The short version
The 15 selected markets did not produce one Portuguese price, one standard property or one negotiating pattern. Instead, they showed why a useful comparison has to keep three measures separate: average price per square metre, average transaction value and average property size.
Lisbon, Cascais and Oeiras occupied different price-and-space positions within the Lisbon Area. Setúbal, Palmela and Sesimbra were equally distinct from one another. Nazaré and Caldas da Rainha produced different combinations of price intensity and space; Porto, Braga and Coimbra showed why a higher €/m² does not automatically mean a larger total purchase; and the four Algarve municipalities did not behave as one uniform market.
The more detailed segment evidence available for Lisbon, Cascais and Setúbal municipality added another lesson. New and used apartments, apartments and houses, and T2 and T3 properties occupied materially different average positions. Those relationships are valuable, but they belong to the municipalities for which the controlled segment evidence exists. They should not be projected across all 15 markets.
The practical conclusion is straightforward: location starts the comparison; property type, condition, size, typology and pricing history make it useful.
How to read this review
The report uses selected full-year 2025 residential indicators from CI’s SIR database. Prices are averages, not medians, and can change when the size, location, condition or mix of properties transacted changes. Estimated transaction counts are CI estimates anchored to INE statistics and segmented using the SIR sales structure; they are not the raw sample supporting every other metric.
CI’s definition of a new property is broader than “never occupied.” It can include first-hand developer sales, certain resales within five years of construction or rehabilitation, and properties sold while still in planning or construction. Listing-to-transaction time is therefore not construction time, completion time or Estimated Months of Inventory.
No municipal values have been averaged into a synthetic national or regional result. For definitions, calculations, missing-data treatment and revisions, read Methodology & Sources.
Five market groupings, 15 local markets
Lisbon Area: Lisbon, Cascais and Oeiras
Lisbon recorded the highest average price per square metre within the three-market comparison. Cascais recorded the highest average transaction value and largest average property, while Oeiras occupied a distinct middle position and averaged more space than Lisbon.
The regional report contains detailed new-versus-used, property-type and bedroom-group evidence for Lisbon and Cascais. Equivalent approved segment rows are not presented for Oeiras, so the report keeps Oeiras’ municipality-level evidence separate from conclusions that require a more detailed breakdown.
Setúbal Region: Setúbal, Palmela and Sesimbra
Sesimbra led the three municipalities on average €/m² and transaction value. Palmela recorded the largest average property and the lowest average €/m², demonstrating how a market can offer more average space without being the least expensive purchase overall.
The detailed segment evidence in the regional report applies to Setúbal municipality only. Palmela and Sesimbra remain distinct markets and should not inherit Setúbal’s new-versus-used, property-type or typology relationships.
Silver Coast: Caldas da Rainha and Nazaré
Nazaré averaged a higher price per square metre, while Caldas da Rainha averaged a larger property. Their average transaction values were comparatively close.
That combination is more informative than a simple claim that one market was cheaper. It shows how price intensity, space and total budget can move in different directions.
Northern and Central Cities: Porto, Braga and Coimbra
Porto led the three-city comparison on price. Braga and Coimbra averaged larger properties and lower total transaction values, while Braga’s average property was larger than Porto’s.
This is an AGTP comparison of three selected cities, not an official Portuguese statistical region. Its purpose is to help readers see how city-level price, space and budget relationships differ.
Algarve: Lagos, Loulé, Faro and Tavira
Loulé led both average price measures, while the four municipalities remained distinct in price, total value and market pace.
“The Algarve” is useful geographic shorthand, but it is not a single residential price or negotiating environment. Readers considering the region should move from the regional overview to municipality and property-segment evidence before reaching a conclusion.
Five market groupings at a glance
| Market grouping | Municipalities | Strongest approved contrast | Essential boundary |
|---|---|---|---|
| Lisbon Area | Lisbon, Cascais, Oeiras | Lisbon led €/m²; Cascais led total value and average size | Detailed segments cover Lisbon and Cascais, not Oeiras |
| Setúbal Region | Setúbal, Palmela, Sesimbra | Sesimbra led price measures; Palmela averaged the most space and lowest €/m² | Detailed segments apply only to Setúbal municipality |
| Silver Coast | Caldas da Rainha, Nazaré | Nazaré had higher €/m²; Caldas averaged more space | Two-market comparison, not a regional average |
| Northern and Central Cities | Porto, Braga, Coimbra | Porto led price; Braga and Coimbra combined lower total values with larger average properties | AGTP city grouping, not an official region |
| Algarve | Lagos, Loulé, Faro, Tavira | Loulé led both price measures; the four markets differed in value and pace | No synthetic Algarve average |
Source: Confidencial Imobiliário, SIR — Residential Information System, 2025. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
What the cross-market evidence revealed
Price per square metre and total budget answer different questions
Average €/m² describes price intensity. Average transaction value describes the total amount paid for the average property in the selected transactions. The two measures often move together, but not always.
