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House prices aceleration in 13 of the 24 most populous municipalities
House prices statistics at local level
House prices aceleration in 13 of the 24 most populous municipalities - 3rd Quarter 2023
06 February 2024


In the 3rd quarter of 2023, the median house price of dwelling sales in Portugal was 1 641 €/m2, representing a year-on-year growth rate of +10.0% (+9.0% in the previous quarter). The median house price increased, compared to the same period last year, in 22 of the 26 NUTS 3 sub-regions, with Região Autónoma da Madeira standing out: +43.0% (see Box 1 on recent price trends in Região Autónoma da Madeira in the final part of this press release).

The five sub-regions with the highest median house prices – Grande Lisboa, Algarve, Região Autónoma da Madeira, Península de Setúbal and Área Metropolitana do Porto – also had the highest values in both categories of the purchaser's tax residence (national territory and foreign). In Grande Lisboa and Área Metropolitana do Porto, the median price (€/m2) of transactions carried out by purchasers with tax residence abroad exceeded, respectively by +83.4% and +56.8%, the price of transactions by purchasers with tax residence in national territory.

In the 3rd quarter of 2023, there was a deceleration in housing prices in 11 of the 24 municipalities with more than 100 thousand inhabitants (17 in the 2nd quarter of 2023). In the opposite direction, there was an increase in the year-on-year growth rates in 13 municipalities, standing out Barcelos (+9.1 p.p.) and Guimarães (+8.9 p.p.). The municipality of Porto recorded an increase of +5.8 p.p. and Lisboa a decrease of -5.6 p.p. The municipalities of Lisboa (4 167 €/m2), Cascais (4 045 €/m2), Oeiras (3 216 €/m2) and Porto (3 104 €/m2) had the highest house prices.

Press release
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