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Portugal · national report · October 27, 2026

Housing in Portugal: what is built, by whom, and what it costs

Portugal finished 30,425 homes in 2025, 23% as many as in 2002. House prices have risen 201% since 2015, faster than in 24 of the other 25 EU countries with data.

Homes finished, 2025
30,425
Homes licensed, 2025
42,066
Public housing contracts, 2025
€862.2M
House prices since 2015
+201.4%
EU: +68.6%

30,425 homes finished in 2025: 3.2 times the 2015 low of 9,625

Homes completed in new buildings each year since 1975 (columns) and homes licensed for construction since 2002 (line). 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—

Building permits since 2021: +66.2% in Portugal, −10.4% across 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

Licensing month by month, by municipality

Companies built 64% of the homes finished in 2025; public bodies built 53

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

INE's detailed tables count fewer homes than its long series for the same years, so these breakdowns are read as shares of their own totals.

Three-bedroom homes were 43% of those finished in 2025

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
Floor area per room, 2025
19.5 m²
Rooms per new home, 2025
4.4
Single houses among new residential buildings, 2025
85%

2.3 buildings reconstructed for every 100 built new in 2025

Buildings completed each year by kind of work. Extensions, alterations and reconstructions were 18% of the latest year. INE.

  • Reconstructions
  • Alterations
  • Extensions
  • New construction
Show the numbers
YearNew constructionExtensionsAlterationsReconstructionsTotal
202513,9152,05667631716,964
202414,3622,13664335117,492
202313,6512,27171332716,962
202214,0322,38773038717,536
202113,4652,52670946117,161
202011,9722,36264737215,353
201910,5912,44266646614,165
20189,3482,27355733812,516
20178,4112,34654434711,648
20167,8032,34452239011,059
20157,8822,66075051711,809
20148,8693,02887957113,347
201311,5513,53090856716,556
201216,1434,3831,20468422,414
201119,5394,7721,18272626,219

2025: 1.2 more residents for every home finished

The population's yearly change, net migration plus births minus deaths, against homes finished. INE.

Population change

Show the numbers
YearPopulation change
202536,809
2024182,875
2023274,643
2022330,587
2021204,820

Homes finished

Show the numbers
YearHomes finished
202530,425
202427,987
202325,591
202225,288
202124,281
Net migration, 2025
70,862
Births minus deaths, 2025
−34,053
Foreign residents, 2023
1,044,238
9.3% of residents
Vacant homes, 2021 census
723,215
12.1% of all homes
Net migration per 1,000 residents, 2025
6.2
EU: 4.6

Public bodies signed €862.2M of housing works in 2025, 7.2 times as much as in 2022

Contracts to build and renovate housing published on Portal BASE, by the year they were signed, before VAT. The 2026 column runs to October 22, 2026.

  • Other housing works
  • Renovation
  • New homes
Show the numbers
YearNew homesRenovationOther housing worksTotal
2026€159,772,476€78,591,080€14,673,592€253,037,148
2025€516,357,294€295,540,830€50,317,957€862,216,081
2024€570,649,570€261,723,025€42,574,037€874,946,632
2023€195,682,942€158,653,792€22,045,932€376,382,667
2022€56,945,404€53,638,683€8,406,169€118,990,256
2021€42,764,439€47,070,820€7,558,905€97,394,163
2020€27,012,699€53,572,699€14,322,636€94,908,034
2019€12,255,706€45,370,323€8,888,394€66,514,422
2018€38,529,454€41,949,678€15,123,155€95,602,286
2017€9,375,332€41,064,251€2,433,869€52,873,452
2016€2,811,677€19,524,118€3,104,041€25,439,836
2015€3,440,656€15,912,590€2,695,969€22,049,214
2014€7,863,166€9,741,980€1,332,219€18,937,365
2013€4,619,073€11,730,274€5,552,700€21,902,047
2012€4,357,053€12,107,931€1,959,776€18,424,759
Contracts, 2025
1,087
New homes named in contracts, 2025
1,668
Only where the contract text gives a number
Contracts raised after signing, since 2023
770 / 3,806
€68.9M added to their prices

Who signed the most, since 2023

BuyerKindContractsValue
Lisboa Ocidental, SRU - Sociedade de Reabilitação Urbana, E.E.M.Municipal company8€120.4M
Município de CascaisMunicipality131€103.8M
Município de OeirasMunicipality47€92.5M
Câmara Municipal de MatosinhosMunicipality21€82.1M
ESPAÇO MUNICIPAL RENOVAÇÃO URBANA E GESTÃO DO PATRIMÓNIOMunicipal company35€70.5M
Instituto da Habitação e da Reabilitação Urbana, I. P.IHRU104€67.5M
Construção Pública, E. P. E.Construção Pública6€55.1M
Universidade de LIsboaUniversity or polytechnic5€54.9M
Município de CoimbraMunicipality11€50.7M
Municipio de Vila Real de Santo AntónioMunicipality2€45.7M

