House prices rise 16.8% in 2025 to €2,076/m²
The median price of family housing transactions in Portugal increased by 16.8% in 2025 compared to the previous year, reaching €2,076 per square metre (€/m²), according to data released by the Instituto Nacional de Estatística (INE).
“Taking as reference the 164,677 sales carried out during 2025, the median price of family housing in Portugal was €2,076/m², increasing by 4.3% compared to the year ending in September 2025 and by 16.8% compared to 2024,” the INE stated.
According to the statistical institute, the median house price was above the national level in the sub-regions of Greater Lisbon (€3,439/m²), Algarve (€3,139/m²), the Setúbal Peninsula (€2,596/m²), the Autonomous Region of Madeira (€2,500/m²) and the Porto Metropolitan Area (€2,305/m²).
Analysis by Region and Municipality
“During the period under analysis, 56 municipalities recorded a median price above the national level, mainly located in the sub-regions of Greater Lisbon (all nine municipalities), the Setúbal Peninsula (all nine municipalities), Algarve (14 out of 16 municipalities) and the Porto Metropolitan Area (nine out of 17 municipalities),” the report details.
The municipality of Lisbon (€4,875/m²) recorded the highest price in the country, with values also above €3,500/m² observed in Cascais (€4,550/m²), Oeiras (€4,187/m²), Loulé (€3,993/m²) and Lagos (€3,801/m²).
The INE also notes that Algarve, the Porto Metropolitan Area and Greater Lisbon showed price differentials between municipalities exceeding €2,000/m².
In 2025, Lisbon recorded the highest number of family housing transactions in the country (8,235), followed by Sintra (6,363), Vila Nova de Gaia (5,494) and Porto (4,503), each with more than 4,500 transactions.
Domestic vs. Foreign Buyers
Lisbon recorded the highest median house price among the 24 municipalities with more than 100,000 inhabitants in both categories of buyers’ tax residence: €4,813/m² for buyers residing in Portugal and €6,026/m² for buyers with tax residence abroad.
In addition to Lisbon, Cascais, Oeiras and Porto also simultaneously recorded prices above €3,300/m² in transactions involving domestic buyers and above €4,100/m² for foreign buyers.
Lisbon, Cascais and Oeiras presented the highest median prices among the 24 municipalities with more than 100,000 inhabitants and across both categories of institutional buyers considered, while the municipality of Loures recorded the largest price differential between institutional buyer sectors: €1,382/m².
New vs. Existing Housing
Last year, 23 of the 24 municipalities with more than 100,000 inhabitants recorded higher median prices for new housing compared to existing housing. The exception was the municipality of Amadora, where the median price of existing housing exceeded that of new housing by €258/m² (€3,014/m² and €2,756/m², respectively).
Guimarães recorded the lowest median price for new housing (€1,695/m²), while Lisbon (€5,890/m²) and Cascais (€5,121/m²) recorded the highest values, exceeding €5,000/m². Lisbon showed the largest gap between prices of new housing (€5,890/m²) and existing housing (€4,725/m²), at €1,165/m².
Quarterly Trends
Considering only the fourth quarter of 2025, the median price of the 41,789 family housing transactions in Portugal was €2,198/m², reflecting a year-on-year increase of 17.5% compared to the fourth quarter of 2024 (16.1% in the previous quarter). Lisbon (€5,198/m²), Cascais (€4,654/m²) and Oeiras (€4,225/m²) recorded the highest prices.
The number of transactions decreased by 5.3% compared to the same quarter of 2024, while the median house price increased in 24 of the 26 NUTS III sub-regions, with only Alto Tâmega e Barroso (-12.1%) and Madeira (-8.3%) recording declines.
Reference link: https://www.jn.pt/economia/artigo/precos-das-casas-sobem-168-em-2025-para-2076-eurosm2/18076607
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