Estates Portugal

Portugal Housing Data · Gauge reconciliation

Which number should I use?

Portugal measures house prices several different ways: sold medians, appraisal values and price indices. Here they sit side by side with a short-let nightly asking rate, the only asking price level we publish. They are different lenses, not interchangeable numbers, so compare them and then cite the one that fits your question.

Last updated · First published

The gauges, side by side

5 independent lenses — never blended into one number.

SOLD

INE registered median dwelling sale value €/m² — Portugal

Latest citable figure

2168 EUR/m2

1st Quarter 2026· +17.5068% year on year

What it measures
INE registered median transaction price per m² (12-month rolling)
Why you cannot mix it
Sold/registered prices (not asking); a median, not a mean; the 12-month rolling window smooths short-term swings. A price LEVEL in €/m² — directly comparable to the bank-appraisal level but NOT to an index (INE/Eurostat HPI) or the Airbnb nightly asking rate.
Unit
EUR/m2
Periodicity
Quarterly
Coverage
2019 – 2026
Citable periods
26

Full series

INE registered median dwelling sale value €/m² — Portugal — full timeseries; a suppressed period is shown as a gap, never a zero.
PeriodLevelYoY
4th Quarter 20191094—
1st Quarter 20201127—
2nd Quarter 20201146—
3rd Quarter 20201167—
4th Quarter 20201190+8.7751%
1st Quarter 20211197+6.2112%
2nd Quarter 20211218+6.2827%
3rd Quarter 20211251+7.1979%
4th Quarter 20211297+8.9916%
1st Quarter 20221346+12.4478%
2nd Quarter 20221402+15.1067%
3rd Quarter 20221446+15.5875%
4th Quarter 20221484+14.4179%
1st Quarter 20231509+12.11%
2nd Quarter 20231541+9.9144%
3rd Quarter 20231579+9.1978%
4th Quarter 20231611+8.558%
1st Quarter 20241633+8.2174%
2nd Quarter 20241661+7.7872%
3rd Quarter 20241709+8.2331%
4th Quarter 20241777+10.3042%
1st Quarter 20251845+12.9822%
2nd Quarter 20251923+15.7736%
3rd Quarter 20251991+16.5009%
4th Quarter 20252076+16.8261%
1st Quarter 20262168+17.5068%

Sources & provenance

Instituto Nacional de Estatística (INE), Portugal. INE registered median dwelling sale value €/m² — Portugal. Coverage 2019-10-01–2026-01-01. Retrieved 2026-08-12 from https://www.ine.pt/ine/json_indicador/pindica.jsp?op=2&varcd=0012234&Dim1=S5A20194&lang=EN. Licence: CC BY 4.0.

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INDEX

INE House Price Index (Base 2025=100) — Portugal

Latest citable figure

114.24 index (2025=100)

2nd Quarter 2026· +16.4763% year on year

What it measures
INE House Price Index (hedonic, quality-adjusted, Base 2025=100)
Why you cannot mix it
A quality-adjusted INDEX (Base 2025=100), NOT a price level: it measures price CHANGE, so its number is not €/m² and must never be read as one. Covers new + existing dwellings. INE rebased this index from 2015=100 to 2025=100 on 2026-07-16 (series 0014765, superseding the now-frozen 0009201) — so its LEVEL is NOT directly comparable to the Eurostat HPI here, which remains on Base 2015=100; only the two indices' % changes are comparable across the differing bases.
Unit
index (2025=100)
Periodicity
Quarterly
Coverage
2009 – 2026
Citable periods
70

