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
10 minutes
Who This Report Is For
Americans buying, selling or comparing locations in Portugal.
You’ll Learn
- Porto averaged €345,667 and €4,382/m²; Braga €286,943 and €2,673/m²; Coimbra €253,086 and €2,607/m².
- Q3 unit sales fell 25.2% annually in Porto and 19.4% in Coimbra, but rose 9.4% in Braga.
- Braga was the only one of the 15 tracked markets with a higher four-quarter unit sales total. Marketing time shortened in all three cities.
Key Takeaway
Porto combined higher price averages with fewer unit sales, Braga recorded rising activity, and Coimbra followed a more restrained price path.
Braga stood apart as Porto and Coimbra recorded lower activity
Porto and Coimbra recorded substantial annual unit sales declines in Q3, while Braga recorded an increase. The longer comparison confirms the difference: four-quarter unit sales totals fell 14.4% in Porto and 8.2% in Coimbra, but rose 0.6% in Braga.
Average €/m² remained higher than last year in all three. Porto rose 14.7%, Braga 19.8% and Coimbra 2.9%. Used T2 and T3 apartment averages also increased in each city, so the price increases cannot be explained simply by more new apartments selling.
These are three distinct municipal markets, rather than one statistical region. Braga’s relative strength is not evidence that it is absorbing buyers displaced from Porto; the data does not track those movements.
What did homes sell for
Porto’s higher €/m² accompanied an average transacted property of 92 m², compared with 119 m² in Braga and 106 m² in Coimbra. Buyers in the three cities were therefore transacting different average combinations of area and total budget.
Braga’s €/m² was slightly above Coimbra’s in Q3, and its average total transaction was higher. Those broad positions are useful when narrowing a search, but the property segment and exact location still matter.
Swipe the table to compare all columns →
| Municipality | Average total sale price | Average €/m² | Average property size |
|---|---|---|---|
| Porto | €345,667 | €4,382 | 92 m² |
| Braga | €286,943 | €2,673 | 119 m² |
| Coimbra | €253,086 | €2,607 | 106 m² |
| Measure | Porto | Braga | Coimbra |
|---|---|---|---|
| Average total sale price | €345,667 | €286,943 | €253,086 |
| Average €/m² | €4,382 | €2,673 | €2,607 |
| Average property size | 92 m² | 119 m² | 106 m² |
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
How have prices changed
Porto’s average €/m² rose 14.7% year over year, while total value rose 5.5%. Braga recorded a 19.8% increase in €/m², but only 4.0% in total value; its average area declined from 134 to 119 m².
Coimbra’s €/m² was 2.9% higher than a year earlier but 5.2% below Q2. Total value rose 5.4% annually and declined 2.3% quarterly. The annual and quarterly measures therefore describe different aspects of its recent path.
The comparisons are changes in transaction averages. They do not establish equivalent appreciation for an unchanged home, and the quarterly figures are not seasonally adjusted.
Swipe the table to compare all columns →
| Municipality | Total sale price vs Q2 | Total sale price vs Q3 2025 | €/m² vs Q2 | €/m² vs Q3 2025 |
|---|---|---|---|---|
| Porto | -0.2% | +5.5% | +8.8% | +14.7% |
| Braga | +1.6% | +4.0% | +4.0% | +19.8% |
| Coimbra | -2.3% | +5.4% | -5.2% | +2.9% |
| Measure | Porto | Braga | Coimbra |
|---|---|---|---|
| Total sale price vs Q2 | -0.2% | +1.6% | -2.3% |
| Total sale price vs Q3 2025 | +5.5% | +4.0% | +5.4% |
| €/m² vs Q2 | +8.8% | +4.0% | -5.2% |
| €/m² vs Q3 2025 | +14.7% | +19.8% | +2.9% |
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
The longer view
Swipe the table to compare all columns →
| Municipality | Unit sales over 4 quarters | €/m² annual change Q1 | Q2 | Q3 |
|---|---|---|---|---|
| Porto | -14.4% | +16.6% | +8.8% | +14.7% |
| Braga | +0.6% | +12.9% | +23.3% | +19.8% |
| Coimbra | -8.2% | +4.7% | +16.2% | +2.9% |
| Measure | Porto | Braga | Coimbra |
|---|---|---|---|
| Unit sales over 4 quarters | -14.4% | +0.6% | -8.2% |
| €/m² annual change Q1 | +16.6% | +12.9% | +4.7% |
| Q2 | +8.8% | +23.3% | +16.2% |
| Q3 | +14.7% | +19.8% | +2.9% |
Four-quarter unit sales compare Q4 2025–Q3 2026 with Q4 2024–Q3 2025. Price columns show each quarter’s change from the same quarter a year earlier; they are not quarterly growth rates.
