In spite of the coronavirus pandemic that has seen house prices drop in many countries, the cost per square metre of housing in Portugal continues to rise, although the pandemic is putting a brake on the pace of growth.
In the second quarter of 2020, marked by several confinement measures and restrictions because of the pandemic in most Member States, house prices increased by 5% in the eurozone and 5.2% in the European Union (EU) compared to the same period last year.
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After rising by 1.6% and 0.5% in the first and second quarters of 2020 respectively, compared to previous quarters, house prices in Portugal continue to rise during the COVID-19 pandemic: prices rose by 1% between July and September compared to the previous three months, to 2,090 euros/m2.
Buying a house in the most expensive street in Portugal in 2020 costs, on average, 2,743,000 euros, slightly lower than last year's average price for a luxury home on Portugal's most expensive streets.
Whether you’re looking for a rural property in the countryside, a villa close to the beach or a chic city apartment, there are properties in Portugal for every budget. Compared to other popular expat destinations, Portugal offers some of the best prices in Europe.
House prices are expected to fall in almost all major European markets this year due to the economic effects of the COVID-19 pandemic, according to findings by economists at Standard & Poor's (S&P) Global Ratings.
Rental market prices, namely in Portugal's capital Lisbon, have skyrocketed in the last few years, as has been in the case for the purchase and sale of property in the city.
House prices in Portugal rose 1.6% in the first quarter of 2020 compared to the previous quarter, standing at 2,060 euros per m2. In annual terms, i.e. compared to the first three months of last year, the increase was 11.4%. This is data from the idealista price index.
Buying a property in Portugal costs, on average, 1,031 euros/m2, according to data from the Portuguese National Institute of Statistics (INE). Even so, there are towns where prices exceed 2,000 euros/m2 (Cascais, Oeiras and Loulé).
