Average house prices rise 13.5% in Q3 of 2022

The average price of houses in Portugal saw a like-for-like growth of 13.5% in Q3 of 2022, settling at €1,492/m2.

Nevertheless, it was a slowdown on Q2 of 17.8% according to the National Statistics Institute (INE) which published its latest data on February 2.
The highest prices were in the Algarve which saw prices of 2,378m2, followed by Greater Lisbon €2,156, Porto Metropolitan Area (€1,660/m2) with like-for-like variation rates of +13.8%, +16.1% and +20.4% greater than the rest of the country.
The Azores (+24.1%), Alentejo Coast (+22.3%), Lezíria do Tejo (+19.5%), Alto Tâmega (+16.8%), Aveiro Region (+19.5%), and Central Alentejo (+14.9%).
For the quarter, all municipalities with over 100,000 inhabitants such as the Greater Lisbon and Porto Metropolitan Areas, with the exception of Santa Maria da Feira, saw house prices go up, with particular emphasis on Lisbon (€3,882/m2), Cascais (€+10.9%), Oeiras (€3,072/m2) with prices over €3,000m2.
When it comes to rent, Lisbon is the third most costly European city, although Porto is one of the cheapest.
Renting an apartment in Lisbon costs on average almost double than rents in Porto according to data from the HousingAnywhere International Rental Index. Only Amsterdam and Reykjavik cost more to rent a property.
In the last quarter of 2022 the average cost of renting in Lisbon stood at €1,910 according to the index which was published in ‘El Economista’ on February 2.