House prices up 50% in 4 years

The price of buying a home in Portugal has quadrupled over the past four years with the average price going up 9% in the second quarter of 2023 alone.

The price per square metre now exceeds €1,600 or €500 more than it had been in 2019 according to Portugal’s National Statistics Institute that says houses have increased €135 per square metre within the space of one year and €361 in the space of two years.
In 2019, the average price per square metre of a residential property was €1,065/m2, representing an increase of almost 50% (or more than €500 per square metre) in four years.
On average, the cost of housing increased in 19 or the 30 sub-regions in the country, with regions such as Madeira (+24.9%) and the Tagus region (+15.7%) saw the biggest hikes.
In the metropolitan areas of Porto and Lisbon, the average price of houses purchased by foreigners was well above those of buyers who are registered for tax purposes in Portugal: in Porto, foreigners purchased properties for around 61% above local residents (admittedly they tend to buy luxury-end or resort-based properties), while in Lisbon foreigners were paying 92% above average prices.
From among the 24 municipalities with over 100,000 habitants, there was a slowdown in house prices in 17, with three districts posting falls in prices of above 10%: Bacelos (-17.8%), Loures (-11.6%) and Odivelas (-10.3%).
On the opposite side of the range, Funchal saw the highest increase (over 20.1%) followed by Matosinhos (12.3%) on the same period last year.
Porto saw an increase of +7.1% and Lisbon +3.7%. The municipalities of Lisbon (€4,275m2), Cascais (€3,902m2), Oeiras (€3,166m2) and Porto (€2,857m2) had the highest prices.