House prices in Portugal continue to rise, but only slowly in Lisbon

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.).

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