The real estate scene in Portugal is going through some exciting changes, as shared by the Instituto Nacional de Estatística (INE). The report indicates that the median square meter price in Portugal is €1,641, and the market is showing a solid +10.0% year-on-year growth.
This surge extends across various sub-regions, showcasing noteworthy increases, notably in Região Autónoma da Madeira, which stands out with an impressive +43.0% growth. According to INE’s insights, Portugal’s real estate market witnessed a compelling transformation in Q3 2023.
Notably, the top five sub-regions, including Grande Lisboa, Algarve, Região Autónoma da Madeira, Península de Setúbal, and Área Metropolitana do Porto, not only reported the highest median house prices but also showcased elevated values for both national and foreign tax residents.
In Grande Lisboa and Área Metropolitana do Porto, the median price (€/m2) for transactions by purchasers with tax residence abroad exceeded those by purchasers with tax residence in the national territory by +83.4% and +56.8%, respectively.
Despite a deceleration in housing prices in 11 of the 24 municipalities with over 100 thousand inhabitants during Q3 2023, the year-on-year growth rates increased in 13 municipalities.
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Standouts include Barcelos (+9.1 p.p.) and Guimarães (+8.9 p.p.), while Porto recorded a +5.8 p.p. increase, and Lisboa faced a decrease of -5.6 p.p.
Average Price per Square Meter (€) by Region:
The price per square meter in Portugal varies significantly across regions. At the top end of the scale, Lisbon leads with a square meter price of €4,167, followed closely by Cascais (€4,045/m2), Oeiras (€3,216/m2), and Porto (€3,104/m2).
Below, you’ll find a table presenting the average price per square meter (in euros) in various regions, listed in ascending order:
Region | Average Price per Square Meter (€) |
---|---|
Alto Alentejo | €480 |
Beira Baixa | €546 |
Beiras e S. Estrela | €575 |
Douro | €606 |
Baixo Alentejo | €652 |
T. Trás-os-Montes | €687 |
A. Tâmega e Barroso | €776 |
Viseu Dão Lafões | €781 |
Médio Tejo | €830 |
Tâmega e Sousa | €910 |
Alentejo Central | €938 |
Região de Coimbra | €1111 |
Lezíria do Tejo | €1119 |
Alto Minho | €1125 |
Região de Leiria | €1129 |
R. A. Açores | €1150 |
Ave | €1190 |
Região de Aveiro | €1301 |
Cávado | €1402 |
Oeste | €1478 |
PORTUGAL | €1641 |
Alentejo Litoral | €1718 |
A. M. Porto | €1902 |
P. de Setúbal | €1950 |
R. A. Madeira | €2107 |
Algarve | €2654 |
Grande Lisboa | €2795 |
These prices reflect the average cost per square meter of real estate in each region, providing insights into the varying affordability and demand across Portugal.
In conclusion, Portugal’s diverse landscape caters to a multitude of aspirations. Whether you’re embarking on a new chapter as an immigrant, seeking adventure as a tourist, delving into investment opportunities, or envisioning a tranquil retirement, Portugal offers an array of possibilities to realize your lifestyle dreams.
Picture it as entering a captivating choose-your-own-adventure tale, where vibrant cities, breathtaking coastal views, and everything in between await. So, brace yourself for an exhilarating journey, as Portugal injects a dose of excitement and variety into your property search! 🏡✨
Read More: Top-5-cheapest-cities-to-buy-a-house-in-portugal/
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