Portugal · report
People and new homes in Portugal
In 2025 the population grew by 36,809 while 30,425 homes were finished: 1.2 new residents for every new home.
- New residents per new home, 2025
- 1.2
- Population change, 2025
- +36,809
Population change and homes finished in Portugal
The population's yearly change, net migration plus births minus deaths, against homes finished. INE.
Population change
Show the numbers
| Year | Population change |
|---|---|
| 2025 | 36,809 |
| 2024 | 182,875 |
| 2023 | 274,643 |
| 2022 | 330,587 |
| 2021 | 204,820 |
Homes finished
Show the numbers
| Year | Homes finished |
|---|---|
| 2025 | 30,425 |
| 2024 | 27,987 |
| 2023 | 25,591 |
| 2022 | 25,288 |
| 2021 | 24,281 |
Year by year
| Year | Net migration | Births minus deaths | Population change | Homes finished |
|---|---|---|---|---|
| 2021 | +250,079 | −45,259 | +204,820 | 24,281 |
| 2022 | +371,277 | −40,690 | +330,587 | 25,288 |
| 2023 | +307,288 | −32,645 | +274,643 | 25,591 |
| 2024 | +216,629 | −33,754 | +182,875 | 27,987 |
| 2025 | +70,862 | −34,053 | +36,809 | 30,425 |
Population change is INE's net migration plus births minus deaths, by municipality since 2021. Homes finished are dwellings completed in new buildings. A home houses a household, not a person: two or three new residents per new home is roughly one home per new household.
Other reports for Portugal
Asking prices have an 80% chance of landing between €3,220/m² and €3,540/m² by September 2027.
- Expected, September 2027
- €3,380/m²
- Chance of a rise
- 89%
At the bank valuation, a 90 m² home costs €205,020. With 10% down and a 30-year mortgage, the payment is €778 a month. Banco de Portugal caps it at 50% of a household's net income.
- Payment, two incomes
- 31%
- Payment, one income
- 63%
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
- €878
- Owning per month
- €715
Sellers ask 41.7% more than banks value homes at. A year ago the gap was +50.0%.
- Gap today
- +41.7%
- Change in a year
- −8.3 pp
53.7% more homes were licensed for construction in the last 12 months than in an average year of the past decade.
- Licensed, 12 months
- 43,215
- Per 1,000 residents
- 3.8
Over the last 12 months, buyers domiciled abroad paid 33.5% more per m² than buyers living in Portugal.
- Abroad against residents
- +33.5%
Bank valuations have fallen by 3% or more once since 2011. That fall began in April 2011.
- Deepest fall
- −18.2%
- Recovery from the low
- 45 months
12.1% of the 5,970,677 homes counted in the 2021 census stood empty, whether for sale, to let or for other reasons.
- Empty, 2021 census
- 12.1%
- Empty homes
- 723,215
In 2025, 18% of the buildings finished were work on existing buildings: extensions, alterations and reconstructions.
- Work on existing buildings, 2025
- 18%
- Reconstructions per 100 new buildings
- 2.3
Public bodies signed €862.2M of housing works here in 2025, and €2.7B since 2012.
- Signed in 2025
- €862.2M
- Per resident, 2025
- €75
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