Lisbon records highest growth in luxury property's prices
The conclusion is part of "Prime Residential World Cities Index" report by Savills based on the performance of the luxury residential market in 30 major global cities.
What?
In the first half of 2024, Lisbon recorded the largest price increase (+4.2%) in luxury property prices, followed by Amsterdam, Madrid, and Athens.
Meanwhile, new data released by the National Statistics Institute (INE) this week revealed that, in the second quarter of 2024 house prices per square metre accelerated again in Portugal, and Lisbon accompanied the trend.
House prices in the Portuguese capital are now 151.5% higher than the country’s average.
However, the difference between Lisbon sales value and the national average has narrowed: in 2023, it was 162.4%.
The municipalities of Lisboa (4,367 €/m2 ), Cascais (3,994 €/m2 ), Oeiras (3,360 €/m2 ) and Porto (3,031 €/m2 ) have the highest house prices.
Tell me more
According to INE, in the 2nd quarter of 2024, the median house price of dwelling sales in Portugal was 1,736 €/m2, following a variation rate of 6.6% in relation to the 2nd quarter of 2023 (5.0% in the previous quarter).
Compared to the same period in 2023, the median house price increased in 21 of the 26 NUTS 3 sub-regions, with the Viseu Dão Lafões sub-region standing out with the highest growth (17.2%).
The five sub-regions with the highest median house prices – Grande Lisboa, Algarve, Região Autónoma da Madeira, Península de Setúbal and Área Metropolitana do Porto – also presented the highest values in both categories of the purchaser's tax residence (national territory and foreign).
In Grande Lisboa and Área Metropolitana do Porto sub-regions, the median price (€/m2) of transactions carried out by purchasers with tax residence abroad exceeded the price of transactions by purchasers with tax residence in the national territory by 80.4% and 53.4%, respectively.
In the 2nd quarter of 2024, house prices accelerated in 12 of the 24 municipalities with more than 100 thousand inhabitants (14 in the 1st quarter of 2024), with Barcelos showing the highest increase, of 16.6 percentage points (p.p.).
The biggest decreases in the year-on-year growth rates occurred in Matosinhos (-17.6 p.p.) and Coimbra (-15.9 p.p.). The municipality of Porto recorded a decrease of 4.8 p.p. and Lisboa an increase of 0.1 p.p.
The municipalities of Lisboa (4,367 €/m2), Cascais (3,994 €/m2), Oeiras (3,360 €/m2) and Porto (3,031 €/m2) had the highest house prices.
Full report below:
