Estates Portugal

Portugal Housing Data · Gauge reconciliation

Which number should I use?

Portugal measures house prices several different ways — sold medians, appraisal and price indices, asking levels. They are different lenses, not interchangeable numbers. Compare them side by side, 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

110.28 index (2025=100)

1st Quarter 2026· +17.7828% 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
69

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%

Sources & provenance

Instituto Nacional de Estatística (INE), Portugal. INE House Price Index (Base 2025=100) — Portugal. Coverage 2009-01-01–2026-01-01. Retrieved 2026-08-12 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

2228 EUR/m2

June 2026· +16.5882% 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
186

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%

Sources & provenance

Instituto Nacional de Estatística (INE), Portugal. INE median bank-appraisal value €/m² — Portugal. Coverage 2011-01-01–2026-06-01. Retrieved 2026-08-13 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

290.98 index (2015=100)

2026-Q1· +17.7818% 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
73

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%

Sources & provenance

Eurostat — European Commission. Eurostat House Price Index PT total (2015=100). Coverage 2008-01-01–2026-01-01. Retrieved 2026-07-16 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/lisbon/lisbon/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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