OPENING THESIS
The Lisbon Area is not one premium market
Lisbon records the highest average price per m² of the three municipalities. Cascais records the highest average transaction value—a reminder that price per square metre and the total cheque answer different questions.
Read the reversal between price intensity and total budget first, then use the comparison tool to test how Lisbon, Cascais and Oeiras align with a particular search. Continue in the Portugal market comparison tool; no regional figure is blended here.
THE CONTROLLED DATA
What the Numbers Say
The seven measures keep Lisbon's price intensity separate from Cascais's larger average transaction and property profile, with Oeiras occupying its own position.
| Metric | Lisbon | Cascais | Oeiras |
|---|---|---|---|
| Average price per m² | €5,399/m² | €4,928/m² | €4,343/m² |
| Average transaction value | €510,859 | €646,446 | €496,817 |
| Average property size | 97 m² | 131 m² | 117 m² |
| Transaction time | 7 months | 6 months | 7 months |
| Final discount | 4.6% | 5.2% | 4.3% |
| Accumulated discount | 6.3% | 7.2% | 5.4% |
| Estimated transactions | 8,885 | 3,198 | 2,834 |
RELOCATION CONTEXT
What That Means for Living Here
The figures sit alongside different residential contexts rather than explaining them. Lisbon offers a capital-city urban setting with metropolitan transport and civic amenities.
Cascais brings a coastal residential environment and a different housing mix. Oeiras combines a lower average price per m² with larger average homes and a distinct business, rail and residential context.
These characteristics coexist with the market figures; they should not be read as proof that one municipality caused another’s prices or is a better place to live.
PLACE BEFORE PROPERTY
Inside the Region
The three municipalities are close enough to compare and different enough to deserve separate attention.
Lisbon
The highest average price per m² and the smallest average property in this comparison.
- Price per m²
- €5,399
- Average space
- 97 m²
Cascais
The highest average transaction value and largest average property, with price per m² below Lisbon.
- Price per m²
- €4,928
- Average space
- 131 m²
Oeiras
The lowest average price per m² of the three, with substantially more average space than Lisbon.
- Price per m²
- €4,343
- Average space
- 117 m²
PROPERTY SEGMENTS
What did the property segments reveal?
This report covers Lisbon, Cascais and Oeiras. Detailed controlled segment evidence is available for Lisbon and Cascais only. Equivalent segment rows are not presented for Oeiras; that is a data boundary, not evidence of no activity or variation.
How did new and used apartments compare?
New apartments averaged €6,997/m² in Lisbon and €8,459/m² in Cascais, compared with €4,797/m² and €4,605/m² respectively for used apartments. AGTP calculates approximate differences of 46% in Lisbon and 84% in Cascais. These compare segment averages; they are not appreciation rates or controlled like-for-like premiums.
How did apartments and houses change the budget?
Lisbon apartments averaged €5,388/m², €495,272 per transaction and 94 m². Houses averaged €5,753/m², €1,024,077 and 182 m². In Cascais, apartments averaged €5,092/m², €541,156 and 103 m²; houses averaged a lower €4,502/m² but a much higher €919,582 and 203 m².
The Lisbon house average was 88 m² larger and its transaction value was approximately 107% higher. The Cascais house average was 100 m² larger and approximately 70% more expensive overall. Those AGTP-derived relationships show why total budget and €/m² answer different questions; they do not value an individual property.
What did T2 and T3 apartments show?
Lisbon T2 apartments averaged €5,225/m², €436,723 and 83 m²; T3 apartments averaged €5,115/m², €632,782 and 120 m². Cascais T2 apartments averaged €5,103/m², €472,333 and 91 m²; T3 apartments averaged €4,651/m², €600,700 and 122 m².
In both municipalities, the T3 cost more overall and provided more average area while recording a lower average €/m². Bedroom count does not describe layout quality or usability.
Did larger Cascais houses follow the same rule?
Cascais houses with four or more bedrooms averaged €4,612/m², €1,088,677 and 237 m². Houses with three or fewer bedrooms averaged €4,354/m², €689,425 and 158 m². Final discounts averaged 7.9% for the larger group and 5.9% for the smaller group.
This is a Cascais finding, not a rule for Lisbon or Oeiras. The relevant comparison still depends on condition, land, amenities, legal characteristics and micro-location.
Keep Oeiras in the comparison
Oeiras remains an important municipality in the regional evidence. The absence of equivalent controlled segment rows does not imply no transactions, no segment variation or that Lisbon and Cascais relationships apply there.
What buyers and sellers can do
Buyers should move from municipality averages to the relevant type, condition, size and micro-location. Sellers should price against the segment buyers will actually compare and examine original asking price, revisions and final transaction price separately. Aggregate discounts are context, not a recommended offer formula.
Read what 15 selected markets revealed in 2025 Latest Lisbon Area quarterly context Compare Lisbon, Cascais and Oeiras Methodology & Sources
Source: Confidencial Imobiliário — SIR (Sistema de Informação Residencial), full-year 2025. AGTP selection, derived comparisons and editorial analysis.
© IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Confidencial Imobiliário/Imoestatística supplies the underlying CI/SIR content. AGTP is responsible for selection, calculations, explanations and interpretations; CI/Imoestatística is not responsible for the surrounding AGTP analysis.
SIGNATURE COMPARISON
Price & Value
Lisbon leads on price per m²; Cascais leads on average transaction value. Cascais’s average transaction value is approximately 26.5% higher than Lisbon’s; Lisbon’s average price per m² is approximately 24.3% higher than Oeiras’s.
Average price per m²
Municipality-level 2025 values; no regional average.
Average transaction value
Municipality-level 2025 values; no regional average.
How Prices Have Changed Since 2020
A single year's price tells you where a market is today. Looking back to 2020 adds another dimension: how quickly it got there, whether recent growth is accelerating or slowing, and whether the three markets within the region have followed the same path.
Average Sale Price per m², 2020–2025
View accessible data table
| Concelho | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Lisboa | €3,827/m²Baseline | €4,172/m²+9.0% | €4,498/m²+7.8% | €4,946/m²+10.0% | €4,755/m²-3.9% | €5,399/m²+13.5% |
| Cascais | €2,841/m²Baseline | €3,402/m²+19.7% | €4,111/m²+20.8% | €4,697/m²+14.3% | €4,508/m²-4.0% | €4,928/m²+9.3% |
| Oeiras | €2,512/m²Baseline | €2,984/m²+18.8% | €3,399/m²+13.9% | €3,704/m²+9.0% | €3,827/m²+3.3% | €4,343/m²+13.5% |
Lisboa
- 2025 price change
- +13.5%
- Price change since 2020
- +41%
- Recent momentum
- Reaccelerating
Cascais
- 2025 price change
- +9.3%
- Price change since 2020
- +73%
- Recent momentum
- Recovering
Oeiras
- 2025 price change
- +13.5%
- Price change since 2020
- +73%
- Recent momentum
- Reaccelerating
Lisboa
Lisboa remains the highest-priced of the three Lisbon-area markets, but its longer-term appreciation has been considerably more restrained than Cascais or Oeiras. Average price per square metre is 41% above 2020, following relatively steady growth through 2023, a modest decline in 2024, and a strong 13.5% rebound in 2025. Transaction volume also recovered from its 2023 decline, although the latest increase in sales activity was much smaller than the increase in prices. The current picture is therefore one of renewed price acceleration rather than simply a surge in transaction volume.
Cascais
Cascais has appreciated far more than Lisboa over the full period, with average €/m² approximately 74% above 2020. But the pace has changed. Annual growth exceeded 19% in both 2021 and 2022 and remained above 14% in 2023 before prices declined in 2024. The 9.3% increase in 2025 represents a meaningful recovery, but not a return to the earlier pace. Transaction activity is also recovering and is now modestly above its 2020 level.
Oeiras
Oeiras shows one of the clearest reacceleration patterns in the Lisbon area. Annual price growth slowed progressively from 18.8% in 2021 to only 3.3% in 2024, before jumping back to 13.5% in 2025. Prices are now approximately 73% above 2020. Unlike some markets where price acceleration occurred without greater transaction activity, Oeiras also recorded a 15.9% increase in sales during 2025, taking transaction volume roughly 27% above its 2020 level.
How Active the Market Has Been
Price changes are more informative when viewed alongside the number of homes actually changing hands. Transaction volume does not explain why prices moved, but it helps show whether a price trend occurred alongside expanding, stable, or contracting market activity.
Residential Transactions, 2020–2025
View accessible data table
| Concelho | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Lisboa | 7,787Baseline | 8,575+10.1% | 8,615+0.5% | 7,242-15.9% | 8,599+18.7% | 8,885+3.3% |
| Cascais | 2,930Baseline | 3,405+16.2% | 3,599+5.7% | 2,692-25.2% | 2,976+10.5% | 3,198+7.5% |
| Oeiras | 2,236Baseline | 2,499+11.8% | 2,725+9.0% | 1,916-29.7% | 2,446+27.7% | 2,834+15.9% |
Lisboa — 2025 volume: 8,885 · YoY: +3.3% · vs. 2020: +14.1%
Cascais — 2025 volume: 3,198 · YoY: +7.5% · vs. 2020: +9.1%
Oeiras — 2025 volume: 2,834 · YoY: +15.9% · vs. 2020: +26.7%
THE SPACE EQUATION
Property & Space
Average gross private area (ABP) is 131 m² in Cascais, 117 m² in Oeiras and 97 m² in Lisbon. ABP is not equivalent to interior floor area unless the source establishes that equivalence.
Average property size
Municipality-level 2025 values; no regional average.
MARKETING & PRICING HISTORY
Market Pace & Negotiation
Pace and discount history add timing and negotiation context to the metropolitan ranking reversal; neither supplies a forecast or an offer formula.
