Housing: Prices increase by 6.6% in the 2nd quarter of 2024.
The median housing prices increased by 6.6% in the second quarter of the year, now reaching 1,736 euros per square meter.
Median housing price rises to 1,736 euros per square meter.
In the second trimester of 2024, the median price of family housing in Portugal increased by 6.6%, reaching 1,736 euros per square meter, as indicated by the National Institute of Statistics (INE) and reported by Notícias ao Minuto.
This increase represents a 5.6% growth compared to the first quarter, and an increase compared to the 5.0% seen between January and March.
During this period, 21 out of the 26 NUTS III sub-regions recorded increases in housing prices compared to the previous year, with Viseu Dão Lafões standing out with a growth of 17.2%. The areas of Greater Lisbon, Algarve, Autonomous Region of Madeira, Setúbal Peninsula, and Porto Metropolitan Area were the ones that presented the highest median prices.
In Greater Lisbon and the Metropolitan Area of Porto, the prices per square meter of transactions made by buyers with tax residence abroad were, respectively, 80.4% and 53.4% higher than the values of national buyers. In addition, the median value of housing acquired by foreigners increased by 1.9% year-on-year, reaching 2,454 euros per square meter, compared to 1,702 euros for national buyers, who saw a 7.2% increase.
Between April and June, Greater Lisbon recorded a median price of 2,801 euros per square meter, followed by the Algarve (2,735 euros), Autonomous Region of Madeira (2,080 euros), Setúbal Peninsula (2,048 euros), and Porto Metropolitan Area (1,957 euros). Only Algarve and Greater Lisbon had year-on-year variation rates below the national average.
During the same quarter, the Douro region saw the greatest year-on-year decrease in housing prices, with a drop of 5.6%. On the other hand, Beira Baixa maintained the lowest median selling price, at 562 euros per square meter.
All municipalities with more than 100,000 inhabitants in the Greater Lisbon, Setúbal Peninsula, and Porto Metropolitan Area regions, except for Santa Maria da Feira and Gondomar, had median housing prices above the national value of 1,736 euros per square meter.
In the second quarter of 2024, there was an increase in housing prices in 12 of the 24 municipalities with over 100,000 inhabitants, contrasting with the 14 municipalities in the first quarter. Barcelos stood out with an increase of 16.6 percentage points, while the biggest decreases were observed in Matosinhos (-17.6 points) and Coimbra (-15.9 points).
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