The largest contracts

  1. €44.6MMunicipio de Vila Real de Santo António · January 10, 2025

    Empreitada de Reabilitação do Parque Habitacional Social do Município de Vila Real de Santo António – ELHVRSA (conceção-construção) – Ações previstas no projeto de investimento RE-C02-i01 - Programa de Apoio ao Acesso à Habitação, da Componente 02 – Habitação, do Programa de Recu

    Open on Portal BASE
  2. €39MUniversidade de Lisboa · June 27, 2024

    Empreitada de construção dos Edifícios 2 e 3, comércio, estacionamento, praça e exteriores, das Residências Universitárias da ULisboa na Cidade Universitária de Lisboa – Concurso Público com Publicação de Anúncio no Jornal Oficial da União Europeia

    Open on Portal BASE
  3. €35.8MMunicípio de Coimbra · June 25, 2024

    Empreitada de "1º Direito - Programa de Apoio ao Acesso à Habitação" (PRR) - Quinta das Bicas - Conceção-Construção de 268 Fogos

    Open on Portal BASE
  4. €31.8MLISBOA OCIDENTAL, SRU - SOCIEDADE DE REABILITAÇÃO URBANA, EM, S.A. · November 27, 2023

    PROGRAMA HABITAÇÃO RENDA ACESSÍVEL PÚBLICO - MARVILA OR12 - EMPREITADA DE CONSTRUÇÃO DOS EDIFICIOS NA RUA FERREIRA DE CASTRO / RUA PEDRO CRUZ - LISBOA

    Open on Portal BASE
  5. €26.1MMunicípio de Portimão · March 25, 2026

    CONSTRUÇÃO DE 204 FOGOS – BAIRRO COCA MARAVILHAS.

    Open on Portal BASE

Every contract, with filters

A contract counts as housing when it is for construction works and its object names housing; a word like “construction” on its own is not enough. Student residences are included, under universities and polytechnics.

Prices are up +201.4% since 2015 in Portugal and +68.6% in the EU, faster than in 24 of the other 25 member states

Portugal's own prices first, then Eurostat's house price index for all dwellings, 2015 = 100.

Asking price, September 2026
€3,228/m²
Bank valuation, September 2026
€2,278/m²
Sale price, 12 months to Q2 2026
€2,264/m²
Mortgage rate, August 2026
3.0%
  • 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

Existing homes rose faster than new ones: +227.5% against +135.2% since 2015

Eurostat's house price index for Portugal, existing and newly built dwellings, 2015 = 100.

  • Existing homes
  • New homes
  • 2015 = 100
Show the numbers
PeriodExisting homesNew homes
Q2 2026327.5235.2
Q1 2026316.1227.2
Q4 2025303.2221.2
Q3 2025290.0215.6
Q2 2025277.5209.5
Q1 2025264.0201.7
Q4 2024250.8194.6
Q3 2024243.5189.0
Q2 2024234.5183.0
Q1 2024225.7176.2
Q4 2023223.2177.6
Q3 2023220.4175.0
Q2 2023216.5171.6
Q1 2023209.7167.0
Q4 2022206.4166.1
Q3 2022203.8165.3
Q2 2022198.7158.9
Q1 2022191.3157.9
Q4 2021183.2155.1
Q3 2021177.7152.5
Q2 2021173.2146.6
Q1 2021168.4142.4
Q4 2020163.6140.3
Q3 2020159.4136.6
Q2 2020160.3136.9
Q1 2020157.4135.0
Q4 2019151.5130.3
Q3 2019148.6129.4
Q2 2019145.2127.9
Q1 2019142.1122.8
Q4 2018136.6120.3
Q3 2018134.1117.2
Q2 2018132.9115.9
Q1 2018129.2115.8
Q4 2017124.7111.0
Q3 2017122.8110.9
Q2 2017118.0109.0
Q1 2017114.3105.6
Q4 2016111.5104.8
Q3 2016110.2103.8
Q2 2016108.3103.5
Q1 2016104.7101.3
Q4 2015102.1101.3
Q3 2015101.0100.0
Q2 201599.9101.9
Q1 201597.096.8

Prices in Portugal, in detail

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%

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

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

38.0% of non-EU citizens in Portugal spend over 40% of their income on housing, against 6.3% of everyone

What a home costs here against a household's income, then Portugal against the EU in Eurostat's survey of living conditions, 2025.

What a home costs in Portugal

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

Share of people spending over 40% of their income on housing

Housing cost overburden rate, whole population. Eurostat.

