The average price of housing increased across Portugal in the second quarter, according to the National Statistics Institute (INE), with a deceleration in the capital Lisbon and an acceleration in Porto, the country´s second biggest city.
According to INE, between April and June 2022, the average housing price increased in all 25 sub-regions compared to the previous year.
The median price of residential accommodation transacted in Portugal was EUR 1,494 per square meter (EUR/m2), corresponding to an increase of 2.8% compared to the first quarter of 2022 and 17.8% compared to the same period of the previous year (second quarter of 2021).
The Algarve was the region with the highest prices in this period (2,358 EUR/m2) and, simultaneously, a year-on-year rate of change (+23.8%) higher than the median for the country.
Also, the Metropolitan Area of Lisbon (2,076 EUR/m2), the Metropolitan Area of Porto (1,576 EUR/m2), and the Autonomous Region of Madeira (1,534 EUR/m2) recorded median prices higher than the country.
However, year-on-year increases were (+16.5%, +17.5%, and +5.8%) lower than the national reference, added INE.
The district data shows prices slowed down in seven of the 24 municipalities with more than 100,000 inhabitants, particularly in Lisbon, which recorded -6.1 percentage points (p.p.).
In contrast, the year-on-year rate of change increased in six of the 11 municipalities with over 100,000 inhabitants in the Lisbon Metropolitan Area, especially in Loures (+8.8 p.p.).
In the Metropolitan Area of Porto, the year-on-year rate of change increased in four of the six municipalities with over 100,000 inhabitants, particularly in Porto (+9.2 p.p.) and Matosinhos (+5.3 p.p.).