Portugal house prices hit new record as October sees 7.5% annual rise

House prices in Portugal rose 7.5% in October compared with the same period last year. The price per square metre in Lisbon exceeds six thousand euros.

Another month, another increase. In October, which has just ended, house prices rose again compared with the same period last year. Up 7.5%, to be precise, which represents a new record high.

According to theidealista price index , “buying a home cost 3,249 euros per square metre (euros/m2) at the end of October, based on the median value”

On a quarterly basis, prices rose by 1.2%.

In October, “asking prices for homes for sale went up in all 20 district capitals and autonomous regions analysed”. Vila Real (20.3%), Guarda (18.4%), Beja (17.6%), Leiria (16.9%) and Faro (15.5%) recorded the largest annual increases.

Lisbon remains the city where it is most expensive to buy a home. The median price per square metre in the Portuguese capital is 6,248 euros. It is followed by Porto and then Funchal. At the other end of the scale is Castelo Branco, the cheapest city to buy a home, with a median price of 1,119 euros/m2.

Looking at prices by region, the trend is similar, with the Lisbon Metropolitan Area, where the median price is 4,525 euros/m2, remaining the region with the highest prices. It is followed by the Algarve and the Autonomous Region of Madeira.

The Centre region remains the cheapest area to buy a home, with a median price of 1,810 euros/m2.

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