Data from the National Statistics Institute (INE) shows that houses were 13.2% more expensive between the first quarter of 2022 and the same period last year. Buying a house in Portugal cost an average of 190,054 euros between April and June (+2% compared to the beginning of the year).
Average house prices vary greatly from territory to territory. It is in the Algarve where buying a house was the most expensive in the second quarter of 2022, costing an average of 287,482 euros. And following the Algarve is the Lisbon Metropolitan Area, with house prices reaching 260,754 euros. At the other end of the scale is the Alentejo and Centre region where it is cheapest to buy a house.
Biggest price rises
The evolution of prices over the years is also not homogeneous. Compared to the previous quarter (1st quarter of 2022), houses became more expensive in six regions of the country. And the most expressive increase was registered in the Algarve of 6%. In the Porto Metropolitan Area and in the Autonomous Region of the Azores, prices fell slightly.
Compared to the second quarter of 2021 (same period), houses became more expensive in all regions of the country. The biggest rise in house prices was felt in the Autonomous Region of Madeira (+21%): here, houses cost, on average, 170,763 euros between April and June last year and went on to cost 206,607 euros (+35,800 euros) in the same period of 2022. Also in the Algarve and the Azores, prices jumped by 20% and 19%, according to INE data. In the remaining regions, increases between 12% and 16% were observed.