INE Data Shows Housing Prices Surging in Portugal's Largest Cities
House prices in Portugal are not only continuing to rise but are accelerating in the nation's principal cities, according to the latest Q2 2025 data from the Instituto Nacional de Estatística (INE). The report indicates that 19 of the 24 municipalities with over 100,000 residents saw an increase in housing values. Vila Nova de Gaia and Coimbra were at the forefront, leading the quarter's most significant price hikes in a market characterized by intense pressure on buyers. These statistics are a cornerstone of our market intelligence and analysis.
The Housing Price Statistics at the Local Level confirm that the municipalities of Lisbon (€4,865/m²), Cascais (€4,346/m²), and Oeiras (€4,161/m²) maintain the highest property prices per square meter. They are followed by Porto (€3,309/m²), Odivelas (€3,219/m²), and Almada (€3,101/m²). The national median price settled at €2,065/m², a figure surpassed by nearly all municipalities within Greater Lisbon, the Setúbal Peninsula, and the Porto Metropolitan Area. For a closer look at these areas, our neighborhood guide offers detailed profiles.
Need Expert Guidance?
Get personalized insights from verified real estate professionals, lawyers, architects, and more.
Even cities that were traditionally more affordable are seeing expressive growth, with Setúbal prices rising 18.5% and Matosinhos by 17.2%. In contrast, the year-over-year growth in Lisbon (11.4%), Porto (9.2%), and Cascais (8.8%) was below the national average, yet their market values remain substantially higher than the rest of Portugal. In Madeira, Funchal's median price of €2,928/m² exceeded the national average, though its annual growth was a more moderate 7.2%.
The INE report also revealed that both Lisbon and Porto have picked up their pace of price growth compared to the prior quarter. The capital's growth rate increased by 4.2 percentage points, and Porto's accelerated by 4.9 percentage points. This renewed momentum suggests the market is on a clear path of appreciation, driven by a supply shortage and high demand in urban and peripheral zones. Navigating this appreciation requires understanding potential investment risks. Stay informed on Lisbon property market developments at realestate-lisbon.com.