Source figures are in euros and m². Display conversions are estimates; percentage changes retain their source-currency basis.
In this report
At a Glance
Reading Time
4 minutes
Who This Report Is For
Americans buying, selling or comparing locations in Portugal.
You’ll Learn
- Compare average sale prices and prices per square metre across 15 municipalities.
- See quarterly and annual changes, then explore the detailed regional evidence.
Key Takeaway
What homes sold for across 15 selected Portuguese municipalities, how prices changed and what we think about it.
The headlines
Portugal’s real estate market is slowing, according to the latest analysis of Q3 activity. The data suggest a persistent slowdown across most tracked markets. Portugal comprises many markets, but broadly speaking prices remain resilient while price growth is moderating in many municipalities.
Loulé, in the Algarve, leads the 15 Portuguese municipalities AGTP currently tracks on both average sale price (€823,174) and price per square metre (€6,046/m²). Its average sale price was 32.1% higher than a year earlier. Tavira recorded the largest annual increase in average sale price, at 44.9%; these changes in averages are not measures of appreciation for an unchanged home.
Lisbon was in a close second place on a price per metre basis (€5,963). Cascais had a higher average sale price than Lisbon (€663,404 vs €525,262). Caldas da Rainha recorded the lowest average on both price measures (€232,235 and €2,014/m²).
The average price per metre grew in 13 of the 15 markets we study (Q3 2026 vs Q3 2025), with Faro and Sesimbra being the exceptions. Average sale prices were also higher in 13 markets, but Cascais and Nazaré saw decreases.
That difference is the central lesson of this quarter. Price per metre and the average purchase price answer different questions. This analysis is designed to help you compare markets and decide where to look more closely. We have also created five regional reports to examine what sits behind the municipal averages.
A slower market with different local price trends
Portugal’s residential market is showing a separation between prices and the pace of unit sales across the 15 municipalities we track. Average sale price per square metre was higher than a year earlier in 13 markets, even though estimated unit sales fell in 14. The longer history shows that this slowdown extends beyond one quarter: four-quarter unit sales totals were lower in every market except Braga.
Price growth is moderating in many locations. Annual growth in average €/m² was below its Q1 rate in 12 of the 15 markets. Lisbon slowed from 18.6% in Q1 to 7.4% in Q3; Cascais slowed from 12.4% to 0.3%. Strong increases continued elsewhere, including Oeiras, Setúbal, Palmela, Loulé and Braga. The evidence supports a more uneven market, rather than a broad price plateau.
What homes sold for
Loulé had the highest average total sale price and €/m² in this comparison; Caldas da Rainha had the lowest. Lisbon was more expensive per square metre than Cascais, while Cascais had the higher average total purchase price. Read both measures together: they describe different aspects of the homes sold.
Changes below are shown against Q2 2026 and Q3 2025, respectively. Each municipality links to its section in the relevant regional report.
Q3 comparison by region
Average transaction values and price per square metre. Changes compare Q3 2026 with Q2 2026 and Q3 2025.
