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Portugal · report

New homes in Portugal

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

Homes licensed for construction in Portugal

Dwellings in new buildings licensed over the previous 12 months, at each month.

  • Portugal
  • Ten-year average
Show the numbers
PeriodPortugal
Aug 202643,215
Jul 202643,306
Jun 202643,002
May 202642,819
Apr 202642,556
Mar 202641,830
Feb 202641,313
Jan 202641,416
Dec 202542,066
Nov 202542,472
Oct 202541,912
Sep 202540,589
Aug 202540,619
Jul 202540,259
Jun 202540,092
May 202539,638
Apr 202539,488
Mar 202538,419
Feb 202537,352
Jan 202537,044
Dec 202435,284
Nov 202434,831
Oct 202434,087
Sep 202433,595
Aug 202433,657
Jul 202433,381
Jun 202432,368
May 202432,644
Apr 202432,146
Mar 202431,640
Feb 202433,263
Jan 202433,209
Dec 202333,453
Nov 202333,769
Oct 202333,683
Sep 202333,522
Aug 202333,187
Jul 202332,875
Jun 202333,076
May 202332,805
Apr 202332,919
Mar 202332,862
Feb 202332,434
Jan 202332,492
Dec 202232,124
Nov 202232,112
Oct 202231,932
Sep 202231,016
Aug 202230,736
Jul 202230,915
Jun 202231,006
May 202231,010
Apr 202230,555
Mar 202230,974
Feb 202231,057
Jan 202230,242
Dec 202130,094
Nov 202130,163
Oct 202129,896
Jul 202129,597
Apr 202128,488
Jan 202125,929
Oct 202025,211
Sep 202025,849
Aug 202026,159
Jul 202026,091
Jun 202026,094
May 202025,811
Apr 202025,853
Mar 202026,008
Feb 202026,276
Jan 202026,359
Dec 201925,944
Nov 201925,992
Oct 201926,047
Sep 201925,604
Aug 201924,606
Jul 201924,391
Jun 201923,905
May 201923,780
Apr 201923,352
Mar 201923,541
Feb 201923,015
Jan 201922,654
Dec 201821,892
Nov 201821,045
Oct 201820,481
Sep 201819,510
Aug 201819,395
Jul 201818,727
Jun 201818,166
May 201817,408
Apr 201816,941
Mar 201816,275
Feb 201815,843
Jan 201814,953
Dec 201714,960
Nov 201714,952
Oct 201714,499
Sep 201714,289
Aug 201714,020
Jul 201713,838
Jun 201713,509
May 201713,421
Apr 201713,138
Mar 201713,119
Feb 201712,694
Jan 201712,404
Dec 201611,774
Nov 201611,599
Oct 201611,357
Sep 201611,143
Aug 201610,827
Jul 201610,468
Jun 201610,301
May 201610,015
Apr 20169,312
Mar 20168,987
Feb 20168,711
Jan 20168,753
Dec 20158,715
Nov 20158,386
Oct 20158,362
Sep 20158,094
Aug 20157,924
Jul 20157,969
Jun 20157,841
May 20157,464
Apr 20157,572
Mar 20157,338
Feb 20157,248
Jan 20157,222
Dec 20146,939
Nov 20146,938
Oct 20146,919
Sep 20146,713
Aug 20146,635
Jul 20146,742
Jun 20146,944
May 20147,025
Apr 20147,106
Mar 20147,150
Feb 20147,238
Jan 20147,300
Dec 20137,457
Nov 20137,625
Oct 20137,833
Sep 20138,185
Aug 20138,382
Jul 20138,875
Jun 20138,857
May 20139,182
Apr 20139,820
Mar 20139,931
Feb 201310,482
Jan 201310,916
Dec 201211,518
Nov 201212,196
Oct 201212,633
Sep 201213,036
Aug 201213,892
Jul 201214,182
Jun 201214,575
May 201215,183
Apr 201215,536
Mar 201216,101
Feb 201216,640
Jan 201217,068
Dec 201117,684
Nov 201118,046
Oct 201118,613
Sep 201117,469
Aug 201115,776

Homes finished and licensed each year in Portugal

Homes completed in new buildings (columns) against homes licensed for construction (line), each year since 1975. INE.

