Housing demand in Portugal rose 14.5% in 2024

In a statement, real estate agency Engel & Völkers said that “demand for housing in Portugal maintained its growth trend”, with “in 2024 there was a growth of 14.5 percent in the number of transactions compared to 2023”.

According to data from the company's Market Report 2024-2025, released today, "there was an increase in the average price of homes sold by Engel & Völkers in all regions analysed, with the exception of the Lisbon and Oeiras, Cascais and Estoril, Lagos, Vilamoura and Tavira regions, which recorded a slight decrease compared to the previous year".

On the other hand, in the Faro region there was “the biggest increase compared to the previous year, around 44 percent, followed by Comporta with 27 percent and Albufeira with an increase of around 20 percent”.

The company also pointed out that, in terms of price per square meter registered, Quinta do Lago is “the region analyzed by the Market Report that registers the highest price per square meter, reaching 12,800 euros/m2”.

Guimarães is, in turn, “the region analyzed that records the lowest price per square meter, around 1,700 euros/m2”.

In terms of transactions and compared to 2023, “it was the regions of Setúbal, Vila Nova de Gaia and Lisbon that saw the greatest growth”.

In relation to foreign investment, Minho stands out as “the region that registers the highest percentage, representing 95 percent of the region’s operations”, with the largest investors in this region being the English, Germans and Swiss.

“The region that registers the lowest percentage of foreign investment is Vila Nova de Gaia,” he indicated.

On the other hand, in the rental market, it was «the regions of Vila Nova de Gaia, Lisbon and Setúbal that registered the greatest increases in terms of rental contracts», with Lisbon, Setúbal and Porto being the areas that registered an increase in the number of contracts compared to the previous year.

As for the price per square meter in the rental market, “the regions of Lisbon, Cascais and Porto record the highest price per square meter, reaching 15.93 euros/m2, 15.31 euros/m2 and 12.58 euros/m2, respectively”.

In Guimarães, the lowest price per square meter is recorded, where the price is around six euros/m2, he said.

For 2025, Daniela Rebouta, sales director at Engel & Völkers in Lisbon, Oeiras and Setúbal, anticipates, quoted in the statement, that «it will be a year in which the Portuguese market once again records moderate economic growth and maintains its trend in relation to both national and foreign investment».

Photo: Engel & Völkers.