Portuguese house prices hit a new record — and in 157 municipalities they more than doubled
The median price reached €3,142 per square metre, the seventh straight high. And it's no longer interest rates doing most of the pushing.
If you’re house-hunting and feel like prices simply won’t stop, it’s not in your head. The median cost of buying a home in Portugal reached €3,142 per square metre at the end of May — a new all-time high, and the seventh month in a row breaking the previous record.
The number that really lands, though, is another one: prices have more than doubled in 157 municipalities over recent years. And this isn’t just Lisbon and Porto — the climb has spread across the country, and plenty of areas that used to be “affordable” no longer are.
There’s an interesting twist in the explanation, too. For a long time we blamed interest rates. Now analysts say what’s pushing prices most is economic growth and a shortage of supply — too much demand, too few homes. In other words, lowering Euribor alone won’t fix the underlying problem.
What it means for buyers
The Centro region remains the cheapest (around €1,794/m²), which keeps the argument alive for anyone swapping city crowds and city prices for the interior. Every record since has been logged in our house prices tracker, updated with each new release. There are signs of cooling — buyers are more cautious and slower to decide — but anyone waiting for “the big drop” could be waiting a long while.
Illustrative · Photo: Reinaldo Simoes / Pexels
