Value of Transacted Homes: A New Milestone in Portugal
The value of homes transacted in Portugal reached its highest point on record in 2024, highlighting the dynamism and robustness of the national real estate market. During the year, 156,325 dwellings were transacted, representing an increase of 14.5% compared to 2023, totaling 33.8 billion euros in sales—a growth of 20.8% from the previous year. This sustained growth not only confirms the appetite for real estate investment but also reflects a widespread confidence in the housing sector.

Prices and Volume of Transactions: Remarkable Evolution
The increase in the value of transacted homes is not only due to a higher number of completed operations, but also to a significant rise in price per square meter. In 2024, the median sale price of family homes in Portugal rose to €1,777 per square meter, registering a year-on-year increase of 10.3%. This appreciation occurred across the country, although the regions of Greater Lisbon, the Algarve, Madeira, the Setúbal Peninsula, and the Porto Metropolitan Area remained above the national average.

Sales reflect a higher demand, particularly in the segment of existing homes, which accounted for around 80% of the total and saw an annual price increase of 9.7%. New homes also followed this trend, with prices rising by 7.5%.

The Impact of Bank Appraisals and Housing Credit
The growth in the number of transactions was accompanied by a record increase in bank appraisals, which are essential for housing credit operations. In 2024, around 140,000 appraisals were conducted, a growth of 32.1% compared to 2023, reflecting the growing interest of families and investors in obtaining financing to buy a home.

The reduction in mortgage interest rates, combined with specific support measures—such as those targeting young people—encouraged more Portuguese citizens to move forward with home purchases, further boosting the rise in the value of transacted homes.

Licensing, Construction, and Supply: Responding to Demand
The increase in the value of transacted homes also drove activity in the construction sector. In 2024, 25,470 buildings were licensed, a 7.2% increase compared to 2023, reversing the decline recorded the previous year. Licensed housing units reached 41,851, with around 83% intended for family housing, representing a rise of 5.4%. The sector also responded with a 6.8% increase in completed works, totaling nearly 28,500 new homes across the country.

Despite this increase in supply, demand remained higher—a factor that contributed to the accelerated appreciation of the market.

Regional Disparities in Home Transaction Values
Although the growth in the value of transacted homes was widespread, there remain marked differences between regions. Lisbon stands out with average prices substantially above the national average, followed by regions such as the Algarve, Madeira, and some areas of Porto and Setúbal. In the Centre and Alentejo regions, while the price per square meter remains more affordable, there was also a significant increase driven by growing interest in housing outside major urban centers and increased demand from both residents and international investors.

The total transaction value by region reflects these disparities, with the Lisbon region clearly leading and maintaining values well above the rest of the country.

Outlook for the National Real Estate Market
The historic high in the value of homes transacted in 2024 demonstrates the vitality of the real estate market, but it also brings challenges, particularly in terms of housing access. With rising prices and demand remaining strong, the coming years may bring new pressures for both buyers and renters. Continued growth in supply will be key to ensuring the future balance of the market.

The Portuguese real estate sector is expected to remain dynamic, though more sensitive to the evolution of financing policies, household purchasing power, and the actual supply in each municipality.

Conclusion: A Market Entering a New Cycle
The year 2024 has become a landmark for the national housing market, with the value of transacted homes reaching historic highs and consolidating Portugal as a prime destination for investment and residence. Monitoring these indicators will be essential for anyone looking to buy, sell, or invest, guiding more informed decisions aligned with the evolving and challenging market reality.