Portugal's property market keeps rising
Both rentals and sales prices register steep rises year-on-year.
Despite a slow-down in the beginning of the year, house prices (both for sales and rents) are on the rise across Portugal.
Sales
In regards to sales, in July, house prices rose 7.7% compared to the same month last year, and even accelerated, since in June the annual rise in prices was 7%.
As a result, buying a house cost a median of 2,696 euros per square metre (euros/m2) at the end of July, according to Idealista's price index.
In terms of the quarterly variation, house prices in Portugal rose again by 2.8%.
Lisbon continues to be the city where it is most expensive to buy a house: 5,633 euros/m2. Porto (3,593 euros/m2) and Funchal (3,389 euros/m2) occupy the second and third places, respectively. Next come Faro (2,979 euros/m2), Aveiro (2,554 euros/m2), Setúbal (2,417 euros/m2), Évora (2,179 euros/m2), Ponta Delgada (1,985 euros/m2), Braga (1,915 euros/m2), Coimbra (1,897 euros/m2), Viana do Castelo (1,844 euros/m2), Leiria (1,533 euros/m2), Viseu (1,456 euros/m2) and Vila Real (1,308 euros/m2).
The cheapest cities to buy a house in the country are Guarda (807 euros/m2), Portalegre (835 euros/m2), Castelo Branco (869 euros/m2), Beja (959 euros/m2), Bragança (995 euros/m2) and Santarém (1,229 euros/m2).
Check the full data here.
Rents
Meanwhile, rental prices increased by 9.1% in July compared to the same month last year.
According to Idealista's price index, renting a house had a median cost of 16.3 euros per square metre (euros/m2) at the end of July 2024.
In terms of the quarterly variation, the rise in house rents was 1.6%.
Looking at the 14 district capitals with representative samples, it is clear that houses for rent have become more expensive in practically all cities in just one year. It was in Coimbra (18.3%), Viseu (14.3%) and Faro (13.7%) that the increase in rents was most significant in this period.
Lisbon continues to be the city where it is most expensive to rent a house: 21.7 euros/m2. Porto (17.4 euros/m2) and Funchal (14.1 euros/m2) occupy second and third places, respectively. They are followed by Faro (12.7 euros/m2), Setúbal (11.9 euros/m2), Aveiro (11.7 euros/m2), Évora (11.3 euros/m2) and Coimbra (11.2 euros/m2).
The most affordable cities to rent a home are Castelo Branco (6.5 euros/m2), Viseu (7.3 euros/m2), Viana do Castelo (8.1 euros/m2), Leiria (8.2 euros/m2), Santarém (8.3 euros/m2) and Braga (9.1 euros/m2).
Check the full data here.
Source: Idealista/The Portugal News