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Penafiel · report

Past price cycles in Penafiel

Bank valuations have fallen by 3% or more 9 times since 2014. The deepest began in July 2014.

Deepest fall
−21.9%
Recovery from the low
29 months

Prices in Penafiel and Portugal, indexed

Bank valuations, both set to 100 in July 2014.

  • Penafiel
  • Portugal
  • 100 = July 2014
Show the numbers
PeriodPenafielPortugal
Sep 2026228.0298.6
Aug 2026232.8295.4
Jul 2026241.5293.6
Jun 2026228.7292.0
May 2026217.9289.4
Apr 2026213.1284.9
Mar 2026221.3281.9
Feb 2026222.0278.1
Jan 2026220.8275.9
Dec 2025205.5272.7
Nov 2025204.7270.0
Oct 2025201.3265.4
Sep 2025202.6261.5
Aug 2025189.5257.5
Jul 2025185.9254.9
Jun 2025187.3250.5
May 2025188.3247.2
Apr 2025186.4244.6
Mar 2025182.2242.1
Feb 2025178.6237.2
Jan 2025178.0232.5
Dec 2024178.3229.0
Nov 2024178.6228.0
Oct 2024181.2225.6
Sep 2024170.1222.1
Aug 2024173.6218.1
Jul 2024172.7214.7
Jun 2024175.5212.1
May 2024169.0211.0
Apr 2024169.2209.2
Mar 2024165.7207.1
Feb 2024168.4204.5
Jan 2024160.3203.1
Dec 2023157.9201.3
Nov 2023157.9200.5
Oct 2023157.9201.3
Sep 2023157.6202.0
Aug 2023157.9201.6
Jul 2023160.6199.9
Jun 2023160.6199.0
May 2023156.0197.9
Apr 2023152.0195.4
Mar 2023153.1194.4
Feb 2023153.6193.7
Jan 2023149.7194.6
Dec 2022141.8191.1
Nov 2022145.8189.9
Oct 2022143.9186.1
Sep 2022149.0187.3
Aug 2022149.0185.3
Jul 2022154.5185.7
Jun 2022147.4184.4
May 2022144.8180.9
Apr 2022139.5177.7
Mar 2022139.9174.4
Feb 2022137.8172.2
Jan 2022137.0169.3
Dec 2021129.3168.4
Nov 2021129.7166.7
Oct 2021129.7164.0
Sep 2021131.9162.0
Aug 2021129.0160.0
Jul 2021127.3160.0
Jun 2021125.7159.2
May 2021130.8158.8
Apr 2021134.8157.3
Mar 2021134.0155.6
Feb 2021129.4153.9
Jan 2021122.9153.3
Dec 2020119.2151.5
Nov 2020119.2149.9
Oct 2020113.6148.2
Sep 2020121.1147.8
Aug 2020123.3147.8
Jul 2020124.2147.7
Jun 2020123.3146.7
May 2020117.8146.0
Apr 2020117.2145.6
Mar 2020118.1145.5
Feb 2020116.6145.6
Jan 2020114.0144.6
Dec 2019111.2143.0
Nov 2019108.5141.0
Oct 2019108.0140.1
Sep 2019106.9139.7
Aug 2019105.4138.1
Jul 2019107.0136.8
Jun 2019104.2135.0
May 2019105.2134.1
Apr 201998.4133.0
Mar 2019107.0131.8
Feb 2019107.4131.1
Jan 2019109.0128.8
Dec 2018109.3128.0
Nov 2018108.5126.9
Oct 2018110.1126.7
Sep 2018110.5125.7
Aug 2018110.9124.6
Jul 2018110.5123.3
Jun 2018104.1122.1
May 201892.6121.8
Apr 201892.6121.1
Mar 201892.3120.6
Feb 201897.8119.4
Jan 201897.2118.2
Dec 201797.4116.8
Nov 201792.6116.5
Oct 201796.8116.1
Sep 201797.1115.5
Aug 201796.2113.8
Jul 201795.8112.8
Jun 2017102.2112.7
May 201798.3112.3
Apr 201795.9111.9
Mar 201793.3111.3
Feb 201794.3111.0
Jan 201795.3110.2
Dec 201693.6109.2
Nov 201690.8108.3
Oct 201693.6107.5
Sep 201692.7106.9
Aug 201689.7106.7
Jul 201689.5105.6
Jun 201689.9105.2
May 201692.3104.8
Apr 201694.6104.1
Mar 201698.5103.3
Feb 201698.3102.9
Jan 201688.5102.9
Dec 201583.5103.3
Nov 201582.4102.6
Oct 201592.9102.2
Sep 201590.7101.8
Aug 201592.9101.4
Jul 201590.7101.7
Jun 201579.3100.8
May 201581.2100.7
Apr 201579.499.6
Mar 201580.299.1
Feb 201580.399.1
Jan 201578.199.1
Dec 201482.898.4
Nov 201481.298.4
Oct 201483.599.1
Sep 201489.4101.2
Aug 201496.9101.6
Jul 2014100.0100.0

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
July 2014January 2015−21.9%629
June 2017March 2018−9.7%93
August 2018April 2019−11.3%88
July 2020October 2020−8.6%34
April 2021June 2021−6.8%27
July 2022December 2022−8.2%55
June 2024September 2024−3.1%31
February 2026April 2026−4.0%22
July 2026September 2026−5.6%2Not yet

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 Penafiel

Next 12 months

Asking prices have an 80% chance of landing between €1,858/m² and €2,275/m² by September 2027.

Expected, September 2027
€2,066/m²
Chance of a rise
92%

Affordability

At the bank valuation, a 90 m² home costs €140,760. With 10% down and a 30-year mortgage, the payment is €534 a month. Banco de Portugal caps it at 50% of a household's net income.

Payment, two incomes
24%
Payment, one income
47%

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
€517
Owning per month
€480

Asking against valuation

Sellers ask 17.6% more than banks value homes at. A year ago the gap was +5.8%.

Gap today
+17.6%
Change in a year
+11.8 pp

New homes

43.4% more homes were licensed for construction in the last 12 months than in an average year of the past decade.

Licensed, 12 months
303
Per 1,000 residents
4.2

Foreign buyers

Figures for Tâmega e Sousa: Penafiel has no reliable figures of its own.

Over the last 12 months, buyers domiciled abroad paid 17.8% less per m² than buyers living in Portugal.

Abroad against residents
−17.8%

People and new homes

In 2025 the population grew by 448 while 286 homes were finished: 1.6 new residents for every new home.

New residents per new home, 2025
1.6
Population change, 2025
+448

Empty homes

11.5% of the 31,864 homes counted in the 2021 census stood empty, whether for sale, to let or for other reasons.

Empty, 2021 census
11.5%
Empty homes
3,660

Renovation

In 2025, 31% of the buildings finished were work on existing buildings: extensions, alterations and reconstructions.

Work on existing buildings, 2025
31%
Reconstructions per 100 new buildings
5.9

Public housing works

Public bodies signed €2.1M of housing works here in 2025, and €6.2M since 2012.

Signed in 2025
€2.1M
Per resident, 2025
€29

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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