Full series

INE House Price Index (Base 2025=100) — Portugal — full timeseries; a suppressed period is shown as a gap, never a zero.
PeriodLevelYoY
1st Quarter 200940.05—
2nd Quarter 200940.42—
3rd Quarter 200940.44—
4th Quarter 200940.6—
1st Quarter 201040.84+1.9725%
2nd Quarter 201040.99+1.4102%
3rd Quarter 201040.67+0.5687%
4th Quarter 201040.25-0.8621%
1st Quarter 201139.97-2.1303%
2nd Quarter 201139.11-4.5865%
3rd Quarter 201138.46-5.434%
4th Quarter 201137.24-7.4783%
1st Quarter 201236.7-8.1811%
2nd Quarter 201235.87-8.2843%
3rd Quarter 201235.51-7.6703%
4th Quarter 201235.74-4.0279%
1st Quarter 201335.04-4.5232%
2nd Quarter 201334.96-2.5369%
3rd Quarter 201335.15-1.0138%
4th Quarter 201335.97+0.6435%
1st Quarter 201436.45+4.024%
2nd Quarter 201437.03+5.9211%
3rd Quarter 201436.88+4.9218%
4th Quarter 201436.76+2.1963%
1st Quarter 201536.74+0.7956%
2nd Quarter 201538.12+2.9436%
3rd Quarter 201538.15+3.4436%
4th Quarter 201538.6+5.0054%
1st Quarter 201639.29+6.9407%
2nd Quarter 201640.52+6.2959%
3rd Quarter 201641.05+7.6016%
4th Quarter 201641.53+7.5907%
1st Quarter 201742.41+7.941%
2nd Quarter 201743.78+8.0454%
3rd Quarter 201745.33+10.4263%
4th Quarter 201745.88+10.4744%
1st Quarter 201847.59+12.2141%
2nd Quarter 201848.7+11.238%
3rd Quarter 201849.17+8.4712%
4th Quarter 201850.16+9.3287%
1st Quarter 201951.98+9.2246%
2nd Quarter 201953.31+9.4661%
3rd Quarter 201954.45+10.7383%
4th Quarter 201955.36+10.3668%
1st Quarter 202057.48+10.581%
2nd Quarter 202058.49+9.7168%
3rd Quarter 202058.22+6.9238%
4th Quarter 202059.76+7.948%
1st Quarter 202161.28+6.611%
2nd Quarter 202163.07+7.8304%
3rd Quarter 202164.92+11.5081%
4th Quarter 202166.69+11.5964%
1st Quarter 202269.22+12.9569%
2nd Quarter 202271.37+13.16%
3rd Quarter 202273.46+13.1547%
4th Quarter 202274.25+11.336%
1st Quarter 202375.25+8.7114%
2nd Quarter 202377.6+8.7292%
3rd Quarter 202379.02+7.5687%
4th Quarter 202380.07+7.8384%
1st Quarter 202480.52+7.0033%
2nd Quarter 202483.66+7.8093%
3rd Quarter 202486.75+9.7823%
4th Quarter 202489.33+11.5649%
1st Quarter 202593.63+16.2817%
2nd Quarter 202598.08+17.2364%
3rd Quarter 2025102.09+17.683%
4th Quarter 2025106.2+18.885%
1st Quarter 2026110.28+17.7828%
2nd Quarter 2026114.24+16.4763%

Sources & provenance

Instituto Nacional de Estatística (INE), Portugal. INE House Price Index (Base 2025=100) — Portugal. Coverage 2009-01-01–2026-04-01. Retrieved 2026-10-02 from https://www.ine.pt/ine/json_indicador/pindica.jsp?op=2&varcd=0014765&Dim1=S5A20091&lang=EN. Licence: CC BY 4.0.

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SOLD

INE median bank-appraisal value €/m² — Portugal

Latest citable figure

2254 EUR/m2

August 2026· +14.7074% year on year

What it measures
INE/lender median bank-appraisal (avaliação bancária) value per m²
Why you cannot mix it
A lender VALUATION used to size mortgages — an appraisal, not a registered transaction; monthly, and it can lead or lag sold prices. A price LEVEL in €/m²: comparable in units to the registered median sale, but the two measure different things (valuation vs sale).
Unit
EUR/m2
Periodicity
Monthly
Coverage
2011 – 2026
Citable periods
188

