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Portugal · report

Past price cycles in Portugal

Bank valuations have fallen by 3% or more once since 2011. That fall began in April 2011.

Deepest fall
−18.2%
Recovery from the low
45 months

Prices in Portugal, indexed

Bank valuations, both set to 100 in January 2011.

  • Portugal
  • 100 = January 2011
Show the numbers
PeriodPortugal
Sep 2026259.7
Aug 2026257.0
Jul 2026255.4
Jun 2026254.0
May 2026251.8
Apr 2026247.9
Mar 2026245.3
Feb 2026242.0
Jan 2026240.0
Dec 2025237.3
Nov 2025234.9
Oct 2025230.9
Sep 2025227.5
Aug 2025224.1
Jul 2025221.8
Jun 2025217.9
May 2025215.1
Apr 2025212.8
Mar 2025210.6
Feb 2025206.4
Jan 2025202.3
Dec 2024199.2
Nov 2024198.4
Oct 2024196.2
Sep 2024193.3
Aug 2024189.7
Jul 2024186.8
Jun 2024184.5
May 2024183.6
Apr 2024182.0
Mar 2024180.2
Feb 2024177.9
Jan 2024176.7
Dec 2023175.1
Nov 2023174.5
Oct 2023175.1
Sep 2023175.7
Aug 2023175.4
Jul 2023173.9
Jun 2023173.1
May 2023172.2
Apr 2023170.0
Mar 2023169.1
Feb 2023168.5
Jan 2023169.3
Dec 2022166.2
Nov 2022165.2
Oct 2022161.9
Sep 2022162.9
Aug 2022161.2
Jul 2022161.6
Jun 2022160.4
May 2022157.4
Apr 2022154.6
Mar 2022151.8
Feb 2022149.8
Jan 2022147.3
Dec 2021146.5
Nov 2021145.0
Oct 2021142.6
Sep 2021140.9
Aug 2021139.2
Jul 2021139.2
Jun 2021138.5
May 2021138.2
Apr 2021136.8
Mar 2021135.3
Feb 2021133.9
Jan 2021133.4
Dec 2020131.8
Nov 2020130.4
Oct 2020129.0
Sep 2020128.6
Aug 2020128.6
Jul 2020128.5
Jun 2020127.6
May 2020127.0
Apr 2020126.7
Mar 2020126.6
Feb 2020126.7
Jan 2020125.8
Dec 2019124.4
Nov 2019122.7
Oct 2019121.9
Sep 2019121.6
Aug 2019120.2
Jul 2019119.0
Jun 2019117.4
May 2019116.6
Apr 2019115.7
Mar 2019114.7
Feb 2019114.0
Jan 2019112.1
Dec 2018111.4
Nov 2018110.4
Oct 2018110.3
Sep 2018109.4
Aug 2018108.4
Jul 2018107.3
Jun 2018106.3
May 2018105.9
Apr 2018105.4
Mar 2018104.9
Feb 2018103.9
Jan 2018102.9
Dec 2017101.6
Nov 2017101.4
Oct 2017101.0
Sep 2017100.5
Aug 201799.0
Jul 201798.2
Jun 201798.1
May 201797.7
Apr 201797.4
Mar 201796.8
Feb 201796.6
Jan 201795.9
Dec 201695.0
Nov 201694.2
Oct 201693.5
Sep 201693.0
Aug 201692.8
Jul 201691.9
Jun 201691.6
May 201691.2
Apr 201690.5
Mar 201689.9
Feb 201689.5
Jan 201689.5
Dec 201589.9
Nov 201589.3
Oct 201588.9
Sep 201588.6
Aug 201588.3
Jul 201588.5
Jun 201587.7
May 201587.6
Apr 201586.7
Mar 201586.2
Feb 201586.2
Jan 201586.2
Dec 201485.6
Nov 201485.6
Oct 201486.2
Sep 201488.0
Aug 201488.4
Jul 201487.0
Jun 201485.3
May 201484.2
Apr 201483.9
Mar 201484.3
Feb 201485.7
Jan 201486.7
Dec 201387.0
Nov 201386.9
Oct 201387.2
Sep 201387.0
Aug 201386.8
Jul 201386.5
Jun 201387.1
May 201386.4
Apr 201385.3
Mar 201384.6
Feb 201385.1
Jan 201386.5
Dec 201287.8
Nov 201288.3
Oct 201288.7
Sep 201289.4
Aug 201289.4
Jul 201289.7
Jun 201290.2
May 201291.2
Apr 201292.8
Mar 201292.5
Feb 201292.4
Jan 201292.2
Dec 201193.3
Nov 201194.5
Oct 201195.0
Sep 201196.2
Aug 201197.1
Jul 201197.9
Jun 201199.4
May 2011101.4
Apr 2011102.6
Mar 2011102.4
Feb 2011101.1
Jan 2011100.0

Every fall of 3% or more

From the peak to the lowest month after it, and how long prices took to get back.

