House prices rose 7.6% to €1,565 m2 in Q1
Algarve, the Metropolitan Area of Lisbon and the Metropolitan Area of Porto recorded median housing price and year-on-year rates of change higher than those of the country.
The average price of residential housing transactions in Portugal increased by 7.6% in the first quarter, compared to the same period of 2022, to €1,565 per square metre (m2), according to the National Statistics Institute (INE).
This figure represented a growth of 4.3% compared to the fourth quarter of 2022, although the variation was lower than that recorded in that quarter (10.7%).
“In the period under review, the Algarve ( €2,609/m2 and +16.6%), the Metropolitan Area of Lisbon ( €2,288/m2 and +15.2%), and the Metropolitan Area of Porto ( €1. 728 euros/m2 and +11.1%) simultaneously recorded median housing prices and year-on-year rates of change higher than those of the country”, says the statistical institute, which adds that the median price of the Autonomous Region of Madeira “was also higher than the national figure ( €1,697/m2 ), although the year-on-year rate of change (+7.0%) was lower”.
These three sub-regions with the highest median house prices were also those with the highest figures in both categories of tax residence of the buyer: national territory (€2,450/m2, €2,251/m2 and €1,701/m2, respectively) and foreign territory (€3,003/m2, €3,832/m2 and €2,923/m2).
The median price of transactions made by buyers with foreign tax residence exceeded by 71.8% and 70.2% the price of transactions by buyers with tax residence in Portugal in the metropolitan areas of Porto and Lisbon, respectively.
INE highlights that the NUTS III (sub-regional divisions) of Lezíria do Tejo (17.5%), Leiria (15.9%) and Cávado (15.6%) presented year-on-year median price change rates above 15%, while the sub-regions Beira Baixa (-13, 5%), Baixo Alentejo (-13.3%), Viseu Dão Lafões (-6.5%), Terras de Trás-os-Montes (-2.8%) and Alto Tâmega (-2.6%) “recorded year-on-year decreases in house prices in the 1st quarter of 2023″. quarter of 2023”.
Alto Alentejo, similarly to previous quarters, presented the lowest median house price, which stood at €526 per square metre.
In the first quarter of 2023, all districts with more than 100,000 inhabitants in the metropolitan areas of Lisboa and Porto – with the exception of Santa Maria da Feira and Gondomar – recorded median housing prices higher than the national figure, “with Lisbon ( €4,103/m2), Cascais (€3,760/m2) and Oeiras (€3,156/m2) standing out, with figures above €3,000/m2”.
In the regions outside these two metropolitan areas, only Funchal presented “both a median price ( €2,233 / m2) and year-on-year growth ( 13.3%), higher than the national”.