Full series

INE median bank-appraisal value €/m² — Portugal — full timeseries; a suppressed period is shown as a gap, never a zero.
PeriodLevelYoY
January 2011877—
February 2011887—
March 2011898—
April 2011900—
May 2011889—
June 2011872—
July 2011859—
August 2011852—
September 2011844—
October 2011833—
November 2011829—
December 2011818—
January 2012809-7.7537%
February 2012810-8.6809%
March 2012811-9.6882%
April 2012814-9.5556%
May 2012800-10.0112%
June 2012791-9.289%
July 2012787-8.3818%
August 2012784-7.9812%
September 2012784-7.109%
October 2012778-6.6026%
November 2012774-6.6345%
December 2012770-5.868%
January 2013759-6.1805%
February 2013746-7.9012%
March 2013742-8.508%
April 2013748-8.1081%
May 2013758-5.25%
June 2013764-3.4134%
July 2013759-3.5578%
August 2013761-2.9337%
September 2013763-2.6786%
October 2013765-1.671%
November 2013762-1.5504%
December 2013763-0.9091%
January 2014760+0.1318%
February 2014752+0.8043%
March 2014739-0.4043%
April 2014736-1.6043%
May 2014738-2.6385%
June 2014748-2.0942%
July 2014763+0.527%
August 2014775+1.8397%
September 2014772+1.1796%
October 2014756-1.1765%
November 2014751-1.4436%
December 2014751-1.5727%
January 2015756-0.5263%
February 2015756+0.5319%
March 2015756+2.3004%
April 2015760+3.2609%
May 2015768+4.065%
June 2015769+2.8075%
July 2015776+1.7038%
August 2015774-0.129%
September 2015777+0.6477%
October 2015780+3.1746%
November 2015783+4.261%
December 2015788+4.9268%
January 2016785+3.836%
February 2016785+3.836%
March 2016788+4.2328%
April 2016794+4.4737%
May 2016800+4.1667%
June 2016803+4.4213%
July 2016806+3.866%
August 2016814+5.168%
September 2016816+5.0193%
October 2016820+5.1282%
November 2016826+5.4917%
December 2016833+5.7107%
January 2017841+7.1338%
February 2017847+7.8981%
March 2017849+7.7411%
April 2017854+7.5567%
May 2017857+7.125%
June 2017860+7.0984%
July 2017861+6.8238%
August 2017868+6.6339%
September 2017881+7.9657%
October 2017886+8.0488%
November 2017889+7.6271%
December 2017891+6.9628%
January 2018902+7.2533%
February 2018911+7.5561%
March 2018920+8.3628%
April 2018924+8.1967%
May 2018929+8.4014%
June 2018932+8.3721%
July 2018941+9.2915%
August 2018951+9.5622%
September 2018959+8.8536%
October 2018967+9.1422%
November 2018968+8.8864%
December 2018977+9.6521%
January 2019983+8.98%
February 20191000+9.7695%
March 20191006+9.3478%
April 20191015+9.8485%
May 20191023+10.1184%
June 20191030+10.515%
July 20191044+10.9458%
August 20191054+10.8307%
September 20191066+11.1575%
October 20191069+10.5481%
November 20191076+11.157%
December 20191091+11.6684%
January 20201103+12.2075%
February 20201111+11.1%
March 20201110+10.338%
April 20201111+9.4581%
May 20201114+8.8954%
June 20201119+8.6408%
July 20201127+7.9502%
August 20201128+7.0209%
September 20201128+5.8161%
October 20201131+5.7998%
November 20201144+6.3197%
December 20201156+5.9578%
January 20211170+6.0743%
February 20211174+5.6706%
March 20211187+6.9369%
April 20211200+8.0108%
May 20211212+8.7971%
June 20211215+8.5791%
July 20211221+8.3407%
August 20211221+8.2447%
September 20211236+9.5745%
October 20211251+10.6101%
November 20211272+11.1888%
December 20211285+11.1592%
January 20221292+10.4274%
February 20221314+11.925%
March 20221331+12.1314%
April 20221356+13%
May 20221380+13.8614%
June 20221407+15.8025%
July 20221417+16.0524%
August 20221414+15.8067%
September 20221429+15.6149%
October 20221420+13.5092%
November 20221449+13.9151%
December 20221458+13.463%
January 20231485+14.9381%
February 20231478+12.481%
March 20231483+11.42%
April 20231491+9.9558%
May 20231510+9.4203%
June 20231518+7.8891%
July 20231525+7.6217%
August 20231538+8.7694%
September 20231541+7.8376%
October 20231536+8.169%
November 20231530+5.5901%
December 20231536+5.3498%
January 20241550+4.3771%
February 20241560+5.548%
March 20241580+6.5408%
April 20241596+7.0423%
May 20241610+6.6225%
June 20241618+6.5876%
July 20241638+7.4098%
August 20241664+8.1925%
September 20241695+9.9935%
October 20241721+12.0443%
November 20241740+13.7255%
December 20241747+13.737%
January 20251774+14.4516%
February 20251810+16.0256%
March 20251847+16.8987%
April 20251866+16.9173%
May 20251886+17.1429%
June 20251911+18.1088%
July 20251945+18.7424%
August 20251965+18.0889%
September 20251995+17.6991%
October 20252025+17.6641%
November 20252060+18.3908%
December 20252081+19.1185%
January 20262105+18.6584%
February 20262122+17.2376%
March 20262151+16.4591%
April 20262174+16.5059%
May 20262208+17.0732%
June 20262228+16.5882%
July 20262240+15.1671%
August 20262254+14.7074%

