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Grande Lisboa · report

Past price cycles in Grande Lisboa

Bank valuations have fallen by 3% or more once since 2011. That fall began in April 2011.

Deepest fall
−18.9%
Recovery from the low
45 months

Prices in Grande Lisboa and Portugal, indexed

Bank valuations, both set to 100 in January 2011.

  • Grande Lisboa
  • Portugal
  • 100 = January 2011
Show the numbers
PeriodGrande LisboaPortugal
Sep 2026293.3259.7
Aug 2026290.1257.0
Jul 2026288.6255.4
Jun 2026284.5254.0
May 2026282.2251.8
Apr 2026279.4247.9
Mar 2026278.5245.3
Feb 2026274.7242.0
Jan 2026272.5240.0
Dec 2025267.2237.3
Nov 2025262.6234.9
Oct 2025257.4230.9
Sep 2025254.4227.5
Aug 2025251.3224.1
Jul 2025251.1221.8
Jun 2025246.7217.9
May 2025241.4215.1
Apr 2025236.1212.8
Mar 2025230.8210.6
Feb 2025227.3206.4
Jan 2025221.8202.3
Dec 2024219.6199.2
Nov 2024217.4198.4
Oct 2024214.4196.2
Sep 2024211.5193.3
Aug 2024208.7189.7
Jul 2024204.8186.8
Jun 2024203.1184.5
May 2024199.7183.6
Apr 2024198.2182.0
Mar 2024196.4180.2
Feb 2024195.4177.9
Jan 2024194.7176.7
Dec 2023192.6175.1
Nov 2023192.4174.5
Oct 2023192.7175.1
Sep 2023193.7175.7
Aug 2023194.1175.4
Jul 2023193.9173.9
Jun 2023193.3173.1
May 2023191.6172.2
Apr 2023189.0170.0
Mar 2023189.7169.1
Feb 2023190.7168.5
Jan 2023191.2169.3
Dec 2022186.9166.2
Nov 2022186.2165.2
Oct 2022183.1161.9
Sep 2022181.8162.9
Aug 2022178.8161.2
Jul 2022179.9161.6
Jun 2022179.9160.4
May 2022177.1157.4
Apr 2022173.1154.6
Mar 2022169.9151.8
Feb 2022168.8149.8
Jan 2022165.7147.3
Dec 2021162.8146.5
Nov 2021160.9145.0
Oct 2021159.5142.6
Sep 2021157.6140.9
Aug 2021156.1139.2
Jul 2021155.4139.2
Jun 2021154.9138.5
May 2021153.8138.2
Apr 2021152.9136.8
Mar 2021151.8135.3
Feb 2021150.7133.9
Jan 2021148.6133.4
Dec 2020148.0131.8
Nov 2020146.1130.4
Oct 2020147.9129.0
Sep 2020147.2128.6
Aug 2020148.1128.6
Jul 2020146.4128.5
Jun 2020145.2127.6
May 2020144.4127.0
Apr 2020145.0126.7
Mar 2020146.5126.6
Feb 2020146.4126.7
Jan 2020144.4125.8
Dec 2019142.1124.4
Nov 2019141.2122.7
Oct 2019140.7121.9
Sep 2019139.8121.6
Aug 2019137.6120.2
Jul 2019136.5119.0
Jun 2019134.6117.4
May 2019133.7116.6
Apr 2019133.4115.7
Mar 2019134.2114.7
Feb 2019132.7114.0
Jan 2019131.0112.1
Dec 2018128.4111.4
Nov 2018126.8110.4
Oct 2018125.8110.3
Sep 2018125.3109.4
Aug 2018124.0108.4
Jul 2018122.3107.3
Jun 2018121.9106.3
May 2018120.2105.9
Apr 2018118.0105.4
Mar 2018117.5104.9
Feb 2018118.4103.9
Jan 2018117.8102.9
Dec 2017114.9101.6
Nov 2017112.2101.4
Oct 2017111.7101.0
Sep 2017111.9100.5
Aug 2017108.899.0
Jul 2017108.298.2
Jun 2017106.798.1
May 2017106.197.7
Apr 2017104.697.4
Mar 2017104.896.8
Feb 2017103.096.6
Jan 2017103.695.9
Dec 2016102.495.0
Nov 2016101.794.2
Oct 201699.893.5
Sep 201698.293.0
Aug 201697.792.8
Jul 201695.991.9
Jun 201696.291.6
May 201693.591.2
Apr 201694.190.5
Mar 201694.089.9
Feb 201696.189.5
Jan 201695.389.5
Dec 201595.489.9
Nov 201594.489.3
Oct 201594.688.9
Sep 201593.388.6
Aug 201592.188.3
Jul 201592.188.5
Jun 201590.687.7
May 201590.187.6
Apr 201588.086.7
Mar 201587.486.2
Feb 201586.986.2
Jan 201587.086.2
Dec 201486.785.6
Nov 201487.485.6
Oct 201488.886.2
Sep 201490.288.0
Aug 201490.788.4
Jul 201489.387.0
Jun 201487.985.3
May 201486.384.2
Apr 201484.883.9
Mar 201486.084.3
Feb 201487.185.7
Jan 201489.186.7
Dec 201387.387.0
Nov 201388.386.9
Oct 201388.687.2
Sep 201389.587.0
Aug 201386.686.8
Jul 201385.486.5
Jun 201384.287.1
May 201383.586.4
Apr 201383.285.3
Mar 201383.084.6
Feb 201383.685.1
Jan 201383.386.5
Dec 201285.087.8
Nov 201285.088.3
Oct 201286.388.7
Sep 201286.989.4
Aug 201287.689.4
Jul 201288.489.7
Jun 201288.290.2
May 201289.791.2
Apr 201291.592.8
Mar 201292.092.5
Feb 201292.892.4
Jan 201292.292.2
Dec 201193.593.3
Nov 201195.294.5
Oct 201196.495.0
Sep 201196.496.2
Aug 201195.697.1
Jul 201197.197.9
Jun 201198.699.4
May 2011101.6101.4
Apr 2011102.3102.6
Mar 2011102.0102.4
Feb 2011101.5101.1
Jan 2011100.0100.0

