Lisbon Real Estate Prices 70% Above Portugal Average

Recent INE data shows Greater Lisbon's average real estate price at €360,557, making it 70% more expensive than the national average.

The latest findings from the National Statistics Institute (INE) unveil a rather striking reality: purchasing a home in Greater Lisbon is a staggering 70% pricier than the national average. As of the second quarter of this year, the average price for a property in this metropolitan area has soared to an impressive 360,557 euros.

To contextualize this, one can take the total amount transacted for residential properties across Portugal during the same quarter—approximately 7.9 billion euros—and divide it by the number of homes sold, which stands at 37,125. This calculation reveals that the average price of a house nationwide is 212,167 euros. Notably, this figure marks the highest recorded house prices in Portugal since the INE began tracking such data in 2009. It also indicates a 3.3% increase in housing costs compared to the previous year and a remarkable 44% surge since the second quarter of 2019.

In the hierarchy of real estate prices, Greater Lisbon reigns supreme, with its average property price of 360,557 euros eclipsing the national average by a considerable margin. Following closely behind is the Algarve region, where the average price of homes reaches 321,699 euros—52% above the national benchmark.

Conversely, the Alentejo region emerges as the most affordable area for homebuyers, with an average price of 116,766 euros, which is a striking 45% below the national average. Furthermore, five additional regions offer properties at prices lower than the national average: Centro (124,518 euros), Oeste e Vale do Tejo (146,243 euros), Região Autónoma dos Açores (158,937 euros), Norte (175,092 euros), and Grande Porto (210,154 euros).

While the allure of Greater Lisbon and the Algarve may tempt prospective buyers with their picturesque landscapes and vibrant cultures, the stark contrast in property prices across the country serves as a reminder of the diverse economic landscape that characterizes Portugal's real estate market.