The median price of family housing sold in Portugal increased by 8.6% in 2023 compared to the previous year, standing at 1,611 euros per square meter (m2), announced the National Statistics Institute (INE).
“Taking as a reference the sales made during the 12 months between January and December 2023, the median price of family accommodation in Portugal was 1,611 euros/m2, increasing 2.0% compared to the year ended in the previous quarter and 8.6% compared to the previous quarter. to the year ended in the same quarter”, says INE.
According to the statistical institute, the median housing price remained above the national value in the sub-regions of Greater Lisbon (2,740 €/m2), Algarve (2,613 €/m2), Península de Setúbal (1,901 €/m2), Region Autonomous Region of Madeira (1,889 €/m2) and Metropolitan Area of Porto (1,800 €/m2).
“In the period under analysis, 50 municipalities presented a median price higher than the national value, mainly located in the Algarve sub-regions (14 out of 16 municipalities), Greater Lisbon (all nine municipalities), the Setúbal Peninsula (eight out of nine municipalities ) and in the Porto Metropolitan Area (seven out of 17 municipalities)”, he details.
The municipality of Lisbon (4,167 €/m2) stood out with the highest price in the country, with values exceeding 3,000 €/m2 also being recorded in Cascais (3,976 €/m2), Loulé (3,269 €/m2), Lagos (3,182 €/m2), Vila do Bispo (3,162 €/m2) and Oeiras (3,158 €/m2).
INE also notes that the Algarve and Greater Lisbon presented price differentials between municipalities exceeding €2,000/m2.
According to it, in the 12-month period ending in December 2023, Lisbon recorded the highest median housing price, among the 24 municipalities with more than 100 thousand inhabitants, in both categories of buyer’s tax residence: 4,038 €/m2 per buyers from the national territory and 5,936 €/m2 by buyers with tax domicile abroad.
In addition to Lisbon, Cascais and Porto also recorded median prices for family housing above €2,750/m2 in transactions involving buyers with tax domicile in the national territory and above €3,500/m2 for buyers abroad.
INE also highlights the municipalities of Lisbon, Cascais, Oeiras and Porto for presenting the highest median prices among the 24 municipalities with more than 100 thousand inhabitants and in the two categories of the institutional buyer sector considered.
As for the municipalities of Oeiras and Almada, they showed price differentials between the buyer’s institutional sectors exceeding €650/m2.
“In the fourth quarter of 2023 (last 12 months), the 24 municipalities with more than 100 thousand inhabitants recorded median prices for new accommodation higher than the prices for existing accommodation”, states the statistical institute.
Barcelos recorded the lowest median price for new accommodation (1,221 €/m2) and the smallest difference between the price of new and existing accommodation (104 €/m2), while Lisbon recorded the largest difference between the prices of new accommodation (5,172 €/m2) m2) and existing (3,950 €/m2): 1, 222 €/m2.
Among the municipalities with more than 100 thousand inhabitants, Cascais stood out for presenting the highest price for the T4 or higher type (4,591 €/m2) and Lisbon recorded the highest median values for the remaining accommodation types considered.
The biggest difference between the median values in the four types of accommodation was recorded in Funchal, between T0 or T1 (2,864 €/m2) and T4 or higher (1,754 €/m2): 1,110 €/m2.
Considering only the fourth quarter of 2023, the median price of family accommodation in Portugal was €1,619/m2, a year-on-year increase of 7.9% (10.0% in the previous quarter).
The median housing price increased, compared to the same period in 2022, in 23 of the 26 NUTS III sub-regions, with the West standing out with the highest growth (16.7%).
The six sub-regions with the highest median house prices – Greater Lisbon, Algarve, Porto Metropolitan Area, Autonomous Region of Madeira, Alentejo Coast and Península de Setúbal – also presented the highest values in both categories of buyer’s tax residence (national and foreign territory).
In the Greater Lisbon and Porto Metropolitan Area sub-regions, the median price of transactions carried out by buyers with tax domicile abroad exceeded, by 65.0% and 69.8% respectively, the price of transactions by buyers with tax domicile in the territory national.
From October to December last year, INE reports a slowdown in housing prices in 18 of the 24 municipalities with more than 100 thousand inhabitants (11 in the third quarter of 2023). In the opposite direction, there was an increase in the year-on-year rate of change in six municipalities, most notably Maia (+7.8 percentage points) and Vila Nova de Famalicão (+6.5 percentage points).
The municipality of Porto registered a decrease of 11.9 percentage points and that of Lisbon of 5.7 percentage points, while the municipalities of Cascais (4,176 €/m2), Lisbon (4,086 €/m2) and Oeiras (3,096 €/m2) m2) had the highest housing prices.
