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São Miguel island · report

Past price cycles in São Miguel island

Asking prices have fallen by 3% or more 4 times since 2015. The deepest began in September 2015.

Deepest fall
−19.0%
Recovery from the low
43 months

Prices in São Miguel island and Portugal, indexed

Asking prices, both set to 100 in January 2015.

  • São Miguel island
  • Portugal
  • 100 = January 2015
Show the numbers
PeriodSão Miguel islandPortugal
Sep 2026270.9320.6
Aug 2026270.4318.5
Jul 2026267.8318.8
Jun 2026265.2318.9
May 2026261.4317.6
Apr 2026258.8317.6
Mar 2026258.7315.2
Feb 2026257.0311.9
Jan 2026254.6309.0
Dec 2025258.8305.9
Nov 2025255.5304.2
Oct 2025251.4300.2
Sep 2025251.4297.2
Aug 2025247.5296.2
Jul 2025251.1295.1
Jun 2025255.0291.8
May 2025252.5287.1
Apr 2025233.5284.7
Mar 2025220.8281.2
Feb 2025215.4277.6
Jan 2025209.6273.4
Dec 2024206.5270.1
Nov 2024198.6265.9
Oct 2024196.7263.2
Sep 2024193.8261.8
Aug 2024190.7260.8
Jul 2024190.3260.6
Jun 2024186.3258.4
May 2024179.7257.0
Apr 2024174.3253.3
Mar 2024173.6251.4
Feb 2024171.8249.5
Jan 2024168.4248.1
Dec 2023165.3245.0
Nov 2023163.8242.8
Oct 2023164.4239.1
Sep 2023160.9237.3
Aug 2023156.7236.8
Jul 2023149.9237.6
Jun 2023148.6237.4
May 2023153.9235.3
Apr 2023155.0234.3
Mar 2023151.1232.1
Feb 2023149.8230.9
Jan 2023145.8229.4
Dec 2022145.4228.3
Nov 2022144.5227.8
Oct 2022142.8224.3
Sep 2022140.8223.0
Aug 2022137.4222.6
Jul 2022136.2222.3
Jun 2022134.5222.2
May 2022131.4221.9
Apr 2022129.0220.8
Mar 2022126.0220.9
Feb 2022122.7219.9
Jan 2022120.8218.9
Dec 2021120.8218.7
Nov 2021122.7218.1
Oct 2021121.7216.8
Sep 2021124.1214.2
Aug 2021122.8213.3
Jul 2021119.5212.5
Jun 2021118.5210.6
May 2021117.0209.3
Apr 2021114.3208.2
Mar 2021114.0208.1
Feb 2021116.1207.4
Jan 2021116.0207.9
Dec 2020115.4206.7
Nov 2020115.9205.0
Oct 2020117.4202.4
Sep 2020118.6200.1
Aug 2020119.7199.0
Jul 2020120.3197.8
Jun 2020119.7198.8
May 2020120.0199.6
Apr 2020121.1200.6
Mar 2020120.4198.6
Feb 2020115.4197.3
Jan 2020111.0195.0
Dec 2019103.9196.3
Nov 2019101.2195.2
Oct 2019101.4194.7
Sep 201998.8194.4
Aug 2019101.1194.6
Jul 2019100.0194.7
Jun 201998.9191.8
May 201994.7187.3
Apr 201993.3183.2
Mar 201993.1181.2
Feb 201993.8178.9
Jan 201994.9177.1
Dec 201893.7176.6
Nov 201891.5175.2
Oct 201890.4173.1
Sep 201890.5169.1
Aug 201890.0165.9
Jul 201888.4165.4
Jun 201885.7161.8
May 201885.4160.3
Apr 201886.1156.9
Mar 201887.3155.3
Feb 201888.3154.6
Jan 201890.5152.2
Dec 201796.1152.6
Nov 201797.8150.8
Oct 201794.7148.7
Sep 201793.8145.5
Aug 201793.2143.5
Jul 201789.2141.0
Jun 201785.2139.1
May 201785.6135.9
Apr 201787.9135.7
Mar 201788.7134.3
Feb 201788.6132.1
Jan 201790.5130.5
Dec 201691.6129.4
Nov 201694.8128.6
Oct 201693.7126.0
Sep 201693.2122.5
Aug 201693.3119.3
Jul 201692.6115.2
Jun 201692.9115.1
May 201692.1113.9
Apr 201692.0113.2
Mar 201693.9114.2
Feb 201691.6113.9
Jan 201681.9112.6
Dec 201582.8110.6
Nov 201583.1108.8
Oct 201583.8108.2
Sep 2015101.1107.5
Aug 201599.7106.6
Jul 201598.2105.7
Jun 2015100.0106.1
May 201598.8103.7
Apr 201597.1101.7
Mar 201596.4101.0
Feb 201597.2100.0
Jan 2015100.0100.0

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
January 2015March 2015−3.6%23
September 2015January 2016−19.0%443
April 2020March 2021−5.8%115
April 2023June 2023−4.2%22

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 São Miguel island

Next 12 months

Asking prices have an 80% chance of landing between €2,318/m² and €3,050/m² by September 2027.

Expected, September 2027
€2,684/m²
Chance of a rise
85%

Affordability

Figures for Portugal: São Miguel island has no reliable figures of its own.

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

Figures for Portugal: São Miguel island has no reliable figures of its own.

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

New homes

40.2% more homes were licensed for construction in the last 12 months than in an average year of the past decade.

Licensed, 12 months
492
Per 1,000 residents
3.6

Foreign buyers

Figures for Portugal: São Miguel island has no reliable figures of its own.

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 575 while 289 homes were finished: 2.0 new residents for every new home.

New residents per new home, 2025
2.0
Population change, 2025
+575

Empty homes

11.7% of the 56,663 homes counted in the 2021 census stood empty, whether for sale, to let or for other reasons.

Empty, 2021 census
11.7%
Empty homes
6,629

Renovation

In 2025, 29% of the buildings finished were work on existing buildings: extensions, alterations and reconstructions.

Work on existing buildings, 2025
29%
Reconstructions per 100 new buildings
0.9

Public housing works

Public bodies signed €17.6M of housing works here in 2025, and €31.3M since 2012.

Signed in 2025
€17.6M
Per resident, 2025
€127

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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