Portugal’s average asking price for a home was €430,000 in August, exactly the same as a year earlier.
That sounds like a market that has barely moved. The regional numbers suggest something very different.
In the Centre, average asking prices rose 14.6% over the year. Coimbra increased 17% to €310,000, Santarém rose 12% to €280,000 and Leiria was up 11.1% to €350,000.
Lisbon and Porto moved the other way. Lisbon’s average asking price fell 3.1% year on year to €630,000, while Porto dropped 13% to €377,500.
The rental market is just as uneven. Average rents in the North increased 20% over the year, while Coimbra recorded a 9.4% decline.
Faro rose 11.1% to €1,388 per month, while Lisbon was slightly lower than a year earlier at €1,685.
These figures are based on advertised properties, so changes in the type and size of homes coming onto the market can move an average significantly, particularly in smaller districts.
A sharp increase does not necessarily mean every property in that area has appreciated at the same rate.
That distinction becomes more important when compared with other measures of the market.
Bank valuations reached a record €2,240 per square metre in July, 15.2% higher than a year earlier, with all Portuguese regions recording annual increases.
The two figures measure different things, one reflects the average total price of properties currently being advertised.
The other looks at the value per square metre of homes being assessed for mortgage purposes. Both can be correct at the same time.
What they show is that a single national number is becoming less useful for describing Portugal’s housing market.
In some regions prices are still moving quickly. In others, advertised values are stabilising or falling.
The national average simply smooths all of that into €430,000.
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