House prices in Lisbon fall for first time in 2 years

 In Housing market, News

The prices of houses in Lisbon, except on the outskirts, fell for the first time in two years as the residential property market cooled between July and September, 2023.

The average price per square metre for family homes increased 10% like-for-like to €1,641m2. However, compared to the previous quarter (April to June) they gained only 0.7% in value, far from the QoQ and MoM increases that had been previously registered.
Despite some house prices in the more populated municipalities still seeing double-digit increases, a fall in house prices is already apparent in many, including Lisbon, according to a data analysis published by the National Statistics Institute. (INE)
House prices in Lisbon fell by 5.6% on the previous quarter, but despite his fall, Greater Lisbon still continues to have the highest house prices: Lisbon with €4,167/m2, followed by Cascais (€4,045/m2. Oeiras (€3,216/m2, and Porto (€3,104/m2).
This generalised fall in house prices could be a sign that the market has already reached its peak, except on the outskirts of Lisbon. Only Loures, Alcochete and Barreiro followed the downward trend, having fallen 2,2%, 2.4%, and 0.4%, respectively.
In general, of the 24 municipalities with over 100,000 inhabitants, house prices fell in 11 of them. The regions of Beira Baixa (-8.2%), Douro (-4.4%), Upper Alentejo (-2.4%) and Lower Alentejo (-0.3%) saw house price falls.
However, there were increases in 13 municipalities with Bacelos and Guimarães registering the greatest increases with 9.1& and 8.9% respectively.