Portugal house prices: €2,445 per square metre median in Q2 2026

Portugal's median price for homes sold reached €2,445 per square metre in the second quarter of 2026, up 18.4% in a year as transactions fell 9.0%.

The facts

Portugal's median price for dwellings transacted reached €2,445 per square metre in the second quarter of 2026.
That median stood 18.4% above the same quarter of 2025, an annual rate easing from 19.8% in the first quarter.
Transactions fell to 37,854 dwellings, 9.0% fewer than a year earlier.
Prices accelerated in 10 of the 24 municipalities above 100,000 inhabitants, against 11 a quarter earlier; the annual rate climbed most in Loures, by 9.7 percentage points, and fell most in Guimarães, by 13.4 points, with Lisbon down 8.9 and Porto down 5.4.
Lisbon held the highest municipal median at €5,299 per square metre, ahead of Cascais at €5,200 and Oeiras at €4,704; medians rose year on year in all 26 sub-regions, led by Médio Tejo at 25.4%.

Portugal's median square metre now costs €2,445. Entering takes 18.4% more cash than a year ago.
Buyers with tax residence abroad paid a median 47.0% more per square metre than residents in Greater Lisbon, and 37.5% more in the Porto metropolitan area, so a cross-border entry price sits above the national figure.
An unrealised 18.4% is what a current owner holds, and selling into 9.0% fewer transactions is the harder half; Glopra puts Portugal's round-trip transaction costs at 11.2% of the price and its bubble risk at 84 out of 100, inside the high band.

The count of accelerating municipalities, 10 of 24 this quarter after 11, is the next read on whether the national easing from 19.8% to 18.4% is spreading.
These are medians of completed sales, so they move with which dwellings changed hands as well as with price levels; INE publishes a separate quarterly house price index on a different basis.

Sources: INE https://www.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_destaques&DESTAQUESdest_boui=770298664&DESTAQUESmodo=2&xlang=pt