Between October and December 2024, compared to the previous quarter, the increase was 3%. Seven tenths less than in the previous three months, but above the average growth recorded in the community bloc (+0.8%) and in the Euro Zone (+0.6%).

According to data published by Eurostat, also in the annual comparison, that is, in relation to the fourth quarter of 2023, Portugal recorded the third largest increase in house prices (+11.6%), behind only Bulgaria (+18.3%) and Hungary (+13.0%), while in the euro area and the EU they grew by 2.7% and 3.9%, respectively.

Among the Member States for which data are available, only France and Finland recorded an annual fall in house prices in the fourth quarter of 2024, of 1.9% each, and 24 others recorded an annual increase.

Compared to the previous quarter, prices decreased in six EU countries — Estonia (-0.7%), France (-1.0%), Cyprus (-1.0%), Latvia (-0.2%), Austria (-0.6%) and Sweden (-0.3%) —, remained stable in two (Malta and Finland) and increased in 18. The largest increases, ahead of Portugal, were recorded in Slovakia (+3.6%) and Slovenia (+3.1%).

Prices have soared 120% in Portugal since 2010

House prices in Portugal have seen a 120% increase between 2010 and 2024, while rents have seen a 45% increase over the same period, according to Eurostat. These values ​​are above the average growth in the community block, which was 55.4% in the case of housing prices and 26.7% in the case of rents.

“While rents have risen steadily, house prices have followed a more variable pattern, showing a dramatic increase between Q1 2015 and Q3 2022, followed by a small decline and stabilisation, before rising again in 2024,” the statistics office indicates.

In 14 years, house prices have increased more than rents in 21 EU countries, more than tripling in Hungary (+234%) and Estonia (+228%) and more than doubling in Lithuania (+187%), Latvia (+153%), the Czech Republic (+142%), Bulgaria (+115%), Austria (+112%) and Luxembourg (+105%). Italy was the only country where house prices decreased during this period (-4%).

In turn, incomes have increased in 26 EU Member States since 2010, with the largest increases in Estonia (+212%), Lithuania (+175%) and Hungary (+114%). Greece was the only country where rental prices decreased (-13%).