Average house prices rose 10.8% in 3Q 2024

 In House prices, Housing market, News, Property

The average price of houses in Portugal increased by 10.8%, to €1,819/m2 in the third quarter of 2024, compared to the same period last year, this being the highest variation since the third quarter of 2022, according to data revealed by the National Statistics Institute (INE) this Thursday.

Compared to the second quarter of 2024, the increase was 6.6%. The average value of family homes transacted in Portugal involving buyers with tax domicile abroad was €2,415/m2 (5.1% more than in the same quarter of the previous year) and that of transactions involving buyers with tax residence in Portugal was €1,794/m2 (12.0% more than in the same quarter of the previous year).

In the quarter under review, all municipalities with more than 100,000 inhabitants in Greater Lisbon, Setúbal Peninsula and Porto Metropolitan Area, with the exception of Santa Maria da Feira and Gondomar, recorded average house prices above the national value (€1,819/m2).

Of these 17 municipalities, four recorded year-on-year rates of change higher than the national one (10.8%): Maia (22.0%), Vila Nova de Gaia (14.1%), Santa Maria da Feira (11.9%) and Oeiras (11.2%).

Matosinhos (7.5%) and Porto (4.6%), as they are the only municipalities in this group to show a decrease compared to the same quarter of the previous year.

The municipalities of Lisbon (€4,336/m2 and 4.1%), Cascais €(4,052/m2 and 0.2%) and Oeiras (€3,576/m2 and 11.2%) stood out for having the highest average housing prices among the 24 municipalities with more than 100,000 inhabitants.

Funchal (€2,909/m2 and 9.1%) also stood out for being the only one to present an average price higher than the country, while Coimbra (€1,734/m2 and 4.8%), was the only city to record a decrease compared to the same quarter of the previous year. Barcelos (€1,486/m2 and 21.0%) and Braga (€1,703/m2 and 12.0%) had the highest year-on-year rates of change.

In the 12-month period from October 2023 to September 2024, Lisbon recorded the highest average house prices, among the 24 municipalities with more than 100,000 inhabitants, in both categories of the buyer’s tax domicile: €4,130/m2 for buyers from national territory and €5,836/m2 for buyers with tax residence abroad.

In addition to Lisbon, Cascais and Porto also registered, simultaneously, average prices of family homes above €2,500/m2 in transactions involving buyers with tax domicile in national territory and above €3,500/m2 by buyers abroad.

In the last 12 months ending in September 2024 and among municipalities with more than 100,000 inhabitants, Cascais stood out for presenting the highest price in the T4 typology or higher (€4,684/m2) and Lisbon recorded the highest median values in the other types of accommodation considered.