Every fall of 3% or more

From the peak to the lowest month after it, and how long prices took to get back.

PeakLowFallMonths fallingMonths to recover
April 2011March 2013−18.9%2345

Portugal against the EU since 2015

Eurostat's house price index for all dwellings, 2015 = 100. National figures, comparable across member states.

  • Portugal
  • EU
  • 2015 = 100
Show the numbers
PeriodPortugalEU
Q2 2026301.4168.6
Q1 2026291.0166.5
Q4 2025280.2164.6
Q3 2025269.4163.5
Q2 2025258.8161.0
Q1 2025247.1158.5
Q4 2024235.7156.2
Q3 2024228.9155.1
Q2 2024220.7152.7
Q1 2024212.5149.8
Q4 2023211.3148.9
Q3 2023208.5149.1
Q2 2023204.7148.2
Q1 2023198.6147.6
Q4 2022195.9148.7
Q3 2022193.8150.9
Q2 2022188.3149.6
Q1 2022182.6146.2
Q4 2021176.0143.2
Q3 2021171.3140.2
Q2 2021166.4136.0
Q1 2021161.7132.1
Q4 2020157.7129.8
Q3 2020153.6128.1
Q2 2020154.3126.3
Q1 2020151.7124.4
Q4 2019146.1122.7
Q3 2019143.7121.5
Q2 2019140.7119.8
Q1 2019137.1117.6
Q4 2018132.3116.8
Q3 2018129.7115.9
Q2 2018128.5114.2
Q1 2018125.6112.3
Q4 2017121.1111.2
Q3 2017119.6110.4
Q2 2017115.5108.8
Q1 2017111.9106.9
Q4 2016109.6106.1
Q3 2016108.3105.4
Q2 2016106.9103.8
Q1 2016103.7102.0
Q4 2015101.8101.1
Q3 2015100.7100.8
Q2 2015100.699.8
Q1 201596.998.3

Bank valuations go back to 2011, so they include the fall after the euro crisis; asking prices start in 2015. A fall counts once prices drop 3% below a peak, and ends when they are back at it.

Other reports for Grande Lisboa

Next 12 months

Bank valuations have an 80% chance of landing between €3,685/m² and €4,015/m² by September 2027.

Expected, September 2027
€3,850/m²
Chance of a rise
100%

Affordability

At the bank valuation, a 90 m² home costs €310,680. With 10% down and a 30-year mortgage, the payment is €1,179 a month. Banco de Portugal caps it at 50% of a household's net income.

Payment, two incomes
45%
Payment, one income
90%

Buy or rent

Owning a 90 m² home costs less each month than renting it. Owning counts interest, running costs and the return the deposit could earn, at the median sale price. Repaying the loan is saving, so it is left out.

Rent per month
€1,324
Owning per month
€1,186

New homes

53.4% more homes were licensed for construction in the last 12 months than in an average year of the past decade.

Licensed, 12 months
5,696
Per 1,000 residents
2.4

Foreign buyers

Over the last 12 months, buyers domiciled abroad paid 47.7% more per m² than buyers living in Portugal.

Abroad against residents
+47.7%

People and new homes

In 2025 the population fell by 3,967 while 3,545 homes were finished.

Homes finished, 2025
3,545
Population change, 2025
−3,967

Renovation

In 2025, 14% of the buildings finished were work on existing buildings: extensions, alterations and reconstructions.

Work on existing buildings, 2025
14%
Reconstructions per 100 new buildings
0.6

Public housing works

Public bodies signed €135.4M of housing works here in 2025, and €771.8M since 2012.

Signed in 2025
€135.4M
Per resident, 2025
€56

Data: INE, ECB and others · updated October 27, 2026

Asking prices and bank valuations are not sale prices. This is a description of public data, not financial advice.

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