Houses were 12.2 percent more expensive in the third quarter of last year, with a square metre now €1,311 nationwide, according to data from the National Statistics Institute (INE).

Lisbon remains at the top of the list of the most expensive cities to buy a house in Portugal, with a square metre costing €3,427, almost three times more than the national median.

Between July and September, the median price of family accommodation traded in Portugal was €1,311 per square metre, a value that represents an increase of 3.4 percent compared to the second quarter and 12.2 percent compared to the same quarter of 2020. The numbers show an acceleration in prices, in line with that observed in the second quarter, says the INE. Between April and June, the rise had been 6.8 percent.

When looking at the 25 sub-regions of the country, the Algarve has the most expensive square metre price in the country (€2,057), ahead of the Lisbon Metropolitan Area (€1,823), the Autonomous Region of Madeira (€1,397) and of the Porto Metropolitan Area (€1,364). However, in terms of price evolution, only the Algarve (+13.9 percent) recorded year-on-year growth above the national one.

INE highlights that “all municipalities in the metropolitan areas of Lisbon and Porto, with the exception of Gondomar and Santa Maria da Feira, recorded median housing prices higher than the national one”.

In terms of price evolution, there were seven municipalities where prices rose more than the national median (12.2 percent). At the top appears Vila Franca de Xira (+18.6 percent to 1,579 euros/m2), ahead of Braga (+15.6 percent to 1,185 euros/m2) and Cascais (+14.1 percent to 3,100 euros/m2 ).