Sources & provenance

Instituto Nacional de Estatística (INE), Portugal. INE median bank-appraisal value €/m² — Portugal. Coverage 2011-01-01–2026-08-01. Retrieved 2026-10-02 from https://www.ine.pt/ine/json_indicador/pindica.jsp?op=2&varcd=0012248&Dim1=S3A201101&lang=EN. Licence: CC BY 4.0.

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INDEX

Eurostat House Price Index PT total (2015=100)

Latest citable figure

301.43 index (2015=100)

2026-Q2· +16.4812% year on year

What it measures
Eurostat EU-harmonised House Price Index, PT total (2015=100)
Why you cannot mix it
An EU-harmonised INDEX (Base 2015=100), cross-country comparable — NOT a price level. Built to compare Portugal against other EU states; it differs methodologically from the INE HPI, so the two indices need not, and do not, match exactly. Base mismatch: the INE HPI here is now Base 2025=100 while this Eurostat series remains Base 2015=100, so their index LEVELS are on different bases and are not directly comparable; only their % changes are.
Unit
index (2015=100)
Periodicity
Quarterly
Coverage
2008 – 2026
Citable periods
74

Full series

Eurostat House Price Index PT total (2015=100) — full timeseries; a suppressed period is shown as a gap, never a zero.
PeriodLevelYoY
2008-Q1109.23—
2008-Q2109.59—
2008-Q3106.56—
2008-Q4104.74—
2009-Q1105.67-3.2592%
2009-Q2106.65-2.6827%
2009-Q3106.7+0.1314%
2009-Q4107.13+2.2818%
2010-Q1107.74+1.9589%
2010-Q2108.16+1.4158%
2010-Q3107.32+0.5811%
2010-Q4106.21-0.8588%
2011-Q1105.45-2.1255%
2011-Q2103.18-4.6043%
2011-Q3101.49-5.4324%
2011-Q498.25-7.4946%
2012-Q196.84-8.165%
2012-Q294.64-8.2768%
2012-Q393.7-7.6756%
2012-Q494.31-4.0102%
2013-Q192.45-4.5333%
2013-Q292.25-2.5254%
2013-Q392.75-1.0139%
2013-Q494.89+0.615%
2014-Q196.16+4.013%
2014-Q297.7+5.9079%
2014-Q397.31+4.9164%
2014-Q496.98+2.2026%
2015-Q196.94+0.8111%
2015-Q2100.57+2.9376%
2015-Q3100.65+3.4323%
2015-Q4101.84+5.0113%
2016-Q1103.67+6.9424%
2016-Q2106.91+6.3041%
2016-Q3108.31+7.6105%
2016-Q4109.57+7.5903%
2017-Q1111.89+7.929%
2017-Q2115.51+8.0441%
2017-Q3119.6+10.4238%
2017-Q4121.06+10.4864%
2018-Q1125.58+12.2352%
2018-Q2128.49+11.2371%
2018-Q3129.72+8.4615%
2018-Q4132.34+9.3177%
2019-Q1137.14+9.2053%
2019-Q2140.65+9.4638%
2019-Q3143.67+10.7539%
2019-Q4146.07+10.3748%
2020-Q1151.67+10.595%
2020-Q2154.34+9.7334%
2020-Q3153.61+6.9186%
2020-Q4157.69+7.9551%
2021-Q1161.7+6.613%
2021-Q2166.4+7.8139%
2021-Q3171.3+11.5162%
2021-Q4175.96+11.586%
2022-Q1182.64+12.9499%
2022-Q2188.31+13.1671%
2022-Q3193.82+13.1465%
2022-Q4195.91+11.3378%
2023-Q1198.55+8.7111%
2023-Q2204.74+8.725%
2023-Q3208.48+7.5637%
2023-Q4211.27+7.8403%
2024-Q1212.45+7.0008%
2024-Q2220.74+7.8148%
2024-Q3228.89+9.7899%
2024-Q4235.68+11.5539%
2025-Q1247.05+16.2862%
2025-Q2258.78+17.2329%
2025-Q3269.35+17.6766%
2025-Q4280.21+18.8943%
2026-Q1290.98+17.7818%
2026-Q2301.43+16.4812%

