Portugal’s housing market continues to climb, with a 120% rise in prices since 2010 — one of the highest increases in the EU, according to Eurostat. Credit : Shutterstock, Artmim
If you’ve tried to buy a home in Portugal lately, you’ve likely felt it — prices are on the rise again, and not just a little.
According to new figures from Eurostat, Portugal had the third-highest increase in house prices in the EU during the last quarter of 2024.
From October to December, prices across the country rose by 3 per cent compared to the previous three months. That might be slightly less than the 3.7 per cent increase registered earlier in the year, but it’s still well above the average uptick seen across the EU and eurozone, which came in at 0.8 per cent and 0.6 per cent, respectively.
Home prices in Portugal jump 11.6 per cent in one year
Over the course of the full year, the numbers become even more striking. Portugal’s house prices were up 11.6% compared to the final quarter of 2023, placing the country just behind Bulgaria (+18.3 per cent) and Hungary (+13 per cent) in terms of annual growth. That’s nearly four times the EU average of 3.9 per cent and far above the eurozone’s 2.7 per cent.
While most of the bloc recorded some form of increase, a few countries went the other way. France and Finland saw house prices fall by 1.9 per cent , while countries like Estonia, Austria and Sweden also registered slight quarterly declines.
Still, the majority of EU nations — 18 in total — saw housing prices climb in late 2024, with Slovakia and Slovenia outpacing Portugal in quarter-on-quarter growth, at +3.6 per cent and +3.1 per cent, respectively.
House prices in Portugal up 120 per cent since 2010
Zoom out further, and Portugal’s real estate story looks even more dramatic. Since 2010, property prices in Portugal have soared by 120 per cent, according to Eurostat — more than double the EU average of 55.4 per cent.
Rents have also increased, but not nearly at the same pace. Between 2010 and 2024, rents rose 45 per cent, still higher than the EU average of 26.7 per cent, but nowhere near the jump seen in house prices.
Eurostat notes that while rent increases have been steady over the past decade, house prices followed a more ‘stop-start’ pattern. After a slow period early on, the market accelerated sharply from 2015, saw a slight drop during the pandemic, then stabilised — before once again surging in 2024.
Across the EU, the trend has been clear: house prices have outpaced rent in 21 member states. Hungary leads the pack with a 234 per cent increase, followed closely by Estonia (228 per cent), Lithuania (187 per cent), and Latvia (153 per cent). The only country where property prices actually fell? Italy, down 4 per cent over the same 14-year stretch.
As for rents, they’ve gone up in 26 EU countries, with Estonia, Lithuania and Hungary again leading the way. Greece stands alone as the only member state where rental prices dropped (-13 per cent).