The median price of family accommodation in Portugal was 1,492 euros per square meter (m2) in the third quarter of 2022, 13.5% more than in the same period of the previous year and 0.1% below the previous quarter, according to the National Institute of Statistics (INE).
In a statement, INE refers that the median price of housing increased, compared to the same period last year, in all 25 NUTS III sub-regions, with the exception of the Viseu Dão Lafões sub-region.
The Algarve and the metropolitan areas of Lisbon and Porto registered, simultaneously, median housing values (2,378 Euro/m2, 2,156 Euro/m2 and 1,660 Euro/m2, respectively) and year-on-year rates of change (+13.8%, +16 .1% and +20.4%) higher than in the country (1,492 Euro/m2 and +13.5%).
In addition to these regions, the Autonomous Region of the Azores (+24.1%), the Alentejo Litoral (+22.3%), the Lezíria do Tejo (+19.5%), the Alto Tâmega (+16.8 %), the Region of Aveiro (+16.3%) and Alentejo Central (+14.9%) registered year-on-year rates of change higher than those of the country, although they presented median prices lower than the national reference.
The Viseu Dão Lafões sub-region (-4.8%) was the only one to record a year-on-year decrease in house prices in the third quarter of 2022, with Alto Alentejo having the lowest median price, as in previous quarters sales of family homes (492 Euro/m2).
The three sub-regions with the highest median house prices — Algarve, Área Metropolitana de Lisboa and Área Metropolitana do Porto — also showed the highest values in both categories of buyer’s tax domicile: national territory (2,232 Euro/m2 , 2,128 Euro/m2 and 1,650 Euro/m2, respectively) and foreign (2,854 Euro/m2, 3,511 Euro/m2 and 2,292 Euro/m2).
In Área Metropolitana de Lisboa there was the greatest difference between the median price of transactions carried out by buyers with tax domicile abroad and in Portugal: 1,383 Euro/m2, +65.0%.
From July to September, the median price of family dwellings in Portugal purchased by families was 1,516 Euro/m2 (+0.5% than in the previous quarter) and by buyers belonging to the other institutional sectors of 1,333 Euro/m2 (-1. 7% than in the second quarter of 2022).
According to INE, in the third quarter of 2022, “all municipalities with more than 100,000 inhabitants in the metropolitan areas of Lisbon and Porto, with the exception of Santa Maria da Feira, recorded median housing prices higher than the national value (1,492 Euro/m2 ), notably Lisbon (3,882 Euro/m2), Cascais (3,453 Euro/m2) and Oeiras (3,072 Euro/m2) with values above 3,000 Euro/m2.
Of this set of 17 municipalities in metropolitan areas with more than 100,000 inhabitants, 10 had year-on-year rates of change higher than the national rate (+13.5%), highlighting, with year-on-year changes of more than +20%, Maia (+26, 1%), Vila Nova de Gaia (+24.2%), Matosinhos (+21.9%) and Setúbal (+20.7%).
On the contrary, Vila Franca de Xira (+13.2%), Porto (+12.0%), Amadora (+11.6%), Loures (+11.4%), Cascais (+10.9%) , Odivelas (+9.0%) and Lisbon (+8.3%) recorded year-on-year rates of change lower than the national rate, with the municipality of Guimarães registering the lowest rate among the 24 municipalities with more than 100 thousand inhabitants (+2 .6%).
Among the municipalities with more than 100 thousand inhabitants outside the metropolitan areas, only Funchal and Coimbra presented both a median price (2,218 Euro/m2 and 1,708 Euro/m2, respectively) and year-on-year growth (+22.1% and +24, 2%) higher than the national. In addition to these municipalities, Barcelos (+25.6%) and Leiria (+18.4%) also recorded year-on-year rates of change higher than that of the country.
Taking as a reference the sales made during the 12 months between October 2021 and September 2022, the median price of family accommodation in Portugal was 1,446 Euro/m2, increasing 3.1% compared to the year ended in the previous quarter and 15.6% compared to the year ended in the same quarter.
The median housing price remained above the national value in the sub-regions of the Algarve (2,264 Euro/m2), Lisbon Metropolitan Area (2,028 Euro/m2), Porto Metropolitan Area (1,557 Euro/m2) and the Autonomous Region of Wood (1,527 Euro/m2).
In the period under review, 46 municipalities had a median price higher than the national value, located mostly in the Algarve sub-regions (14 out of 16 municipalities) and Área Metropolitana de Lisboa (16 out of 18).
The municipality of Lisbon (3,785 Euro/m2) registered the highest price in the country, with values above 2,500 Euro/m2 also being verified in Cascais (3,371 Euro/m2), Oeiras (2,929 Euro/m2), Loulé (2,894 Euro/m2) and Lagos (2,625 Euro/m2).
The Área Metropolitana de Lisboa and the Algarve showed price differentials between municipalities of more than 2,000 Euro/m2.