Buying a new house has never been so expensive — on average, more than 300 thousand euros

In the third quarter of the year, around 41 thousand homes were sold in Portugal. Still, prices increased by almost 10%.

Anyone buying a house in Portugal can expect to spend more than 220 thousand euros. But the value increases when it comes to new homes. In these cases, for the first time since there were records, the value exceeds 300 thousand euros.

Those relating to housing prices for the third quarter of 2024 were released this Monday by the National Statistics Institute (INE).

As the INE website points out, “Between July and September 2024, 40,909 accommodation transactions were carried out“, for a total value of “9.1 billion euros, 28.0% more than in the same quarter last year”. In the 3rd quarter of 2024, 35,462 homes were sold for almost 6.5 billion euros — the number of transactions increased by almost 8% compared to the previous year.

As points out, it would be necessary to go back to 2010 to find a quarter where such a large number of new homes were sold.

The average value of a house in Portugal is now in the 221 thousand euros. But, taking into account only new housing8602 houses were sold in the third quarter, for more than 2.5 billion euros, which raised the average price of this type of housing to more than 300.3 thousand euros.

A record region was Greater Lisbonwhere 19.4% of all houses were purchased this quarter. It is also the region where the most money is spent — the total value of transactions carried out reaches 32.6% of the country’s total pie.

On the opposite side, there is the Autonomous Region of the Azoreswhere only 1.7% of the homes sold this quarter were purchased. The value of transactions also does not exceed 1.3%. The smallest increase in house purchases was however recorded in the Algarve — 1.98% on sales and 0.48% on the total value transacted.

But the place where houses are cheapest is Alentejowhich surpassed the Central Region. In Alentejo, each house costs an average of 113 thousand euros per house.

The one that recorded the biggest increase in house purchases was the Autonomous Region of Madeira, where 977 homes were sold in the third quarter of this year, 34% more than last year.