The median price per square metre of residential properties sold in Portugal in the first quarter was €1,011, up 1.5% on the previous quarter and 6.4% on the same quarter of 2018.
According to the National Statistics Institute (INE), although Lisbon continues to see the country’s highest prices, of around €3,111 per square metre, Amadora and Porto were the cities with over 100,000 inhabitants that saw the largest year-on-year increases, at 22.7% and 22.0% respectively, the INE said.
During the period under analysis, 46 municipalities had a median sale price per square metre above the national average – all in the Algarve (where the median was €1,562), in the Lisbon metropolitan area (€1,355) and in the autonomous region of Madeira (€1,197).
According to a report by Lusa, after Lisbon, the municipalities with the highest median prices per square metre were Cascais (€2,389), Oeiras (€2,062), Loulé (€1,983), Lagos (€1,800), Albufeira (€1,761), Porto (€1,682), Tavira (€1,669), Odivelas (€1,563), Lagoa (€1,544), Funchal (€1,542) and Vila Real de Santo António (€1,534).
In the Lisbon municipality, three out of the 24 parishes had median prices above €4,000 per square metre: Santo António, Santa Maria Maior and Misericórdia, the INE found.
In Porto, of the seven parishes of the city the parish union of Aldoar/Foz do Douro/ Nevogilde was the one with the highest median price per square metre, of €2,324.
Meanwhile, investment in Portugal’s domestic property market increased 25% in the first half of this year, reaching close to €1.05 billion, according to data released by Savills.
In the residential market, in the first quarter of 2019, Portugal was the third country in the European Union where house prices rose the most, behind the Czech Republic and Hungary.
There has been a continuous increase in house prices in 2019 in Portugal, a value of around 16%. However, this increase has been less and less driven by increases in Lisbon and Porto.
In Lisbon, in the first three months of the year, prices increased by around 11%, while Porto saw an increase of almost 29%.
The maintenance of interest rates at historically low levels is one of the factors contributing to the high levels of attraction of this area.
