joyfull / Depositphotos
For the first time, prices exceed the 200 thousand euros mark per square meter. Porto entered the range between three and four thousand euros.
The price climb continues, and shows no signs of slowing down — on the contrary. The median value of housing in Portugal reached 1,923 euros per square meter in the 12 months ending in June 2024 — an increase of 15.8% compared to the previous year. But if we look at developments in the second quarter of the year, the average price reached 2,035 euros per square meter — one 19% increase.
According to the most recent data from the National Statistics Institute (INE), large urban centers and their outskirts continue to be the main drivers of this increase, concentrating the majority of 47 municipalities where the median value per square meter already exceeds two thousand euros. In June 2023 there were only 33.
For example: for a 100 square meter house — the national average — the price already exceeds 200 thousand euros in areas such as Montijo, Barreiro, Seixal or Setúbal.
Although the majority of municipalities (151) still have prices below one thousand euros per square meter, this group has shrunk a lot: there are now 25 fewer municipalities, in just one year. And the number of municipalities with values above two and even three thousand euros per square meter increases.
Lisboa remains the most expensive municipality in the country, with 4,507 euros per square meteraround 450 thousand euros for a 100 square meter apartment. Soon after, it appears Cascaiswith 4,267 euros. In the range between three and four thousand euros, there are now eight municipalities, including the newcomers, Porto, Funchal, Albufeira, Aljezur and Vila do Bispo.
Figueira de Castelo Rodrigoin the district of Guarda, records the lowest price in the countrywith 203 euros per square meter, having even observed a drop of 11.4%.
Real estate pressure is still mainly concentrated in Greater Lisbon, the Setúbal Peninsula, the Porto Metropolitan Area and the Algarve. In the capital and surrounding areas, it is no longer possible to purchase a 100 square meter house for less than 200 thousand euros, points out.
