House prices rose 9.1% in 2024

The house price index rose by 9.1% in 2024, 0.9 percentage points more than in 2023, with existing homes rising by 9.7% and new homes by 7.5%, according to INE data released on Friday.

According to INE, 156,325 homes were sold last year, which represents an increase of 14.5% compared to 2023.

In value, all transactions totalled 33.8 billion euros, 20.8% more than in 2023.

Existing homes increased by 14.8% in number and 21.1% in value, while new homes rose by 13.4% in number and 20.0% in value.

In 2024, housing sales to families increased by 15% compared to the previous year, standing at 134,540 homes, totalling 28.7 billion euros.

On the other hand, buyers with a tax residence outside of Portugal bought 9,774 homes last year, which corresponds to a reduction of 5.9% compared to 2023.

In the last quarter of 2024, the year-on-year change in the house price index stood at 11.6%, 1.8 percentage points more than in the previous quarter.

In the last three months of last year, the increase in prices was more significant for existing homes (12%) than for new homes (9.6%).

Between October and December, 45,214 homes were sold, a year-on-year increase of 32.5% and a chain variation rate of 10.5%.

In that period, the value of housing transactions totalled 10.2 billion euros, up 41.8% on the same three months in 2023.