GLOPRAGlobal Property Radar

Portugal house prices: bank valuations reach €2,278 per m² in September 2026

Portuguese bank valuations hit a median €2,278 per square metre in September 2026, up +14.2% on the year, raising the cash deposit needed for the same home.

The facts

  • Median bank valuation reached €2,278 per square metre in September 2026, up €24 or 1.1% on August, Statistics Portugal reported on 27 October.
  • Annual growth came in at +14.2%, below the +14.7% recorded a month earlier.
  • Apartments were valued at €2,662 per square metre, up 15.4% over twelve months; houses at €1,621, up 11.1%.
  • Grande Lisboa apartments reached €3,525 per square metre and Algarve apartments €3,010, against €1,748 in Centro and €1,739 in Alentejo.
  • Banks completed 32,597 valuations in September, 20,281 on apartments and 12,316 on houses, 1.2% fewer than a year earlier.
  • Península de Setúbal recorded the fastest annual rise at 18.4%, while the Azores was the only region where valuations fell month on month, by 3.2%.

What it means for your money

  • Valuations set the ceiling banks lend against. A +14.2% rise means more cash down for the same flat.
  • Owners already in the market gain borrowing room, because a higher valuation lowers the loan-to-value ratio on an existing mortgage and can move it into a cheaper pricing tier.
  • Glopra data put the Portuguese average at $2,430 per square metre with a Bubble Risk score of 84 out of 100, in the high band, so valuation growth of 14.2% is running ahead of the rental income that has to service it.
  • Apartment buyers face the steeper climb: at 15.4% annual growth against 11.1% for houses, the segment most foreign investors buy is also the one repricing fastest.

What to watch

  • The October survey is printed for 25 November 2026 and will show whether the annual rate keeps easing from 14.7% to 14.2% and below.
  • Valuation volumes fell 1.2% over the year, so the new median is being set on a shrinking sample.
  • Regional spread is widening: Grande Lisboa apartments now sit more than double the Alentejo level, which changes where a given budget reaches.

Sources: INE https://www.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_destaques&DESTAQUESmodo=2; INE https://www.ine.pt/ngt_server/attachfileu.jsp?look_parentBoui=824196837&att_display=n&att_download=y

Market data: Sintra · Braga (city) · Funchal · Portugal