Housing Prices Accelerated in 19 of 24 Largest Municipalities in Q2
Housing prices showed accelerated growth in 19 of the 24 municipalities with over 100,000 inhabitants during the second quarter of the year, according to a report from the National Statistics Institute (INE). The data, part of the institute's statistics on Housing Prices at the Local Level, indicated that Vila Nova de Gaia and Coimbra were the municipalities leading with the most significant price accelerations. The highest median prices in the country, however, remained concentrated in the Lisbon area.
The INE report published on Thursday shows that during the second quarter of 2025, the municipalities of Lisbon (€4,865/m²), Cascais (€4,346/m²), and Oeiras (€4,161/m²) registered the highest median housing prices in Portugal. Following them were Porto (€3,309/m²), Odivelas (€3,219/m²), and Almada (€3,101/m²). These figures confirm the continued premium placed on properties within the capital's metropolitan area. For those looking to buy, understanding the specifics of each area is crucial, and our Lisbon neighborhood guide provides essential details.
The national median price for housing stood at €2,065 per square meter in the second quarter. All municipalities with more than 100,000 residents in the Grande Lisboa, Península de Setúbal, and Área Metropolitana do Porto regions reported median prices exceeding this national benchmark, with the exceptions of Santa Maria da Feira and Gondomar. This highlights a clear price divide between the major metropolitan areas and the rest of the country.
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Despite having some of the highest prices, several of these top-tier municipalities recorded year-over-year growth rates below the national average of 19.0%. Among the 17 municipalities in this group, six fell into this category: Setúbal (18.5%), Matosinhos (17.2%), Odivelas (16.6%), Lisbon (11.4%), Porto (9.2%), and Cascais (8.8%). This suggests that while prices remain high, the rate of growth in these established, expensive markets is moderating compared to other parts of the country. Navigating these trends requires expertise, which is why consulting with English-speaking real estate agents is recommended for international buyers.
The municipality of Funchal, on the island of Madeira, also reported a median price (€2,928/m²) above the national reference, but its year-over-year growth rate was lower at 7.2%. The INE also noted a significant development in the country's two largest cities. The municipalities of Porto and Lisbon saw their year-over-year growth rates accelerate by 4.9 percentage points and 4.2 percentage points, respectively, when comparing the second quarter of 2025 to the first. This indicates a renewed momentum in price growth within the main urban centers. For more analysis on these trends, please visit our Market Trends news section. Discover emerging areas and local opportunities at realestate-lisbon.com.