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House prices slow down in 18 of the 24 most populous municipalities, including the eight municipalities of Grande Lisboa
House prices statistics at local level
House prices slow down in 18 of the 24 most populous municipalities, including the eight municipalities of Grande Lisboa - 4th Quarter 2023
23 April 2024

Summary

In 2023 (results from the last 12 months ending in the 4th quarter of 2023), the median house price of dwelling sales in Portugal was 1,611 €/m2, with the sub-regions Grande Lisboa (2,740 €/m2), Algarve (2,613 €/m2), Península de Setúbal (1,901 €/m2), Região Autónoma da Madeira (1,889 €/m2) and Área Metropolitana do Porto (1,800 €/m2) recording values higher than the national level.

In the 4th quarter of 2023, the median house price of dwelling sales in Portugal was 1,619 €/m2, corresponding to a year-on-year growth rate of 7.9% (10.0% in the previous quarter). Compared to the same period of the last year, the median house price increased in 23 of the 26 NUTS 3 sub-regions, with Oeste standing out with the highest growth (16.7%).

The six sub-regions with the highest median house prices – Grande Lisboa, Algarve, Área Metropolitana do Porto, Região Autónoma da Madeira, Alentejo Litoral and Península de Setúbal – also had the highest values in both categories of the purchaser's tax residence (national territory and foreign). In the Grande Lisboa and Área Metropolitana do Porto, the median price (€/m2) of transactions carried out by purchasers with tax residence abroad exceeded, respectively by 65.0% e 69.8%, the price of transactions by purchasers with tax residence in the national territory.

In the 4th quarter of 2023, the housing prices slowed down in 18 of the 24 municipalities with more than 100 thousand inhabitants (11 in the 3rd quarter of 2023). In the opposite direction, there was an increase in the year-on-year growth rates in six municipalities, most notably in Maia (plus 7.8 percentage points, p.p.) and Vila Nova de Famalicão (+6.5 p.p.). The municipality of Porto recorded a decrease of 11.9 p.p. and Lisboa of 5.7 p.p. The municipalities of Cascais (4,176 €/m2), Lisboa (4,086 €/m2) and Oeiras (3,096 €/m2) recorded the highest house prices.


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