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Silves · report

Past price cycles in Silves

Bank valuations have fallen by 3% or more 16 times since 2015. The deepest began in September 2020.

Deepest fall
−13.6%
Recovery from the low
6 months

Prices in Silves and Portugal, indexed

Bank valuations, both set to 100 in May 2015.

  • Silves
  • Portugal
  • 100 = May 2015
Show the numbers
PeriodSilvesPortugal
Sep 2026310.6296.6
Aug 2026297.1293.5
Jul 2026307.2291.7
Jun 2026302.6290.1
May 2026306.9287.5
Apr 2026303.8283.1
Mar 2026296.8280.1
Feb 2026286.4276.3
Jan 2026277.1274.1
Dec 2025273.4271.0
Nov 2025273.9268.2
Oct 2025268.7263.7
Sep 2025288.7259.8
Aug 2025280.0255.9
Jul 2025267.2253.3
Jun 2025246.4248.8
May 2025259.2245.6
Apr 2025257.4243.0
Mar 2025249.2240.5
Feb 2025238.9235.7
Jan 2025234.1231.0
Dec 2024237.0227.5
Nov 2024243.8226.6
Oct 2024227.7224.1
Sep 2024218.7220.7
Aug 2024205.2216.7
Jul 2024219.1213.3
Jun 2024217.0210.7
May 2024221.2209.6
Apr 2024208.3207.8
Mar 2024204.2205.7
Feb 2024211.4203.1
Jan 2024210.1201.8
Dec 2023214.9200.0
Nov 2023201.9199.2
Oct 2023200.7200.0
Sep 2023198.9200.7
Aug 2023203.2200.3
Jul 2023211.0198.6
Jun 2023210.5197.7
May 2023224.9196.6
Apr 2023217.7194.1
Mar 2023215.4193.1
Feb 2023199.8192.4
Jan 2023199.6193.4
Dec 2022193.2189.8
Nov 2022191.2188.7
Oct 2022190.8184.9
Sep 2022190.5186.1
Aug 2022195.6184.1
Jul 2022196.5184.5
Jun 2022188.8183.2
May 2022186.5179.7
Apr 2022174.3176.6
Mar 2022175.3173.3
Feb 2022162.6171.1
Jan 2022163.2168.2
Dec 2021161.9167.3
Nov 2021172.9165.6
Oct 2021170.6162.9
Sep 2021169.0160.9
Aug 2021164.8159.0
Jul 2021159.2159.0
Jun 2021148.2158.2
May 2021148.5157.8
Apr 2021145.1156.3
Mar 2021143.9154.6
Feb 2021147.7152.9
Jan 2021158.3152.3
Dec 2020158.1150.5
Nov 2020163.1149.0
Oct 2020164.7147.3
Sep 2020166.6146.9
Aug 2020161.6146.9
Jul 2020158.3146.7
Jun 2020147.1145.7
May 2020151.0145.1
Apr 2020145.0144.7
Mar 2020144.2144.5
Feb 2020139.5144.7
Jan 2020142.6143.6
Dec 2019144.2142.1
Nov 2019149.1140.1
Oct 2019148.3139.2
Sep 2019140.8138.8
Aug 2019131.5137.2
Jul 2019132.8135.9
Jun 2019132.7134.1
May 2019134.9133.2
Apr 2019134.9132.2
Mar 2019138.6131.0
Feb 2019138.1130.2
Jan 2019131.9128.0
Dec 2018125.5127.2
Nov 2018118.6126.0
Oct 2018124.4125.9
Sep 2018125.4124.9
Aug 2018122.0123.8
Jul 2018118.0122.5
Jun 2018118.4121.4
May 2018122.8121.0
Apr 2018120.1120.3
Mar 2018108.7119.8
Feb 2018112.2118.6
Jan 2018109.0117.4
Dec 2017111.7116.0
Nov 2017108.9115.8
Oct 2017113.1115.4
Sep 2017113.2114.7
Aug 2017113.0113.0
Jul 2017106.9112.1
Jun 2017106.8112.0
May 2017107.9111.6
Apr 2017111.7111.2
Mar 2017107.6110.5
Feb 2017101.0110.3
Jan 201795.0109.5
Dec 201697.8108.5
Nov 2016101.3107.6
Oct 201699.5106.8
Sep 201699.5106.3
Aug 201699.6106.0
Jul 2016100.0104.9
Jun 2016102.6104.6
May 201697.6104.2
Apr 201694.7103.4
Mar 201693.2102.6
Feb 201694.3102.2
Jan 201693.2102.2
Dec 201596.5102.6
Nov 201597.8102.0
Oct 201598.4101.6
Sep 201599.7101.2
Aug 201596.9100.8
Jul 201599.7101.0
Jun 2015100.0100.1
May 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
June 2015January 2016−6.8%75
June 2016January 2017−7.5%72
April 2017June 2017−4.4%22
September 2017March 2018−4.0%61
May 2018July 2018−3.9%22
September 2018November 2018−5.4%21
March 2019August 2019−5.1%51
November 2019February 2020−6.4%33
September 2020March 2021−13.6%66
November 2021December 2021−6.3%13
July 2022September 2022−3.1%24
May 2023September 2023−11.6%413
November 2024January 2025−4.0%22
May 2025June 2025−4.9%11
September 2025October 2025−6.9%15
July 2026August 2026−3.3%11

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 Silves

Next 12 months

Asking prices have an 80% chance of landing between €3,298/m² and €3,919/m² by September 2027.

Expected, September 2027
€3,608/m²
Chance of a rise
81%

Affordability

At the bank valuation, a 90 m² home costs €254,700. With 10% down and a 30-year mortgage, the payment is €966 a month. Banco de Portugal caps it at 50% of a household's net income.

Payment, two incomes
44%
Payment, one income
88%

Buy or rent

Owning and renting a 90 m² home cost about the same each month. 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
€917
Owning per month
€903

Asking against valuation

Sellers ask 20.1% more than banks value homes at. A year ago the gap was +22.8%.

Gap today
+20.1%
Change in a year
−2.7 pp

New homes

16.3% fewer homes were licensed for construction in the last 12 months than in an average year of the past decade.

Licensed, 12 months
98
Per 1,000 residents
2.1

Foreign buyers

Over the last 12 months, buyers domiciled abroad paid 0.8% less per m² than buyers living in Portugal.

Abroad against residents
−0.8%

People and new homes

In 2025 the population grew by 312 while 86 homes were finished: 3.6 new residents for every new home.

New residents per new home, 2025
3.6
Population change, 2025
+312

Empty homes

11.8% of the 33,498 homes counted in the 2021 census stood empty, whether for sale, to let or for other reasons.

Empty, 2021 census
11.8%
Empty homes
3,953

Renovation

In 2025, 59% of the buildings finished were work on existing buildings: extensions, alterations and reconstructions.

Work on existing buildings, 2025
59%
Reconstructions per 100 new buildings
0.0

Public housing works

Public bodies signed €197.9K of housing works here in 2025, and €296.9K since 2012.

Signed in 2025
€197.9K
Per resident, 2025
€4

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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