  • Portugal
  • EU
Show the numbers
PeriodPortugalEU
20256.3%7.7%
20246.9%8.2%
20234.9%8.8%
20225.0%8.7%
20215.9%8.7%
20204.1%7.8%
20195.7%9.4%
20185.7%9.6%
20176.7%10.1%
20167.5%10.9%
20159.1%11.2%
20149.2%11.5%
20138.3%11.6%
20128.3%11.5%
20117.2%10.6%
20104.2%10.0%

Portugal against the EU

Share of people whoPortugalEU
Spend over 40% of income on housing6.3%7.7%
… nationals (adults)4.4%7.1%
… citizens of another EU country (adults)17.1%15.2%
… non-EU citizens (adults)38.0%18.1%
Live in an overcrowded home12.7%16.8%
Own their home outright39.7%43.7%
Own with a mortgage31.5%24.8%
Rent at market price16.3%20.8%
Rent at a reduced price or free12.5%10.7%

Portugal, municipality by municipality

Asking prices and how they changed in a year, then what gets built, who moves in and what public bodies spend. Select an area to see it up close.

Price per m²

  • €4,000 and over
  • €3,000 to €4,000
  • €2,000 to €3,000
  • €1,500 to €2,000
  • €1,000 to €1,500
  • Under €1,000
  • No asking-price data

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 asking-price data

Homes finished per 1,000 residents a year, 2023–25

  • 5.0 and over
  • 3.0 to 5.0
  • 2.0 to 3.0
  • 1.0 to 2.0
  • 0.5 to 1.0
  • Under 0.5
  • No figure

Homes licensed per 1,000 residents a year, 2023–25

  • 7.0 and over
  • 5.0 to 7.0
  • 3.0 to 5.0
  • 2.0 to 3.0
  • 1.0 to 2.0
  • Under 1.0
  • No figure

New homes built by companies, 2023–25

  • 80.0% and over
  • 65.0% to 80.0%
  • 50.0% to 65.0%
  • 25.0% to 50.0%
  • 10.0% to 25.0%
  • Under 10.0%
  • No figure

Highest

  1. Avis100.0%
  2. Lisboa98.2%
  3. Porto91.7%
  4. Oeiras91.0%
  5. Faro90.4%

Reconstructions per 100 new buildings, 2023–25

  • 50.0 and over
  • 25.0 to 50.0
  • 10.0 to 25.0
  • 5.0 to 10.0
  • 1.0 to 5.0
  • Under 1.0
  • No figure

Empty homes, 2021 census

  • 20.0% and over
  • 15.0% to 20.0%
  • 12.0% to 15.0%
  • 10.0% to 12.0%
  • 8.0% to 10.0%
  • Under 8.0%
  • No figure

Highest

  1. Penela25.9%
  2. Alvito25.4%
  3. Chamusca25.3%
  4. Monchique25.3%
  5. Coruche24.3%

Residents gained per home finished, 2023–25

  • 16.0 and over
  • 8.0 to 16.0
  • 4.0 to 8.0
  • 2.0 to 4.0
  • 0.0 to 2.0
  • Below zero
  • No figure

Lowest

  1. Freixo de Espada à Cinta−57.5
  2. Mesão Frio−38.0
  3. Marvão−26.0
  4. Sabugal−23.8
  5. Vimioso−23.4

Net migration per 1,000 residents, 2025

  • 20.0 and over
  • 10.0 to 20.0
  • 5.0 to 10.0
  • 1.0 to 5.0
  • −1.0 to 1.0
  • −5.0 to −1.0
  • Under −5.0
  • No figure

Lowest

  1. Odemira−17.8
  2. Odivelas−11.3
  3. Lisboa−8.9
  4. Aljezur−5.6
  5. Cascais−4.8

Foreign residents, share of population, 2023

  • 15.0% and over
  • 10.0% to 15.0%
  • 6.0% to 10.0%
  • 4.0% to 6.0%
  • 2.0% to 4.0%
  • Under 2.0%
  • No figure

Highest

  1. Vila do Bispo38.0%
  2. Aljezur34.2%
  3. Lagos34.2%
  4. Odemira31.0%
  5. Albufeira30.9%

Public housing works per resident a year, 2023–25

  • €100 and over
  • €50 to €100
  • €25 to €50
  • €10 to €25
  • €1 to €10
  • Under €1
  • No figure
Asking prices to September 2026; the other measures from INE, the 2021 census and Portal BASE. The Azores and Madeira are not drawn to the mainland’s scale. Prices are also in the tables below, and every measure is on each place’s own page. Boundaries: CAOP 2025, Direção-Geral do Território (CC BY 4.0).

Every municipality, with search

Sources

Every figure on this page comes from these publications, fetched again each week.

How the figures are read

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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