  • Homes finished
  • Homes licensed
Show the numbers
YearHomes finishedHomes licensed
202530,42542,066
202427,98735,371
202325,59133,560
202225,28832,232
202124,28130,094
202020,80526,168
201916,49425,824
201813,91221,896
201711,21514,967
201610,53911,817
20159,6258,686
201411,4076,996
201316,6577,494
201225,72111,512
201132,80817,615
201041,36825,002
200955,09727,298
200868,33645,981
200775,83665,828
200677,70171,921
200583,37073,922
200480,72377,115
200399,01381,546
2002130,24795,673
2001117,776—
2000114,858—
1999110,671—
199893,383—
199776,486—
199672,195—
199572,180—
199462,086—
199366,186—
199255,391—
199167,115—
199065,750—
198961,656—
198849,101—
198741,934—
198640,101—
198538,397—
198444,132—
198340,471—
198242,074—
198141,000—
198040,905—
197938,888—
197836,671—
197738,043—
197633,196—
197535,411—
Homes finished per 1,000 residents, 2025
2.7

Who built the homes finished in Portugal

Who built the homes completed each year, as a share of that year. INE, since 2011.

  • Cooperatives and others
  • Public bodies
  • Private individuals
  • Companies
Show the numbers
YearCompaniesPrivate individualsPublic bodiesCooperatives and othersTotal
202563.8%35.7%0.2%0.3%27,301
202459.0%40.6%0.0%0.4%24,666
202357.2%42.2%0.3%0.3%22,280
202253.9%46.0%0.1%0.1%21,047
202153.2%45.2%1.3%0.3%19,926
202054.3%44.8%0.4%0.6%16,923
201947.8%51.5%0.3%0.4%12,954
201845.4%53.4%0.8%0.4%10,751
201739.2%60.0%0.3%0.5%8,213
201638.5%60.5%0.8%0.2%7,909
201534.6%63.6%1.2%0.6%7,148
201432.2%65.9%1.4%0.5%8,313
201334.6%64.2%0.6%0.5%12,751
201235.1%63.1%1.3%0.5%19,684
201140.6%57.1%1.5%0.7%26,382

Homes finished in Portugal, by number of bedrooms

Homes completed in new buildings by number of bedrooms, as a share of each year. INE.

  • Four or more
  • Three bedrooms
  • Two bedrooms
  • Studio or one bedroom
Show the numbers
YearStudio or one bedroomTwo bedroomsThree bedroomsFour or moreTotal
202517.0%27.6%42.7%12.7%27,271
202415.1%25.7%45.1%14.0%24,644
202315.4%24.0%47.3%13.3%22,280
202211.8%23.3%50.3%14.6%21,047
202113.0%23.1%49.3%14.6%19,926
202011.9%21.6%50.8%15.6%16,923
201910.0%21.2%52.7%16.1%12,954
20189.5%21.3%51.9%17.4%10,751
20178.5%18.8%53.2%19.6%8,213
201610.2%21.3%51.1%17.5%7,909
20159.4%21.1%49.1%20.4%7,148
20148.8%22.0%46.9%22.2%8,313
20138.8%22.3%46.7%22.2%12,751
20128.7%22.3%46.9%22.2%19,684
20118.8%22.1%48.5%20.6%26,382

Building permits, Portugal against the EU

Dwellings in residential building permits, seasonally adjusted, index 2021 = 100. Eurostat.

  • Portugal
  • EU
  • 2021 = 100
Show the numbers
PeriodPortugalEU
Q2 2026166.289.6
Q1 2026148.487.6
Q4 2025158.585.3
Q3 2025146.785.4
Q2 2025148.078.5
Q1 2025142.378.4
Q4 2024139.878.5
Q3 2024130.575.7
Q2 2024116.677.4
Q1 2024103.379.1
Q4 2023114.079.4
Q3 2023117.874.2
Q2 2023112.978.8
Q1 2023120.581.5
Q4 2022113.182.6
Q3 2022106.292.8
Q2 2022111.3105.5
Q1 2022112.6106.0
Q4 202193.8101.5
Q3 2021102.498.8
Q2 2021104.9100.5
Q1 202198.899.2
Q4 202097.693.6
Q3 202091.086.7
Q2 202086.075.8
Q1 202091.788.5
Q4 201987.193.9
Q3 201993.691.8
Q2 201980.390.2
Q1 201990.687.5
Q4 201885.389.6
Q3 201874.288.5
Q2 201878.390.1
Q1 201870.491.1
Q4 201756.988.2
Q3 201755.688.3
Q2 201754.388.4
Q1 201751.284.6
Q4 201646.785.0
Q3 201643.579.8
Q2 201647.178.8
Q1 201635.273.0
Q4 201536.071.3
Q3 201531.268.2
Q2 201529.966.6
Q1 201529.564.4

A licence is permission to build, not a finished home: most are completed one to three years later, and some never are. INE publishes licensing three months at a time, so four windows make a year.

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

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%

Past cycles

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

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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