Portugal’s property market continues on an upward trend, with the Central region registering significant gains in house prices, according to Imovirtual’s November barometer.
Home Prices in Central Portugal Soar
Buying a house in Central Portugal now costs an average of €274,500. This marks a 0.9% increase compared to October and a striking 27.7% jump from November 2022. The national average selling price remained stable at €440,000, which is still 15% higher than last year.
Santarém and Leiria Lead Price Increases
Within the Central region, Santarém stands out with the strongest annual growth: average home prices there reached €269,000, a jump of 34.5% year-on-year. Leiria also saw significant appreciation, with prices at €337,000, up 20.4% from last year.
In other key districts:
- Lisbon holds its place as Portugal’s most expensive housing market, with average prices steady at €650,000, up 15% year-on-year.
- Coimbra stabilized at €280,000, but still boasts a 21.7% increase from a year ago.
- Guarda climbed to €108,500, while Castelo Branco saw a slight dip to €107,750, yet maintained an annual rise of 19.9%.
Rental Prices: Center Stable, Lisbon Drives Up Averages
For rentals, the national average price hit €1,400. In Central Portugal, rents were steady at €800 per month, up 6.7% year-on-year. However, Lisbon continues to drive higher rental costs, reaching €1,800 per month—an increase of 5.9% over last year.
Other notable rental trends include:
- Leiria: Rents fell to €850 but still surpassed last year’s rates.
- Coimbra: Rents remained at €800.
- Castelo Branco: Held steady at €550.
- Guarda: Saw the largest jump, rising to €537 per month (up 25% year-on-year).
- Santarém: Increased to €800.
Outlook: Center Region Maintains Momentum
The data underline the Central region’s dynamism, especially in districts like Santarém, Leiria, and Lisbon. While property purchases continue to show robust growth, the rental market remains stable, with strong pressure from the capital city driving up regional values. Despite variations between urban and inland areas, the Center of Portugal remains a region to watch for both buyers and investors.
Looking for a home or investment opportunity in Portugal? Stay tuned for more updates on pricing and trends in the country’s hottest real estate markets.
