House prices up 16.3% in 1Q, 2025

The price of houses in the first quarter of 2025 enjoyed a like-for-like 16.3% increase and a QoQ increase of 4.7% according to data from the National Statistics Institute (INE).

In the period under analysis, the price variation rate for existing properties increased 17% while new build rose 14.5%.

In 1Q of 2025, there were 41,358 house transactions that meant a like-for-like growth of 25% and 32.5% on the previous quarter, with transactions totalling €9.6Bn, up 42.9% on the same period in 2024.

Of the total of transactions, 8,359 were new build, an increase of 25.4% on the like-for-like period. The sale of existing houses represented the majority of the transactions (79.8%), totalling 32,999 units, up 24.9% on the same period in 2024.

The number of transactions decreased by 8.5% between the last quarter of 2024 and the first quarter of 2025 (a variation of -3.1% in the first quarter of 2024). In this period, existing housing transactions decreased more significantly than new housing transactions (rates of change of -8.6% and -8.3%, respectively).

The value of houses transacted in the first three months of 2025 reached €9.6Bn. This amount represented an increase of 42.9% like-for-like on 2024. In this quarter there was a like-for-like variation of 43.2% in the value of existing housing transactions totalling €7Bn, an increase of 42.0% in the value of new build, reaching €2.6Bn.

In comparison with the previous quarter, the value of houses sold in the first quarter of 2025 fell 5.5% (+12.4% on 4Q, 2024).

Per category, the most significant reduction in the value of houses was in new build (-8.3%) compared to pre-build (-4.4%).

In 1Q of 2025, the North region, with a total of 12,285 transactions, represented 29.7% of the total sales of houses, a reduction of 0.3% like-for-like.

This was followed by Greater Lisbon with 8,018 sales, and the Centre region with 6,501 sales, representing 19.4% and 15.7% of the total respectively, corresponding in the first case to an increase of 0.3% in terms of relative weighting, and in the second case, a fall of 0.6% in regional share.

In terms of value, the Setúbal Peninsula and Autonomous Region of Madeira were the regions that saw the greatest like-for-like increases in terms of relative shares, 0.6% and 0.4% respectively, totaling 9.9% of the total value in the first case and 2.8% in the second.

For the quarter, Greater Lisbon and the Algarve together represented 42.4% of the total value transacted with their regional share falling -0.7% and -0.3% like-for-like respectively.