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Real estate prices increase by 10% in 2024
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Real estate appreciation: widespread price increases and regional differences
House prices for sale have increased by 10% since the beginning of the year, according to the latest data from the Residential Price Index of Confidencial Imobiliário (CI), released this Wednesday. This growth reflects a significant increase compared to the summer, when prices had risen by about 5% compared to the end of 2023.
The increase is explained by the last three months, during which prices rose between 1.4% and 1.7% per month, reversing the trend seen until August, which had shown more modest monthly variations below 1%. In the last three months, 41,300 homes were sold in mainland Portugal, representing a 26% increase compared to the end of 2023. The average sale price of housing reached 2,500 euros per square meter, with new homes reaching 3,441 euros/m² and used homes 2,374 euros/m².
This widespread price increase is not limited to a single region. All 20 district capitals saw increases in house prices over the last year, with highlights being Vila Real (19.5%), Ponta Delgada (18.2%), and Leiria (17%). Following are Évora (15.1%), Coimbra (13.3%), Santarém (13.3%), Setúbal (12.1%), Funchal (11%), Braga (10.3%), Faro (10%), Viseu (9.9%), Beja (8.9%), Bragança (8.4%), Porto (7.8%), Portalegre (5.7%), Guarda (5.4%), Castelo Branco (5%), Lisbon (4.8%), Viana do Castelo (2%), and Aveiro (0.7%).
House prices have been rising sharply in recent years, and according to data from the Idealista portal, the average price per square meter has nearly tripled in the last ten years, from 969 euros to over 2,700 euros. In just the last year, the price of each square meter of housing increased by 253 euros on average.
Ricardo Guimarães, director of Confidencial Imobiliário, states that “the market recovery is no longer just a projection, but a reality in progress.” He emphasizes that, in addition to the strong acceleration of prices, sales have already surpassed the losses of the last two years, when demand slowed down due to rising interest rates.
For the director, the change is occurring rapidly, driven by the market imbalance, particularly the lack of supply. He warns that the market is likely to face significant pressure in the coming months, with prices continuing to rise from an already very high base.
Among the districts with the most affordable prices for purchasing housing in Portugal, Guarda (708 €/m²), Portalegre (798 €/m²), and Castelo Branco (866 €/m²) stand out, offering significantly lower prices compared to major cities, where the price per square meter can exceed 3,000 euros.