PeakLowFallMonths fallingMonths to recover
April 2011April 2014−18.2%3645

Portugal against the EU since 2015

Eurostat's house price index for all dwellings, 2015 = 100. National figures, comparable across member states.

  • Portugal
  • EU
  • 2015 = 100
Show the numbers
PeriodPortugalEU
Q2 2026301.4168.6
Q1 2026291.0166.5
Q4 2025280.2164.6
Q3 2025269.4163.5
Q2 2025258.8161.0
Q1 2025247.1158.5
Q4 2024235.7156.2
Q3 2024228.9155.1
Q2 2024220.7152.7
Q1 2024212.5149.8
Q4 2023211.3148.9
Q3 2023208.5149.1
Q2 2023204.7148.2
Q1 2023198.6147.6
Q4 2022195.9148.7
Q3 2022193.8150.9
Q2 2022188.3149.6
Q1 2022182.6146.2
Q4 2021176.0143.2
Q3 2021171.3140.2
Q2 2021166.4136.0
Q1 2021161.7132.1
Q4 2020157.7129.8
Q3 2020153.6128.1
Q2 2020154.3126.3
Q1 2020151.7124.4
Q4 2019146.1122.7
Q3 2019143.7121.5
Q2 2019140.7119.8
Q1 2019137.1117.6
Q4 2018132.3116.8
Q3 2018129.7115.9
Q2 2018128.5114.2
Q1 2018125.6112.3
Q4 2017121.1111.2
Q3 2017119.6110.4
Q2 2017115.5108.8
Q1 2017111.9106.9
Q4 2016109.6106.1
Q3 2016108.3105.4
Q2 2016106.9103.8
Q1 2016103.7102.0
Q4 2015101.8101.1
Q3 2015100.7100.8
Q2 2015100.699.8
Q1 201596.998.3

Bank valuations go back to 2011, so they include the fall after the euro crisis; asking prices start in 2015. A fall counts once prices drop 3% below a peak, and ends when they are back at it.

Other reports for Portugal

Next 12 months

Asking prices have an 80% chance of landing between €3,220/m² and €3,540/m² by September 2027.

Expected, September 2027
€3,380/m²
Chance of a rise
89%

Affordability

At the bank valuation, a 90 m² home costs €205,020. With 10% down and a 30-year mortgage, the payment is €778 a month. Banco de Portugal caps it at 50% of a household's net income.

Payment, two incomes
31%
Payment, one income
63%

Buy or rent

Owning a 90 m² home costs less each month than renting it. Owning counts interest, running costs and the return the deposit could earn, at the median sale price. Repaying the loan is saving, so it is left out.

Rent per month
€878
Owning per month
€715

Asking against valuation

Sellers ask 41.7% more than banks value homes at. A year ago the gap was +50.0%.

Gap today
+41.7%
Change in a year
−8.3 pp

New homes

53.7% more homes were licensed for construction in the last 12 months than in an average year of the past decade.

Licensed, 12 months
43,215
Per 1,000 residents
3.8

Foreign buyers

Over the last 12 months, buyers domiciled abroad paid 33.5% more per m² than buyers living in Portugal.

Abroad against residents
+33.5%

People and new homes

In 2025 the population grew by 36,809 while 30,425 homes were finished: 1.2 new residents for every new home.

New residents per new home, 2025
1.2
Population change, 2025
+36,809

Empty homes

12.1% of the 5,970,677 homes counted in the 2021 census stood empty, whether for sale, to let or for other reasons.

Empty, 2021 census
12.1%
Empty homes
723,215

Renovation

In 2025, 18% of the buildings finished were work on existing buildings: extensions, alterations and reconstructions.

Work on existing buildings, 2025
18%
Reconstructions per 100 new buildings
2.3

Public housing works

Public bodies signed €862.2M of housing works here in 2025, and €2.7B since 2012.

Signed in 2025
€862.2M
Per resident, 2025
€75

Data: INE, ECB and others · updated October 27, 2026

Asking prices and bank valuations are not sale prices. This is a description of public data, not financial advice.

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