The average price of family homes sold in Portugal rose 8.6% in 2023 from the previous year, reaching 1,611 euros per square meter (m2), the National Institute of Statistics (INE) said on Tuesday.
“Based on sales in the 12 months from January to December 2023, the average price of a family home in Portugal was €1,611/m2, an increase of 2.0% compared to the year ended the previous quarter and an increase of 8.6% compared to the previous quarter. the year ended in the same quarter,” INE reported.
According to the statistical institute, the average house price remained above the national value in the subregions of Greater Lisbon (2,740 euros/m2), the Algarve (2,613 euros/m2), the Setúbal Peninsula (1,901 euros/m2), and the Autonomous Region. Madeira region (1889 euros/m2) and Porto agglomeration (1800 euros/m2).
“During the analyzed period, 50 municipalities presented an average price above the national value, located mainly in the subregions of the Algarve (14 of 16 municipalities), Greater Lisbon (all nine municipalities), the Setúbal Peninsula (eight of 16 municipalities). nine municipalities) and in the Porto metropolitan area (seven out of 17 municipalities),” he details.
The municipality of Lisbon (4167 euros/m2) stood out with the highest price in the country: values exceeding 3000 euros/m2 were also recorded in Cascais (3976 euros/m2), Loula (3269 euros/m2), Lagos (3182 euros/m2), Vila do Bispo (3162 euros/m2) and Oeiras (3158 euros/m2).
INE also notes that in the Algarve and Greater Lisbon the difference in prices between municipalities exceeds 2000 euros/m2.
According to him, for the 12-month period ending in December 2023, Lisbon recorded the highest average house price among 24 municipalities with a population of more than 100 thousand inhabitants in both categories of tax residence of the buyer: 4038 euros/m2 for a buyer from the territory countries and 5936 euros/m2 for buyers with tax domicile abroad.
In addition to Lisbon, Cascais and Porto also recorded average prices for family homes exceeding €2,750/m2 for transactions involving buyers with a tax domicile in the country and above €3,500/m2 for buyers abroad.
INE also highlights the municipalities of Lisbon, Cascais, Oeiras and Porto, which represent the highest median prices among the 24 municipalities with more than 100 thousand inhabitants and in the two institutional buyer sector categories considered.
Regarding the municipalities of Oeiras and Almada, they presented a price difference between the institutional sectors of the buyer exceeding 650 euros/m2.
“In the fourth quarter of 2023 (the last 12 months), in 24 municipalities with a population of more than 100 thousand people, average prices for new housing were recorded that exceeded the prices for existing housing,” states the statistical institute.
Barcelos recorded the lowest median price for new housing (1221 euro/m2) and the smallest difference between the price of new and existing housing (104 euro/m2), while Lisbon recorded the largest difference between the price of new housing (5172 euro/m2 ). m2) m2) and existing (3950 euro/m2): 1222 euro/m2.
Among municipalities with more than 100 thousand inhabitants, Cascais stood out for presenting the highest price for type T4 or higher (4591 euros/m2), while Lisbon recorded the highest average values for the remaining housing types considered.
The largest difference between the median values in the four accommodation types was recorded in Funchal: between T0 or T1 (2864 euros/m2) and T4 or higher (1754 euros/m2): 1110 euros/m2.
Considering only the fourth quarter of 2023, the average price of a family home in Portugal was 1,619 euros/m2, up 7.9% year-on-year (10.0% in the previous quarter).
Average house prices have increased compared to the same period in 2022 in 23 of the 26 NUTS III sub-regions, with the West standing out for the highest increase (16.7%).
The six subregions with the highest average house prices – Greater Lisbon, Algarve, Porto Metropolitan Region, Madeira Autonomous Region, Alentejo Littoral and Setúbal Peninsula – also showed the highest values in both buyer tax residency categories (national and foreign territory).
In the Greater Lisbon and Porto agglomeration subregions, the median transaction price of buyers with a tax domicile abroad was 65.0% and 69.8% higher, respectively, than the price of transactions of buyers with a tax domicile in the national territory.
From October to December last year, INE reports a slowdown in house prices in 18 of the 24 municipalities with a population of more than 100 thousand (11 in the third quarter of 2023). In the opposite direction, there was an increase in the rate of change compared to last year in six municipalities, most notably Maia (+7.8 percentage points) and Vila Nova de Famalicão (+6.5 percentage points).
The municipality of Porto recorded a decrease of 11.9 percentage points and Lisbon of 5.7 percentage points, while the municipalities of Cascais (4,176 euros/m2), Lisbon (4,086 euros/m2) and Oeiras (3,096 euros/m2) m2) m2) highest housing prices.
Author: Lusa
Source: CM Jornal
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.