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Unit sales activity and available supply
Porto’s annual unit sales declines have lasted five consecutive quarters and deepened from 9.4% in Q2 to 25.2% in Q3. Coimbra has recorded three consecutive quarters of annual declines. Their lower four-quarter totals show that the weakness extends beyond a single quarter.
Braga changed direction after lower annual unit sales in Q1 and Q2, recording 9.4% growth in Q3 and a small increase in its four-quarter total. That is a meaningful exception, although one stronger quarter does not establish a durable acceleration.
Porto had 6.9% more offered supply than last year, Braga 3.1% more and Coimbra 10.4% less. Porto’s supply was heavily classified as new at 77.6%, compared with 39.0% of estimated transactions. A large offering of projects can coexist with different conditions for completed resale homes; it is not a count of finished homes waiting for a buyer.
Swipe the table to compare all columns →
| Municipality | Estimated unit sales | Unit sales vs Q3 2025 | Homes offered | Supply vs Q2 | Supply vs Q3 2025 |
|---|---|---|---|---|---|
| Porto | 1,030 | -25.2% | 10,686 | +11.3% | +6.9% |
| Braga | 630 | +9.4% | 1,550 | +6.0% | +3.1% |
| Coimbra | 536 | -19.4% | 1,402 | -25.1% | -10.4% |
| Measure | Porto | Braga | Coimbra |
|---|---|---|---|
| Estimated unit sales | 1,030 | 630 | 536 |
| Unit sales vs Q3 2025 | -25.2% | +9.4% | -19.4% |
| Homes offered | 10,686 | 1,550 | 1,402 |
| Supply vs Q2 | +11.3% | +6.0% | -25.1% |
| Supply vs Q3 2025 | +6.9% | +3.1% | -10.4% |
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Porto
Used apartments averaged €3,720/m², up 11.2% year over year but only 0.6% from Q2. New apartments averaged €5,420/m², up 19.4% annually and 9.5% quarterly. Houses overall averaged €3,159/m², 3.2% below last year.
New apartments averaged 67 m² and €353,847 compared with 94 m² and €319,843 for used apartments. Their higher €/m² therefore did not produce the same proportional increase in total budget.
Houses had a final discount of 8.9% and nine months of marketing time, compared with 4.3% and six months for apartments overall. Porto’s higher municipal price average and lower transaction activity need to be read alongside these segment differences.
Used T2 and T3 average €/m² rose 3.9% and 12.7% annually. Higher prices remain visible within these resale categories despite the unit sales contraction. The different growth rates also show why the municipal average is not a pricing rule for every apartment.
Braga
New-apartment €/m² rose 31.3% year over year, used-apartment €/m² 17.9%, and houses overall 14.3%. The price increase was visible across these broad segments, although the categories still contain different locations and specifications.
Used apartments averaged €256,443 and three months from listing to transaction; new apartments averaged €275,680 and seven months. New apartments were much smaller on average: 77 m² versus 106 m². Their total purchase budgets were consequently closer than their €/m² figures.
Houses averaged €364,123 and 179 m², with a 6.0% final discount. Braga’s activity increase is useful context, but a buyer searching for a house is not shopping the same market profile as a buyer considering a smaller new apartment.
Used T2 average €/m² rose 15.4% annually and used T3 rose 12.4%. Together with the broader category increases, this supports a price rise across several observed segments, while leaving differences in location and condition unresolved.
Coimbra
Used-apartment €/m² rose 8.4% year over year but fell 3.0% from Q2. New apartments increased 6.6% annually and 5.3% quarterly. Used houses were nearly unchanged annually at −0.4%.
New apartments averaged €346,893 and 94 m². Used houses averaged €175,127 and 119 m². Those are different property pools, not an equivalent-home value comparison, but they show why Coimbra’s lower municipal total price cannot stand in for a specific purchase budget.
Used apartments took four months to transact and had a 4.1% final discount; used houses took six months and had a 7.4% discount. New apartments took six months with a 3.6% discount.
Used T2 and T3 average €/m² rose 10.8% and 9.7% annually, above the municipal rate of 2.9%. The restrained aggregate increase therefore does not describe every established apartment category.
Marketing time and negotiation
Municipal marketing time shortened from seven to six months in Porto, five to four in Braga and six to five in Coimbra compared with Q3 last year. Final discounts nevertheless widened from 4.0% to 4.9% in Porto and 3.9% to 4.8% in Braga, while narrowing from 5.6% to 4.9% in Coimbra.
