At the end of last year, property prices continued to rise, although there was a slowdown in the largest regions at the end of 2023.
Although there continues to be an increase in housing prices in Portugal, at the end of last year there was a slowdown in most of the most populous municipalities compared to the previous quarter.
According to data released this Tuesday by the National Statistics Institute (INE), the median house price rose 7.9% compared to the same period in 2022, reaching 1619 euros per square meter.
This mark represents a drop of 1.3% in relation to the median price of the third quarter of 2023, marking a reversal in the growth trend that had been observed since the fourth quarter of 2022, according to INE.
All municipalities with more than one hundred thousand inhabitants in Greater Lisbon, the Setúbal peninsula and the Porto Metropolitan Area, with the exception of Santa Maria da Feira and Gondomar recorded median housing prices higher than the national average in the fourth quarter.
However, INE highlights that there was a slowdown in house prices in quarterly terms in 18 of the 24 municipalities with more than one hundred thousand inhabitants, including the nine municipalities in Greater Lisbon.
From the third to the fourth quarter, the year-on-year rate of change increased in six of the most populous municipalities, with the largest variations being recorded in Maia and Vila Nova de Famalicão. In turn, prices in the municipalities of Porto and Lisbon decreased, with the biggest drop at a national level being recorded in Funchal, among the most populous municipalities.
Lisbon remains the region with the highest prices, with emphasis on the municipalities of Cascais, Loulé, Lagos, Vila do Bispo and Oeiras.
INE also indicates that in the Algarve and Greater Lisbon there are price differentials between municipalities that can exceed two thousand euros per square meter.
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