Sources & provenance

Eurostat — European Commission. Eurostat House Price Index PT total (2015=100). Coverage 2008-01-01–2026-04-01. Retrieved 2026-10-09 from https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/prc_hpi_q?format=JSON&lang=EN&geo=PT&purchase=TOTAL&unit=I15_Q. Licence: CC BY 4.0 (Eurostat).

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ASKING

Inside Airbnb median nightly asking rate — Lisbon + Porto

Latest citable figure

127 EUR/night

2026-07-16

What it measures
Inside Airbnb median nightly ASKING rate (Lisbon + Porto only)
Why you cannot mix it
ASKING rate (host list price), NOT a sold price; a nightly short-term-rental rate in €/night, NOT a home sale price; and only two cities (Lisbon + Porto), NOT national. A DIFFERENT market entirely — included as a demand-side signal, NEVER comparable to a sale €/m² or a house-price index.
Unit
EUR/night
Periodicity
Snapshot
Coverage
2026
Citable periods
1

Full series

Inside Airbnb median nightly asking rate — Lisbon + Porto — full timeseries; a suppressed period is shown as a gap, never a zero.
PeriodLevelYoY
2026-07-16127—

Sources & provenance

Inside Airbnb — Portugal STR listings snapshot. Inside Airbnb median nightly asking rate — Lisbon + Porto. Coverage 2026-07-16. Retrieved 2026-07-16 from https://data.insideairbnb.com/portugal/norte/porto/2026-06-23/visualisations/listings.csv. Licence: CC BY 4.0.

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Common questions about these house-price gauges

What does “INE registered median dwelling sale value €/m² — Portugal” measure, and can I compare it with the other gauges?
INE registered median transaction price per m² (12-month rolling) Sold/registered prices (not asking); a median, not a mean; the 12-month rolling window smooths short-term swings. A price LEVEL in €/m² — directly comparable to the bank-appraisal level but NOT to an index (INE/Eurostat HPI) or the Airbnb nightly asking rate.
What does “INE House Price Index (Base 2025=100) — Portugal” measure, and can I compare it with the other gauges?
INE House Price Index (hedonic, quality-adjusted, Base 2025=100) A quality-adjusted INDEX (Base 2025=100), NOT a price level: it measures price CHANGE, so its number is not €/m² and must never be read as one. Covers new + existing dwellings. INE rebased this index from 2015=100 to 2025=100 on 2026-07-16 (series 0014765, superseding the now-frozen 0009201) — so its LEVEL is NOT directly comparable to the Eurostat HPI here, which remains on Base 2015=100; only the two indices' % changes are comparable across the differing bases.
What does “INE median bank-appraisal value €/m² — Portugal” measure, and can I compare it with the other gauges?
INE/lender median bank-appraisal (avaliação bancária) value per m² A lender VALUATION used to size mortgages — an appraisal, not a registered transaction; monthly, and it can lead or lag sold prices. A price LEVEL in €/m²: comparable in units to the registered median sale, but the two measure different things (valuation vs sale).
What does “Eurostat House Price Index PT total (2015=100)” measure, and can I compare it with the other gauges?
Eurostat EU-harmonised House Price Index, PT total (2015=100) An EU-harmonised INDEX (Base 2015=100), cross-country comparable — NOT a price level. Built to compare Portugal against other EU states; it differs methodologically from the INE HPI, so the two indices need not, and do not, match exactly. Base mismatch: the INE HPI here is now Base 2025=100 while this Eurostat series remains Base 2015=100, so their index LEVELS are on different bases and are not directly comparable; only their % changes are.
What does “Inside Airbnb median nightly asking rate — Lisbon + Porto” measure, and can I compare it with the other gauges?
Inside Airbnb median nightly ASKING rate (Lisbon + Porto only) ASKING rate (host list price), NOT a sold price; a nightly short-term-rental rate in €/night, NOT a home sale price; and only two cities (Lisbon + Porto), NOT national. A DIFFERENT market entirely — included as a demand-side signal, NEVER comparable to a sale €/m² or a house-price index.

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