| Municipality | Average sale price | Change Q/Q | Change Y/Y | Average €/m² | Change Q/Q | Change Y/Y | Regional report |
|---|---|---|---|---|---|---|---|
| Lisbon Area | |||||||
| Lisbon | €525,262 | -1.2% | +1.2% | €5,963/m² | +3.4% | +7.4% | Dive Deeper |
| Cascais | €663,404 | +8.1% | -2.4% | €5,254/m² | +3.3% | +0.3% | Dive Deeper |
| Oeiras | €520,644 | +3.5% | +8.4% | €5,202/m² | +5.7% | +19.0% | Dive Deeper |
| Setúbal Region | |||||||
| Setúbal | €315,919 | -2.9% | +10.9% | €3,126/m² | +4.1% | +18.4% | Dive Deeper |
| Palmela | €323,971 | +1.4% | +12.3% | €2,901/m² | +2.3% | +18.3% | Dive Deeper |
| Sesimbra | €341,375 | +2.4% | +11.4% | €3,310/m² | -1.3% | -3.9% | Dive Deeper |
| Algarve | |||||||
| Lagos | €432,833 | +13.9% | +1.7% | €4,178/m² | +2.9% | +11.1% | Dive Deeper |
| Loulé | €823,174 | +41.7% | +32.1% | €6,046/m² | +15.0% | +26.7% | Dive Deeper |
| Faro | €459,352 | +19.0% | +24.2% | €3,182/m² | -0.6% | -1.1% | Dive Deeper |
| Tavira | €488,077 | +55.0% | +44.9% | €3,875/m² | +26.8% | +16.2% | Dive Deeper |
| Silver Coast | |||||||
| Caldas da Rainha | €232,235 | -35.0% | +4.8% | €2,014/m² | -10.6% | +12.6% | Dive Deeper |
| Nazaré | €258,035 | +7.2% | -4.8% | €2,870/m² | +27.0% | +1.9% | Dive Deeper |
| Northern and Central Cities | |||||||
| Porto | €345,667 | -0.2% | +5.5% | €4,382/m² | +8.8% | +14.7% | Dive Deeper |
| Braga | €286,943 | +1.6% | +4.0% | €2,673/m² | +4.0% | +19.8% | Dive Deeper |
| Coimbra | €253,086 | -2.3% | +5.4% | €2,607/m² | -5.2% | +2.9% | Dive Deeper |
Average sale price — highest to lowest
Price per square metre — highest to lowest
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Regional trends
Lisbon Area. Price growth slowed in Lisbon and Cascais, while Oeiras retained a much stronger annual increase. Unit sales were lower in all three.
Setúbal Region. Setúbal and Palmela retained strong annual price growth. Sesimbra’s lower municipal €/m² average contrasts with higher used-apartment averages, making the property comparison especially important.
Algarve. Loulé and Tavira recorded large increases in transaction averages, while Faro’s €/m² was slightly lower than last year. Selling conditions varied substantially between municipalities and property types.
Silver Coast. Caldas da Rainha and Nazaré combined fewer unit sales with longer marketing and wider negotiation discounts. Their large quarterly price movements need to be read alongside more restrained annual comparisons.
Northern and Central Cities. Porto’s unit sales contraction deepened while average €/m² remained higher. Braga stood out with higher unit sales and prices. Coimbra recorded modest aggregate price growth.
Michael’s Perspective
After a period of frenzied growth, it’s normal — dare I say healthy — for a market to cool. I don’t see evidence of a broad crash or correction in these figures, or anecdotally in the consumer sentiment I encounter, but we are seeing price growth slow in many of the markets we track.
Blanket statements across all of Portugal are foolhardy at best, and 15 municipalities do not comprise the entire Portuguese market, but the data is giving us some much needed breathing room for buyers. For sellers, it provides context for pricing. The regional reports take the next step by comparing property types, selling timelines and negotiation.
Methodology and sources
This report compares 15 selected municipalities, or concelhos; it is not a statistical estimate for all of Portugal. No blended national or regional price has been calculated. Figures come from Confidencial Imobiliário’s SIR. Prices are nominal transaction averages, not medians, asking prices or a measure of appreciation for an unchanged home. €/m² uses gross private area, which differs from American interior living area. Acquisition costs are excluded.
Quarterly comparisons use the current Q2 2026 Drive workbook; annual comparisons use Q3 2025. The longer analysis spans Q1 2024–Q3 2026. Four-quarter unit sales comparisons use Q4 2025–Q3 2026 against Q4 2024–Q3 2025. Estimated unit sales are activity estimates, not raw sample sizes. Property mix and revisions can affect comparisons; quarterly figures are not seasonally adjusted. Q3 figures are preliminary and subject to revision with the Q4 dissemination. Updated selling-price treatment remains unconfirmed, and historical editions may have different revision status.
Read How We Analyze Portugal’s Real Estate Market for definitions and limitations. AGTP is responsible for the selections, calculations and interpretation.
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
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Photography credits
Photo by Jonathan Adams on Unsplash, used under the Unsplash License. Cropped responsively for this report.