House prices up 9.1% in 2024

House prices in Portugal were up 9.1% in 2024 with 156,325 properties changing hands according to the country’s national statistics institute INE.

The total value of transactions grew 14.5% on 2023 to €3.8Bn. Sales of existing built housing increased 14.8% and 21.1% respectively in terms of the number and value increases.

Looking at the last quarter of the year, there was an increase of 1.8% which increased the index to 11.6%, with price increases the highest for existing built (12.4%) compared to new build (9.6%).

The same was seen for overall data for 2024: the price of “used” houses increased 9.7% and 7.5% for new homes.

Sales to Portugal residents stood at 134,540 units totalling €28.7Bn (+15.2%) while 9774 houses were purchased by non-doms, down 5.9% on 2023.

And there were less overseas buyers. From almost 10,000 houses, 4,883 (-2.85%) were bought by EU residents while citizens whose tax base is in other countries fell 8.9% to 4,891 units.

In the third quarter of 2024, the housing price index witnessed the most significant increase in almost two years, with a year-on-year increase of 9.8%, two percentage points higher than in the previous three months, marking the most substantial price increase since the fourth quarter of 2022.

In 2023, the rise in house prices slowed to 8.2%, after decelerating 4.4 percentage points compared to the previous year. However, in these 12 months, fewer homes were bought and sold. In total, 136,499 homes were transacted (-18.7%) for an accumulated value of €28Bn (-11.9%).