House prices up 10% in 130 districts in 2023

House prices in Portugal increased by 10% in 130 districts of the country last year, although overall the pace of property inflation slowed according to the National Statistics Institute (INE).

The average nationwide price per square metre was €1,611, an 8.6% increase, but the percentage increase had been even higher in 2022 at 14.4%.
But the story across different municipalities varied considerably with one-quarter (81) of all municipalities (298) seeing a fall in the average price per square metre.
The vast majority of falls were in the interior of Portugal, and in 10 of these districts the fall was less than 3%. These districts are also among the least populated.
Amarante saw a drop of -7.22%, Chaves -3.17%, Guarda (-5.36%), and Viana do Castelo (-0.62%).
The biggest reduction per square metre was seen in Tabuaço (-49%), followed by Mêda and Pampilhosa da Serra, with falls of 30% each.
Among the municipalities that saw prices per square metre increase, but less than the national average, were five of the nine boroughs that make up Greater Lisbon; this despite the region as whole having registered an increase of 11.65%, three percentage points above the 8.6% national average.
Below the national average in terms of increases were Lisbon (7.62%), Odivelas (6.88%), Mafra (6.54%), Oeiras (5.23%), and Vila Franca de Xira (8.4%).
Meanwhile, the districts of Amadora (10.3%), Sintra (10.5%), Cascais (14.48%), and Loures (15.17%) were among the highest in Greater Lisbon.
Prices per square metre in the Algarve were up by 12% on average. There were slight increases in Faro and in São Brás de Alportel (both under 3%). Monchique fell 5%, although property prices in terms of square metres across the region were up 11.7%.
Alcoutim was the fourth district with the biggest increase (53.47%) while in Vila do Bispo the increase was over 31%.
The Algarve has six municipalities among the 10 most expensive in the country: Loulé, Lagos, Vila do Bispo, Aljezur, Tavira, and Albufeira.
Three districts further north in the country saw prices shoot up by over 70%. Armamar (near Viseu) went from €203 in 2022 per square metre to €400 (+97%).
Prices in Vila Nova de Paiva saw prices rise 78.5%, and Fornos de Algodres (Pictured) near Guarda skyrocketed by 85.78%, largely on the back of interest from overseas relocators and regional tourism.