Number of houses sold increases by 13% in 2024.
More houses sold and at a higher price. According to the Association of Real Estate Mediation Professionals and Companies of Portugal, in 2024, the number of houses sold increased by 13.1% and house prices by 12%.
Sale of houses increases by 13% in 2024 and house prices by 12%
The data is from the Association of Real Estate Mediation Professionals and Companies of Portugal and reveal that, in 2024, the number of houses sold increased by 13.1% and house prices rose by 12%.
Paulo Caiado, leader of the Association, in this portrait of the real estate sector in 2024 notes that it cannot be true "that there is a widespread housing crisis, considering the appreciation of the real estate market that has been experienced, the fact that 73% of households in Portugal own properties and 65% have their home paid off".
According to the news reported by Notícias ao Minuto, the data also indicates that many of the current solutions help reduce the impact on the decrease in house prices, making accessibility difficult for most people.
That is, making houses 10% cheaper does not mean they become accessible to everyone because "prices have moved away from family incomes."
The data also shows that foreign buyers represented about 12% of sales volume in 2024, with an average annual growth rate of 8% between 2019 and 2024, playing a "crucial role in the market".
APEMIP also highlights the significant changes in the demographic and socioeconomic structure of the Portuguese population in recent decades. Between 1981 and 2021, the population increased by 5%, reaching 10.3 million inhabitants. However, during the same period, the average size of families decreased from 3.3 to 2.5 members.
Between 2011 and 2021, the foreign population in Portugal registered a significant increase of 37%. According to the association, this growth has contributed to the diversification of the housing market and an increase in demand for housing.
One of the main factors leading to the rise in real estate prices is the mismatch between supply and demand. APEMIP points out that, between 2011 and 2021, the growth in housing stock was very limited, with only 11 thousand new homes built annually.
Parallelly, since 2015, residential property sales have been experiencing continuous growth, driven by both domestic demand and the increasing interest of international investors.
"The appreciation of real estate continues due to the imbalance between supply and demand," explains APEMIP, quoted in the news. Currently, the average price per square meter is around 5,000 euros in Lisbon and 3,300 euros in Porto. In the luxury segment, 'prime' values have already reached 10,000 euros in the capital and 7,500 euros in the city of Porto.
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