Referencing the 164,677 sales made in 2025, the median price was €2,076/m2, up 4.3% from the year ending September 2025, and 16.8% compared to 2024, according to INE.

According to the statistical institute, the sub-regions of Greater Lisbon (€3,439/m2), Algarve (€3,139/m2), Setúbal Peninsula (€2,596/m2), Madeira Autonomous Region (€2,500/m2), and Porto Metropolitan Area (€2,305/m2) all had median housing prices above the national average of €2,076/m2.

Above the national average

The report indicates that 56 municipalities had median prices above the national average—mostly in Greater Lisbon (all 9 municipalities), the Setúbal Peninsula (all 9 municipalities), the Algarve (14 of 16 municipalities), and the Porto Metropolitan Area (9 of 17 municipalities).

Among these, Lisbon (€4,875/m2) registered the highest price, with Cascais (€4,550/m2), Oeiras (€4,187/m2), Loulé (€3,993/m2), and Lagos (€3,801/m2) also reporting prices above €3,500/m2.

INE notes that in the Algarve, Porto Metropolitan Area, and Greater Lisbon, price differences between municipalities exceeded €2,000/m2, highlighting significant internal regional price variation.

Lisbon record

As for transaction volume, Lisbon recorded the most family housing sales in the country (8,235), followed by Sintra (6,363), Vila Nova de Gaia (5,494), and Porto (4,503), each topping 4,500 sales.

Lisbon recorded the highest median housing price among the 24 municipalities with more than 100,000 inhabitants in both categories of buyer tax domicile: €4,813/m2 for buyers with tax domicile within the national territory and €6,026/m2 for buyers with tax domicile abroad.

Besides Lisbon, Cascais, Oeiras, and Porto also posted prices above €3,300/m2 for buyers with national tax domicile and above €4,100/m2 for buyers from abroad.

Continuing with larger municipalities, Lisbon, Cascais, and Oeiras had the highest median prices for both institutional buyer sectors, while Loures had the largest price gap between sectors: €1,382/m2.

Shifting to new versus existing housing, 23 of the 24 municipalities with over 100,000 inhabitants had higher median prices for new housing, except Amadora, where existing housing was €258/m2 more expensive (€3,014/m2, compared to €2,756/m2 for new housing).

New housing

Looking specifically at new housing, Guimarães had the lowest median price (€1,695/m2), while the highest were in Lisbon (€5,890/m2) and Cascais (€5,121/m2), both above €5,000/m2.

Further highlighting new versus existing housing, Lisbon showed the largest price difference: new housing at €5,890/m2 versus €4,725/m2 for existing housing, a gap of €1,165/m2.

Fourth quarter of 2025

Examining data from just the fourth quarter of 2025, the median price for 41,789 family dwellings transacted in Portugal reached €2,198/m2, marking a 17.5% rise from the last quarter of 2024 (compared to 16.1% in the previous quarter).

For this period, Lisbon (€5,198/m2), Cascais (€4,654/m2), and Oeiras (€4,225/m2) had the highest prices.

Meanwhile, transactions fell by 5.3% compared to the same quarter in 2024, with median prices increasing in 24 of 26 NUTS III sub-regions; only Alto Tâmega e Barroso (-12.1%) and Madeira (-8.3%) reported decreases.