Property prices in Portugal continued to rise in 2024: in December 2024 house prices rose by 10.4% compared with the same month in 2023.
Buying a house in Portugal now stands at 2,827 euros per square metre at the end of December 2024, which is a new all-time high, according to Idealista.pt. The reason for the rise is that tSeveral incentives to buy a home have appeared on the market: from falling interest rates to IMT exemption for young people.
House price dynamics across district capitals
Analysing the dynamics residential property prices, it becomes clear that she Prices rose in 20 county capitals: Vila Real (21.2%), Évora (17.9%) and Leiria (15.4%) top the list.
Last year there was also observed increase in the cost of housing in Coimbra (14.7%), Setúbal (13.7%), Beja (13.7%), Ponta Delgada (13.3%), Viseu (13.2%), Bragança (13%), Santarém (13%), Braga (12.1%), Funchal (11.1%), Faro (9%), Porto (7.3%), Portalegre (5.6%), Lisbon (5.1%).
Lisbon still remains the most expensive city buy a flat: €5,718/m2. Porto (€3,705/m2) and Funchal (€3,542/m2) occupy second and third place respectively. They are followed by Faro (€3,157/m2), Aveiro (€2,576/m2) and Setúbal (€2,568/m2).
Northern cities remain the most economical for buying a houseGuarda (€845/m2), Portalegre (€860/m2), Castelo Branco (€896/m2), Bragança (€1052/m2).
House price dynamics by region
An analysis of Portugal’s regions and islands reveals that the top performers in terms of growth are Santarém (13.6%), the island of Madeira (12.6%), Braga (12.5%), Portalegre (12.5%), Vila Real (12.2%), Leiria (11.5%), Setúbal (10.4%) and Lisbon (9.8%).
List of the most expensive regions and islands for buying a house leads Lisbon (€4,279/m2), followed by Faro (€3,558/m2) and the island of Madeira (€3,251/m2). In all other areas, the square metre costs less than €2,000. This is the case for Porto (€2,916/m2) and Setúbal (€2,700/m2).
The regions where housing is most affordable for purchase are Guarda (€732/m2), Portalegre (€811/m2), Castelo Branco (€908/m2), Bragança (€917/m2).
