Portugal property prices rise 3 times more than EU

Desk Report: Portugal continues to be one of the European countries where house prices are rising the most, remaining far from the average for the Eurozone and the European Union.

In the second quarter of the year, the national market recorded year-on-year growth almost three times higher than the European average and, compared to the previous quarter, it was the second country where prices rose the most.

House prices in Portugal recorded a year-on-year increase of 7.8% in the second quarter of the year, a growth well above the average increase of 2.9% recorded in the European Union and 1.3% for Eurozone countries, according to data released by Eurostat this morning.

Compared to the previous quarter, the national market recorded a quarter-on-quarter increase of 3.9%, a percentage that compares with a 1.8% increase in the 20 Member States of the Eurozone and an increase of 1.9% among the countries of the European Union.

This is the second highest quarter-on-quarter growth recorded in the European Union, only surpassed by Croatia, which saw prices increase by 4.3% compared to the first quarter of the year.

After a slowdown in the first quarter of the year — prices in the national market recorded a year-on-year increase of 7% and a quarter-on-quarter increase of 0.6% — prices accelerated again in the second quarter of 2024, similar to what happened at the European level.

Among the Member States of the European Union, Poland, Bulgaria, Lithuania and Croatia occupy the podium places in real estate valuations, with year-on-year increases of 17.7%, 15.1%, 10.4% and 10%, respectively. Portugal remains in 7th place in this ranking.

Luxembourg, Finland and France saw the biggest price drops between April and June, with falls of 8.3%, 4.8% and 4.6%, respectively.

Compared to the first quarter of the year, France and Belgium led the declines, both with a 0.2% drop in prices, while Croatia (4.3%), Portugal (3.9%) and Spain (3.6%) were the countries where property valuations increased the mos. 

Biniyougbarta/Sam//