Portugal’s housing market has seen a surge in property prices, averaging €221,272 by the summer of 2024. However, the National Statistics Institute (INE) highlights significant regional price variations. Properties in Greater Lisbon and the Algarve are 50% pricier than the national mean, whereas Alentejo and the Central Region offer the country’s most affordable housing, with prices below €150,000.
According to recent INE data, five regions boast average sales prices below the national third-quarter average of €221,272. Alentejo (€113,329) and the Central Region (€124,095) stand out as the most budget-friendly, with costs nearly half the national average. Other more affordable options include the Oeste and Vale do Tejo (€155,977, 30% below average), the Azores (€164,344; -26%), and the North (€185,212; -16%), as revealed by the institute in late December 2024.
The North region leads in sales volume, accounting for 12,407 transactions (30% of total sales), making it the most favored region for home purchases. The Central region also enjoys considerable popularity, with 6,497 units sold (16% of the total). The North is both a top destination and one of the areas where housing is cheaper than the national average.
On the opposite spectrum, property in five regions exceeds the national average. Greater Lisbon tops the list at €371,704, a 68% premium over the national average, followed by the Algarve (€342,972, +55%), Madeira (€238,314, +8%), the Setúbal Peninsula (€226,159, +2%), and the Porto Metropolitan Area (€223,258, +1%).
Despite the high cost, Greater Lisbon remains a popular choice, drawing 7,949 sales (19% of the total), second only to the North. The lowest-priced region, Alentejo, accounted for just 5% of sales, placing it near the bottom alongside the island regions.
