Housing Stock in Key Portuguese Markets Nears All-Time Lows
A recent statistical analysis of the Portuguese real estate market has revealed that the inventory of homes available for sale is approaching historic lows, particularly in high-demand regions. According to data released by the property portal Idealista for the second quarter of 2025, the national housing stock is currently only 5% above the lowest point recorded in the past several years, signaling a significant supply-side constraint on the market.
The report's methodology involved tracking property listings across all districts and islands of Portugal between 2019 and 2025 to identify trends in housing availability. The findings indicate that the supply crunch is not uniform, with different regions experiencing their lowest inventory levels at various times. However, a critical development in the second quarter of 2025 was the convergence of several key markets hitting their absolute minimums simultaneously. This suggests a widespread and intensifying shortage of available properties for purchase.
The most severe shortages were recorded in five specific districts and islands, which reached their all-time lowest levels of housing stock in the second quarter of 2025. These areas are the Lisbon district, the Aveiro district, the Coimbra district, the island of Madeira, and the Santarém district. For buyers and investors in these markets, this translates to the most limited choice of properties seen in the portal's recorded history. The Lisbon market, a perennial hotspot for international investment, is a focal point of this trend, with intense competition among buyers for a dwindling number of listings.
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The data shows a similar pattern in other strategic locations. On the island of São Miguel in the Azores, the available stock is just 3% above the record low set in the first quarter of 2025, indicating a sustained period of scarcity. In the Setúbal district, which includes popular coastal areas south of Lisbon, the number of homes on the market is only 4% higher than the historic minimum registered at the end of 2022. In the Porto district, another major urban center, the current housing supply stands 12% above its lowest point from the summer of 2022, reflecting a tight but slightly less constrained market than Lisbon's.
In contrast, the analysis highlights a different trajectory for several of Portugal's interior regions. These areas have seen their housing inventory rebound significantly from previous lows. The Guarda district, for example, now has 72% more properties for sale than it did during its most constrained period in the first quarter of 2021. Similarly, the Bragança district shows a 55% increase in stock compared to its low in the second quarter of 2019. The districts of Viseu and Castelo Branco also report approximately 30% more available homes now than during their respective inventory troughs in 2019 and 2020.
This statistical divergence between the high-demand coastal and metropolitan areas and the less populated interior is a defining characteristic of the current market. Industry experts note that this supply-demand imbalance in prime locations like Lisbon and Porto is a primary driver of continued price appreciation. The data suggests that while opportunities may be emerging in interior regions, the challenge for buyers in the main investment hubs is the sheer lack of available properties. No immediate government or regulatory response to these specific statistical trends has been announced, but the data will likely inform future housing policy discussions. Stay informed on Lisbon property market developments at realestate-lisbon.com.