Portugal records 3rd highest housing price increase in the EU
Between 2010 and 2024, housing prices in Portugal surged by 120%, while rents increased by 45% in the same period, according to Eurostat.
Portugal has seen the third-highest rise in housing prices in the European Union, with a significant 11.6% increase in the fourth quarter of 2024, according to data from Eurostat.
Housing prices in the euro area rose by 4.2% and by 4.9% in the European Union (EU) compared to the same period the previous year.
When compared to the third quarter of 2024, housing prices increased by 0.6% in the euro area and 0.8% in the EU. Portugal again recorded one of the largest increases, with a 3.0% rise in this period.
Among EU countries for which data is available, 24 member states saw an annual increase in housing prices, while two reported a decrease.
France and Finland experienced a 1.9% drop in prices compared to the previous year. The largest annual increases were seen in Bulgaria (18.3%), Hungary (13.0%), and Portugal (11.6%).
On a quarterly basis, six countries reported a drop in housing prices, while two remained unchanged (Malta and Finland), and 18 experienced increases.
The largest declines were observed in France, Cyprus (both -1.0%), and Estonia (-0.7%).
The most notable quarterly increases were in Slovakia (3.6%), Slovenia (3.1%), and Portugal (3.0%).
Prices in Portugal Soared 120% Since 2010
Between 2010 and 2024, housing prices in Portugal surged by 120%, while rents increased by 45% in the same period, according to Eurostat.
These increases are above the EU average, where housing prices rose by 55.4% and rents by 26.7%.
While rents have steadily risen, housing prices in Portugal have followed a more volatile trend, with a significant increase between Q1 2015 and Q3 2022.
After a slight dip and stabilization, prices surged again in 2024.
Across the EU, housing prices have increased more than rents in 21 member states. Hungary saw the most dramatic rise, with a staggering 234% increase in housing prices, followed by Estonia (228%) and Lithuania (187%).
The only country to see a decline in housing prices over the period was Italy (-4%).
On the other hand, rents have increased in 26 EU countries since 2010, with the highest rises seen in Estonia (+212%), Lithuania (+175%), and Hungary (+114%). Greece was the only country where rent prices fell (-13%).