The indicators do not point to uniformly weaker selling conditions. Faster marketing can coexist with wider negotiation discounts, and houses can follow a different path from apartments. Use these figures to frame a property-specific comparison rather than prescribe an offer percentage.
Swipe the table to compare all columns →
| Municipality | Listing to transaction | Final discount | Accumulated discount |
|---|---|---|---|
| Porto | 6 months | 4.9% | 6.0% |
| Braga | 4 months | 4.8% | 5.5% |
| Coimbra | 5 months | 4.9% | 6.5% |
| Measure | Porto | Braga | Coimbra |
|---|---|---|---|
| Listing to transaction | 6 months | 4 months | 5 months |
| Final discount | 4.9% | 4.8% | 4.9% |
| Accumulated discount | 6.0% | 5.5% | 6.5% |
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Mortgage demand in context
Banco de Portugal’s July 2026 survey reported slightly weaker housing-loan demand in Q2. This national assessment is not an application count or evidence of the cause of this region’s Q3 unit sales changes.
What this means for buyers
Start with the city that fits your daily life, then compare the type and condition of home you are considering. Porto’s price premium, Braga’s larger average properties and Coimbra’s lower total transaction average describe different starting points.
When comparing new and used apartments, examine usable area and total price together. The new-apartment averages in Porto and Braga were smaller than the used-apartment averages, which changes the apparent price relationship.
What this means for sellers
Braga’s higher activity is not a substitute for accurate property pricing, and Porto’s higher €/m² does not eliminate the significance of its lower transaction activity. In Coimbra, quarterly and annual price comparisons also point in different directions.
Use segment-specific evidence where available. Houses and apartments showed different negotiation patterns, and the municipal average should not be used as a target price for either.
Michael’s Perspective
Braga’s stronger activity is worth recognising, just as Porto’s persistent contraction deserves attention. Neither finding settles what a particular home should cost or how quickly it will sell.
I would use the city comparison to establish context, then move into the type of home and its local competition. Coimbra’s apartment figures, for example, show why a modest municipal price increase can conceal stronger changes in the properties a buyer is actually considering.
Methodology and sources
This report uses Q3 2026 municipality-level statistics from Confidencial Imobiliário’s SIR — Sistema de Informação Residencial. The quarter ended September 30, 2026, and AGTP reviewed the uploaded files and extended history on October 15. Municipal tables combine all residential property types and new or used conditions; segment sections identify narrower filters.
Prices are averages, not medians. €/m² uses gross private area, or área bruta privativa, which is not necessarily equivalent to American interior living area. Estimated transactions are CI’s market-activity estimates, not the raw sample supporting every price statistic.
The extended history spans Q1 2024–Q3 2026. Four-quarter unit sales changes compare Q4 2025–Q3 2026 with Q4 2024–Q3 2025. Historical editions can have different revision status; full comparability of release status has not been established. Quarterly changes compare Q3 with Q2 2026. Annual changes compare Q3 2026 with Q3 2025. Both describe changes in aggregate averages and can reflect property mix. They are not controlled measures of appreciation, and quarterly changes are not seasonally adjusted. Unavailable segment figures have not been estimated.
Listing-to-transaction time measures marketing months, with the transaction assigned to the CPCV when one exists or the deed otherwise. It is not months of inventory or necessarily the time to final deed. New properties can include certain recent resales and homes sold during planning or construction.
Final discount compares the completed sale with the last asking price; accumulated discount compares it with the original asking price. Percentages are presented as reduction magnitudes. Neither is an automatic offer recommendation.
Data status: Preliminary. Figures remain subject to revision with the Q4 dissemination. Updated selling-price treatment (PVA) has not been independently confirmed for these Q3 files. Quarter-over-quarter comparisons use the current Q2 2026 workbook in AGTP’s Google Drive as the authoritative baseline. Year-over-year comparisons use the Q3 2025 workbook. All six Q3 reports use the same source tables and definitions.
Read How We Analyze Portugal’s Real Estate Market for definitions and limitations. AGTP is responsible for the selection, calculations and interpretation; CI/Imoestatística supplies the underlying statistics.
Source: Confidencial Imobiliário, SIR — Residential Information System. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Continue exploring
Compare markets · Market Intelligence · Historical market reports
Comparing actual properties?
The relevant comparison starts with the home, your budget and the life you want here.
Photography credits
Photo by mana5280 on Unsplash, used under the Unsplash License. Cropped responsively for this report.