New apartments averaged 12 months from listing to transaction in Lisbon and nine months in Cascais, compared with five months for used apartments in both municipalities. New-apartment final discounts averaged 2.2% in Lisbon and 2.5% in Cascais, versus 5.3% and 4.8% for used apartments.
Across the broad property-type comparison, Lisbon houses averaged a 7.5% final and 9.3% accumulated discount, versus 4.5% and 6.2% for apartments. Cascais houses averaged 7.1% and 9.8%, versus 4.5% and 6.1% for apartments. These figures describe aggregate pricing histories, not an offer formula.
Source: Confidencial Imobiliário — SIR (Sistema de Informação Residencial), full-year 2025. AGTP analysis and identified derived calculations.
© IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Transaction time
Municipality-level 2025 values; no regional average.
Final discount
Municipality-level 2025 values; no regional average.
Accumulated discount
Municipality-level 2025 values; no regional average.
MUNICIPALITY-LEVEL READING
Where the Concelhos Differ
Lisbon has the highest average price per m² and the smallest average property.
Cascais has the highest average transaction value and largest average property.
Oeiras has the lowest average price per m² of the three, with substantially more average space than Lisbon and a distinct rail, business and residential context.
Lisboa: Lisboa remains the region's highest-priced market, although its 41% increase since 2020 is substantially lower than the appreciation recorded in Cascais and Oeiras.
Cascais: Cascais combines a substantially higher five-year gain than Lisboa with a 2025 recovery that remains below its earlier growth pace.
Oeiras: Oeiras remains below Lisboa and Cascais in current €/m², but prices have risen approximately 73% since 2020 and accelerated sharply again in 2025.
CONTINUE THE RESEARCH
Explore These Markets
Test Lisbon, Cascais and Oeiras against the same controlled annual measures, changing the baseline to match the question being asked.
Compare Lisbon, Cascais and OeirasMETHOD & BOUNDARIES
Methodology & Limitations
These reports use full-year 2025 municipality-level averages from the controlled Confidencial Imobiliário / SIR dataset, filtered to period 2025 / Anual, tipologia Total and estado Total. Concelhos are shown separately; no synthetic regional average is calculated.
Gross Private Area (ABP)
Gross Private Area (ABP) is the total area measured by the outer perimeter and axes of the walls or other separating elements of the building or fraction, including private balconies, basements and private attics with the same use as the building or fraction.
Average price per m²
Average sold price for each square metre of gross private area (ABP).
Average transaction value
Average total sold price of a home.
Average property size
Average gross private area (ABP) of homes sold.
Transaction time
Average number of months between listing and sale.
Final discount
Average reduction from the final asking price to the sold price.
Accumulated discount
Average reduction from the original asking price to the sold price.
Estimated transactions
Estimated total number of property transactions in the market during the selected period.
Price per square metre, transaction value, property size, transaction time, final discount, accumulated discount and estimated transactions are market context—not a valuation, forecast or recommended negotiation position for an individual property. Lifestyle and infrastructure context is editorially separate from CI observations and does not assert price causation.
Historical Trend Data
Historical figures in this report are based on annual CI residential transaction data from 2020 through 2025. To maintain comparability, AGTP uses the total-concelho, all-property-type, all-condition annual observations for average sale price per square metre and homes sold.
Year-over-year percentages compare each annual observation with the preceding calendar year. ‘Change since 2020’ compares the 2025 annual figure with the corresponding 2020 figure.
The momentum labels used in this report are editorial descriptions of the recent multi-year pattern. They consider the annual changes in 2023, 2024 and 2025 together with the broader six-year trajectory. They are not forecasts.
Average price per square metre reflects the properties actually sold during each year. Changes can therefore result partly from changes in the mix, size, location, age or condition of homes transacted. They should not be interpreted as the appreciation rate of an individual property.
Transaction volume provides additional context for price movements but does not establish causation. A simultaneous increase or decline in prices and transactions should not be interpreted as proof that one caused the other.
Source: Confidencial Imobiliário / SIR — Sistema de Informação Residencial · Full year 2025. AGTP analysis.
© IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
View full Methodology & Sources →
Photography credits
- Lisbon Cityscape with 25 de Abril Bridge — Michael Gaylard / CC BY 4.0; cropped and resized.
- Lisbon, Portugal — Alejandro / CC BY 2.0; cropped and resized.
- Trains at Cais do Sodré train station — tak.wing / CC BY-SA 2.0; cropped and resized. Adapted image distributed under CC BY-SA 2.0.
- Casa de Santa Maria and Santa Marta Lighthouse — Rúdisicyon / CC BY-SA 4.0; cropped and resized. Adapted image licensed under CC BY-SA 4.0.
- Passeio Marítimo de Oeiras, Paço de Arcos — Rúdisicyon / CC BY-SA 4.0; cropped and resized. Adapted image distributed under CC BY-SA 4.0.
- December 10, 2006, Lisbon 89 — Syced / CC0 1.0; cropped and resized.
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