According to the National Statistics Institute (INE), between April and June 2022 the median house price increased, compared to the same period in the previous year, in all 25 NUTS III sub-regions.

The median price of family dwellings traded in Portugal was €1,494 per square metre (€/m2), corresponding to a growth of 2.8 percent compared to the first quarter of 2022 and of 17.8 percent compared to the same period of the previous year (second quarter of 2021).

Algarve most expensive

The Algarve was the region that presented the highest prices in this period (2,358 €/m2) and, at the same time, a year-on-year rate of change (+23.8 percent) higher than the country's median.

The Lisbon Metropolitan Area (€2,076/m2), the Porto Metropolitan Area (€1,576/m2) and the Autonomous Region of Madeira (€1,534/m2) also recorded median prices higher than the country average, although with year-on-year growth ( +16.5 percent, +17.5 percent and +5.8 percent).

Alto Alentejo continued to have the lowest median sales price for family dwellings (500 €/m2).

Slowing down of the market

In the analysis, the data show that prices decelerated in seven of the 24 municipalities with more than 100,000 inhabitants, especially Lisbon, which registered -6.1 percentage points (p.p.).

In the opposite direction, the year-on-year rate of change increased in six of the 11 municipalities with more than 100,000 inhabitants in the Lisbon Metropolitan Area (AML), mainly in Loures (+8.8 p.p.).

In the Porto Metropolitan Area, the year-on-year rate of change increased in four of the six municipalities with more than 100,000 inhabitants, with emphasis on Porto (+9.2 p.p.) and Matosinhos (+5.3 p.p.) and decelerated in Gondomar ( -2.4 p.p.) and in Santa Maria da Feira (-1.4 p.p.).

Foreign buyers

In this second quarter of 2022, homebuyers with a tax domicile abroad paid the median amount of €2,292/m2 (the amount recorded in the previous quarter was €2,209/m2), higher than what was paid by buyers with tax domicile in Portugal, which was €1,461/m2 (in the first quarter of 2022 it was €1,428/m2).

The Algarve and AML were also the sub-regions with the highest median housing prices, both for buyers with tax domicile in Portugal (2,222 €/m2 and 2,050 €/m2, respectively), and abroad (2,734 €/m2 and 3,782 €/m2).