Algarve, Lisbon, Setúbal peninsula, Madeira and Porto “most expensive” areas for property
The average house price stood at €1,611 per square metre (m2) in 2023, an increase of 8.6% on the previous year, Statistics Portugal (INE) has announced today.
According to construction and housing statistics, last year the average house price remained above this national value in the sub-regions of Greater Lisbon (€2,740/m2), the Algarve (€2,613/m2), the Setúbal Peninsula (€1,901/m2), the Autonomous Region of Madeira (€1,889/m2) and the Porto Metropolitan Area (€1,800/m2).
During that period, 50 municipalities had an average price higher than the national value, mostly located in the Algarve subregions (14 out of 16 municipalities), Greater Lisbon (all nine municipalities), the Setúbal Peninsula (eight out of nine municipalities), and the Porto Metropolitan Area (seven out of 17 municipalities).
The municipality of Lisbon recorded the highest price in the country (€4,167/m2), while figures above €3,000/m2 were also recorded in Cascais (€3,976/m2), Loulé (€3,269/m2), Lagos (€3,182/m2), Vila do Bispo (€3,162/m2), and Oeiras (€3,158/m2).
According to INE, the Algarve and Greater Lisbon showed price differentials between municipalities of more than €2,000/m2.
LUSA
