The Lisbon region has increasingly attracted families to live, visit, and invest. This high demand has been reflected in house prices, as the housing supply has not kept pace with this growth. The latest data from the National Institute of Statistics (INE) reveals that buying a house in Greater Lisbon is 70% more expensive than the national average, with the average price settling at €360,557 in the second quarter of this year.
By dividing the total amount transacted for houses in Portugal in the second quarter of 2024 (around €7.9 billion) by the number of houses sold during this period (37,125 properties), it is concluded that houses were sold for an average price of €212,167 nationally. This is the highest house price in Portugal recorded by the INE, in a series that dates back to 2009. It reflects a 3.3% increase in housing costs compared to a year ago and a 44% increase compared to the same quarter in 2019 (that is, over five years), according to data released on Friday, 20th September.
But how much does it cost to buy a house in each region of the country? The truth is that the average prices of sold properties vary significantly depending on the geography. Greater Lisbon is where buying a house is most expensive, with the average price reaching €360,557, which is 70% higher than the national average. Following closely is the Algarve (€321,699), with house prices exceeding the national average by 52%.
The region of the country that presents the lowest house prices is the Alentejo (€116,766), a figure that is 45% below the national average. In addition to this, there are five other regions where it is possible to buy a house at lower prices than the national average: Centre (€124,518), West and Tagus Valley (€146,243), Autonomous Region of the Azores (€158,937), North (€175,092), and Greater Porto (€210,154).
In the North region, the highest number of properties were sold in the second quarter of 2024 (10,995 units, about 30% of the total), with over half (5,894 houses) sold in Greater Porto. In second place is Greater Lisbon, where 7,031 properties were sold (19% of the total). Nevertheless, due to the high house prices, the Lisbon metropolitan area ended up generating more capital than the North region (approximately €2.5 billion and €1.9 billion, respectively). The Azores and Madeira were the regions that recorded the fewest transactions, generating less capital.
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