Houses in Portugal are nearly 50% costlier than in 2016

Houses in Portugal are almost fifty percent more expensive than they were in 2016, reports Lisbon-based Portuguese daily Público, based on data released by Instituto Nacional de Estatística (National Statistics Institute - INE).

According to the report, the country's real estate market is recovering from the impact of the pandemic and has bounced back with double-digit growth, reaching 1,250 euros/m2, taking into account the 12-month period ending in September 2021.

Going by INE’s data, the median value of family-sized accommodation in Portugal shot-up by 2.6 percent compared to the previous quarter and 7.8 percent compared to the same quarter of 2021. Drawing parallels with the third quarter of 2016 - the year since INE’s record-keeping began, the median house price jumped by around 46 percent.

House prices hit record high in Porto and in the the northern region of Portugal.

This signifies an average price increase of around 1.9 percent per quarter, the daily indicated in its report, meaning - an average cost of a 100 m2 home can cost €125,000 today, as compared to €85,500 five years ago.

The report also suggests that the increase in house prices is widespread with the biggest increases seen in Alentejo Central, where sales values ​​grew by more than 17%. The Algarve (13.9%), Cávado (13.1%) and Oeste (12.6%) also recorded higher increases than the rest of the country.

Significant increases were also recorded in large cities, predominantly on the outskirts of metropolitan areas such as Matosinhos and Vila Nova de Gaia in Porto; and Vila Franca de Xira and Seixal, in Lisbon.

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