People have been buying homes in Portugal at increasingly higher prices, with the average cost reaching 221,272 euros in the summer of 2024. However, the regions show significant differences in the prices of homes sold, reveals the National Statistics Institute (INE): while in Greater Lisbon and the Algarve, purchasing property is 50% more expensive than the national average, in Alentejo and the Central Region, the average cost of buying a home is under 150,000 euros, making them the cheapest regions in the country.
There are five regions in the country where the price of homes sold was below the national average calculated for the third quarter (221,272 euros), according to the latest INE data. The cheapest areas to buy a home were Alentejo (113,329 euros) and the Central Region (124,095 euros), revealing prices below 150,000 euros and almost 50% lower than the national average.
Alongside these are the Oeste and Vale do Tejo (155,977 euros, 30% lower than the national average), the Autonomous Region of the Azores (164,344 euros; -26%), and the North (185,212 euros; -16%), the data published by the institute at the end of December 2024, also reveals.
Portugal's North region plays a prominent role in the geographical distribution of transactions, as it recorded the largest share of homes sold (12,407 sales, representing 30% of the total). The Central region also attracted interest from families looking to live there, with 6,497 homes sold (16% of the total). Therefore, the North is the most sought-after region for buying a home in the country and one of the five regions where the price of homes is below the national average.
On the opposite end of the table, there are five regions where buying a home is more expensive than the national average. In first place is Greater Lisbon, with a cost of 371,704 euros, a value 68% higher than the average price of homes sold nationally. Second is the Algarve (342,972 euros, +55%), followed by the Madeira region (238,314 euros, +8%), the Setúbal Peninsula (226,159 euros, +2%), and the Porto Metropolitan Area (223,258 euros, +1%).
Despite having the highest housing costs in the country, Greater Lisbon continues to attract families to buy homes, with 7,949 sales recorded, representing 19% of the total, the second-largest share after the North region. Meanwhile, the cheapest region of all, Alentejo, accounted for only 5% of total transactions, one of the smallest regional shares, just ahead of the islands.
Buying a house in Greater Lisbon is 70% more expensive than the national average
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.
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