Average house prices up 7.8% and 20% in Lisbon and Porto

 In News, Property

Average property prices were up by 7.8% in the first quarter of 2018 and 20% in Lisbon and Porto for the same period.

The data was revealed last week by the National Statistics Institute which revealed Lisbon and Porto had the highest house prices followed by Cascais, Loulé and Oeiras.

In the third quarter last year, Lisbon was the most expensive place to buy property in Portugal, followed by Cascais, Loulé, Lagos, Oeiras and Albufeira according to data released by the INE.

Some 40 municipal councils, located mostly in the Algarve and Greater Lisbon areas, had average sale prices above the national average.

Lisbon Municipality (€2,581/m2) recorded the highest average price in Portugal (average house prices cost €1,500m2 nationwide) followed by Cascais (€2,004m2), Loulé (€1,806m2), Oeiras (€1,739m2), Lagos (€1,738m2), Albufeira (€1,613m2) and Tavira (€1,531m2).

“Compared with like-for-like for the period, among the seven cities in Portugal with over 100,000 inhabitants, Porto (up 22.7%) and Lisbon (up 20.4%) had the highest increases,” states INE.

Three Lisbon parishes out of 24 recorded average prices over €3,500m2 : Santo António – which includes Avenida da Liberdade and surrounding areas – Misericórdia (€3,667m2) — which includes Bairro Alto and Cais do Sodré – and Santa Maria Maior (€3,528m2) — which includes the Castel and Baixa Chiado areas.

Other areas with large increases in Lisbon include São Vicente and Arroios (€2,581m2), Marvila, Beato, Santa Clara, Lumiar, Areeiro and Carnide. Marvila was the cheapest in Lisbon at €1,482m2).