This marks the highest annual increase in the available data, according to the National Statistics Institute (INE).

Last year, the average price increase for existing homes (18.9%) exceeded that for new homes (14.2%).

According to the INE, 169,812 homes were sold in 2025, an increase of 8.6% from the previous year and the highest figure in the available series.

Sales of existing homes

Breaking down these transactions, sales of existing homes rose by 9.5% to 136,245 units (80.2% of the total), whilst sales of new homes rose by 5.3% to 33,567 units.

In 2025, the value of homes sold amounted to €41.2 billion, 21.7% higher than in 2024, with €30.5 billion from existing home sales (+25% compared to 2024) and €10.7 billion from new home sales (+13%).

Sales to households

Sales of housing to households grew by 10.5% to 148,632 homes—87.5% of total sales, 1.4 percentage points higher than in 2024, and the highest since 2019.

The value of homes sold to households rose by 24.4% to €35.7 billion, making up 86.8% of the total (+1.8 percentage points versus 2024).

Buyers with tax residence in Portugal

Housing purchases by buyers with tax residence in Portugal rose by 10.1% compared with 2024, to a total of 161,341 units. This figure accounts for 95.0% of total transactions (+1.3 percentage points compared with 2024), the highest relative share in the series that began in 2019.

As regards buyers with tax residence outside Portugal, the number of transactions fell for the third consecutive year, by 13.3%, to 8,471 units.

Foreign buyers

Among buyers from outside Portugal, the European Union category accounted for 4,416 properties (-9.6% compared to 2024), higher than the figure for the ‘other countries’ category, which stood at 4,055 properties (-17.1% compared to 2024).

Regional analysis

In a regional analysis, INE found that in 2025, 27,467 homes were sold in the Centre and 16,115 in the West and Tagus Valley, together accounting for 25.7% of the total, with both regions recording the largest year-on-year increases in their respective relative shares (+0.3 percentage points).

The regions whose regional shares fell most were Greater Lisbon (with 31,762 housing sales) and the Autonomous Region of Madeira (3,303 units), accounting for 18.7% of total transactions (-0.6 percentage points compared to 2024) and 1.9% (-0.5 percentage points), respectively.

Greater Lisbon, with a total of €12.4 billion, accounted for 30.1% of the value of housing transactions in 2025, but saw the largest decrease in its relative share compared to 2024 (-2.1 percentage points).

In the North, housing transactions totalled €10.5 billion, representing 25.6% of the total, an increase of 0.8 percentage points compared to 2024.

The Setúbal Peninsula, the Centre and West, and the Tagus Valley, with amounts of €4.2 billion, €3.9 billion and €2.9 billion respectively, recorded increases in their relative shares of 0.5 percentage points or more.

Final quarter of 2025

Looking solely at the final quarter of 2025, the year-on-year change in the house price index was 18.9%, 1.2 percentage points higher than in the previous quarter. The price increase was more pronounced for existing homes (20.9%) than for new homes (13.7%).

Between October and December, 43,084 homes were sold, a year-on-year fall of 4.7% and the first time since the first quarter of 2024 that a year-on-year decline in the number of transactions has been recorded. Quarter-on-quarter, there was an increase of 1.4%.

In the final quarter of last year, both categories of housing saw a decline in transactions, with the decline more pronounced for new homes (-5.4%) than for existing homes (-4.5%).

During that period, the value of homes sold amounted to €10.8 billion, up 5.9% compared with the same three months of 2024. Transactions involving existing homes grew by 9.7% year-on-year, whilst new homes recorded a 3.7% decline in value.