Portugal’s housing market in September 2026
In Portugal as a whole, asking prices changed +7.9% on a year earlier in September 2026, against +7.5% the month before.
Across the 221 municipalities with a monthly price series, the median annual change was +13.5% in September 2026, against +15.0% in August 2026. 89% of them rose faster than inflation (3.6%), against 90% a month earlier, and prices fell over the last three months in 22%, against 24%.
Prices are asking prices from property listings where they exist and INE bank appraisals elsewhere.
Change in a year
- +30% and over
- +20% to +30%
- +10% to +20%
- +2% to +10%
- −2% to +2%
- −10% to −2%
- Under −10%
- No figure for September 2026
Where prices picked up speed
| Municipality | Annual change, September 2026 | A month earlier |
|---|---|---|
| Lousã | +22.3% | +3.8% |
| Sousel | +11.7% | −0.9% |
| Anadia | +19.3% | +9.3% |
| Estremoz | +40.6% | +32.4% |
| Vila Nova de Poiares | +46.4% | +38.4% |
Where they slowed
| Municipality | Annual change, September 2026 | A month earlier |
|---|---|---|
| Vila Franca do Campo | +20.3% | +34.8% |
| Ourique | +18.9% | +32.6% |
| Condeixa-a-Nova | +7.1% | +17.4% |
| Góis | +1.2% | +11.3% |
| Tábua | +2.6% | +11.7% |
Turning points
The annual change turned positive in Alcoutim and Sousel. It turned negative in Cinfães, Gouveia, and Mogadouro.
Record highs
Prices reached a record in Anadia (€1,260/m²), Angra do Heroísmo (€1,844/m²), Barcelos (€1,999/m²), Batalha (€1,415/m²), Beja (€1,540/m²), Benavente (€2,591/m²), Cascais (€6,173/m²), Castanheira de Pêra (€714/m²), Chaves (€1,148/m²), Elvas (€1,197/m²), Esposende (€2,496/m²), Évora (€2,688/m²), Ílhavo (€2,449/m²), Lousada (€1,765/m²), Marinha Grande (€1,705/m²), Montalegre (€1,048/m²), Penamacor (€479/m²), Peniche (€2,525/m²), Pombal (€1,278/m²), Rio Maior (€1,699/m²), Santa Maria da Feira (€1,881/m²), Sintra (€3,575/m²), Soure (€917/m²), Vila do Bispo (€4,062/m²), Vila Nova de Poiares (€1,105/m²), Vila Real (€1,538/m²), and Vizela (€1,921/m²).
Public works and the EU
Public bodies signed 73 contracts for housing works in September 2026, worth €11.4m, against €81.2m in September 2025. Every one is in the public works explorer.
In Eurostat’s latest figures, for the second quarter of 2026, house prices changed +16.5% in a year in Portugal and +4.7% across the EU (national report).
Rates and the economy
| Indicator | Latest | Month before | Change |
|---|---|---|---|
| Inflation (CPI), September 2026 | 3.6% | 3.3% | +0.3 pp |
| New mortgage rate, August 2026 | 3.0% | 3.0% | 0.0 pp |
| 12-month Euribor, September 2026 | 3.2% | 3.0% | +0.3 pp |
| ECB deposit rate, October 2026 | 2.5% | 2.5% | 0.0 pp |
| Unemployment, August 2026 | 5.7% | 5.7% | 0.0 pp |
| New mortgage lending, August 2026 | €2,553m | €2,902m | −12.0% |
Policy
- July 1, 2026: Asking-price data changes its methodology (Methodology)
- September 16, 2026: ECB raises its deposit rate again, to 2.5% (ECB Data Portal (deposit facility rate))
