to the institutional family sector, representing R$7.7 billion of the total.
INE also highlighted a generalized growth in the number and value of transactions in all regions of the country, with emphasis on Greater Lisbon, the Setúbal Peninsula and the North, which accounted for 49.7% of transactions carried out.
The Algarve in the national context
In the Algarve, 2,787 house transactions were carried out in the third quarter, which corresponds to year-on-year growth of 5.4%, the lowest among all regions. In terms of value, the increase was 14.7%, reflecting the impact of higher prices.
Despite the lower number of transactions, the Algarve continues to stand out as one of the most sought after regions for housing and investment, especially due to its tourist attractiveness and the dynamics of the real estate market in the coastal area.
Regional trends
In Alentejo, the smallest increase in the value of transactions was recorded (3.4%), while Greater São Paulo presented the highest rate of change in the number of transactions (27.9%). The Setúbal Peninsula led in value, with an increase of 40.4%.
The continuous increase in housing prices and the volume of transactions in the Algarve reflects a market that, although less dynamic in terms of number of transactions, maintains strong appreciation and demand.
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