House prices up in 19 out of 24 municipalities

House prices went up in 19 of the 24 Portuguese municipalities with more than 100,000 inhabitants, with Funchal and Matosinhos leading the increases in the last quarter of last year, according to data released on Wednesday by the National Institute of Statistics (INE).

Of the largest municipalities, only Santa Maria da Feira, Braga, Vila Nova de Gaia, Barcelos and Maia had a slowdown in house prices in relation to the rate seem in the previous quarter, shows the same data.

In the case of Funchal, Madeira, which led the increases, prices grew by more than 50%, reflecting an increase of 42 percentage points in the average price per square meter compared to the third quarter rate. In Gondomar, prices rose by more than 20%. Three more municipalities had growth above the national average, which was 15.5%, the highest since the third quarter of 2022, according to the INE: Guimarães, Barcelos and Oeiras.

As for the two main cities in the country, Lisbon is the municipality with the highest prices, with a square meter costing €4,340 – Cascais (€4,053 per square meter), Oeiras (€3,471) and Lagos (€3,452) also saw values above €3,400 per square meter. In Porto, prices rose 6.3% to €3,010 per square meter.