Cascais combined a high average €/m² with the highest average transaction value and largest average property in the Lisbon Area comparison. On the Silver Coast, Nazaré’s higher average €/m² coexisted with a comparatively close average transaction value because Caldas da Rainha averaged more space. Porto, Braga and Coimbra produced another variation on the same relationship.
The answer to “which market is more expensive?” therefore depends on whether the reader means price intensity, the average total purchase or the amount of space represented by that purchase.
Property size changes the comparison
Gross private area gives essential context to both price measures. A lower average €/m² does not guarantee a smaller total budget when the average property is materially larger. Conversely, a higher €/m² may describe a smaller average property whose total value remains closer to another market than the price-intensity comparison suggests.
Gross private area is a source-defined measure. It should not automatically be treated as usable interior floor area.
Municipality averages are orientation, not a final comparison set
A municipal average can help a reader decide where to investigate. It cannot explain every micro-location, property condition, building age, amenity, legal characteristic or segment mix within that municipality.
The five regional comparisons make this especially clear. None supports a responsible single average for Portugal, the Algarve, the Silver Coast or another broad label. Each market grouping contains meaningful municipality-level variation.
Detailed segment evidence changes the picture in Lisbon, Cascais and Setúbal
The controlled segment evidence available for Lisbon, Cascais and Setúbal municipality shows how much can be concealed inside a broad municipal average.
New apartments averaged €6,997/m² in Lisbon, €8,459/m² in Cascais and €4,090/m² in Setúbal, compared with €4,797/m², €4,605/m² and €2,394/m² respectively for used apartments. AGTP calculates approximate differences of 46%, 84% and 71% between those segment averages. These are not appreciation rates or controlled new-build premiums; location, specifications, completion stage, amenities and transaction mix also differ.
New apartments also averaged nine to 12 months from listing to transaction, compared with four to five months for used apartments. That does not establish weaker demand or construction delay. CI’s new category can include properties sold in planning or construction, and listing-to-transaction time is not a completion timetable.
Houses averaged higher total transaction values than apartments in all three municipalities because the average houses were substantially larger. They also recorded larger average final and accumulated discounts. Those figures make property type and pricing history relevant; they do not prescribe an offer percentage.
T3 apartments averaged higher total transaction values and larger areas than T2 apartments while recording slightly lower average €/m² in all three municipalities. Typology counts bedrooms; it does not describe layout quality, outlook, condition or area efficiency.
The complete evidence belongs in the Lisbon Area report and Setúbal Region report. The Annual Review retains only the cross-market lesson.
Source: Confidencial Imobiliário, SIR — Residential Information System, 2025. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
What buyers should take from 2025
First, identify the measure that answers the question. Average transaction value describes what buyers spent; average €/m² helps compare price intensity; gross private area provides space context.
Second, move from the geographic average to the relevant property segment. A used T2 should not be valued from a new T3, a municipality-wide average or a superficially similar property in another micro-location.
Third, rebuild the total budget when changing property type. A lower €/m² does not necessarily mean a lower purchase price when the property is substantially larger.
Finally, examine the full pricing history. Original asking price, later revisions, last asking price and final transaction price describe different stages. Aggregate discount evidence is context, not an offer recommendation.
Use Compare Markets for a controlled municipality comparison, then read the appropriate regional report before evaluating individual comparable sales.
What sellers should take from 2025
A municipal average is not a shortcut to an asking price. The relevant competing set may be new apartments, used apartments, houses or a narrower group defined by size, condition and micro-location.
The larger average adjustments recorded for houses in Lisbon, Cascais and Setúbal make original pricing and subsequent revisions worth examining carefully. They do not prove that every house was overpriced or prescribe a discount. Individual pricing still requires relevant comparable transactions, condition, legal readiness, energy performance, outdoor space and current competition.
Explore the five regional reports
- Lisbon Area — Lisbon, Cascais and Oeiras, including approved Lisbon and Cascais segment analysis.
- Setúbal Region — Setúbal, Palmela and Sesimbra, with detailed segment findings clearly bounded to Setúbal municipality.
- Silver Coast — Caldas da Rainha and Nazaré.
- Northern and Central Cities — Porto, Braga and Coimbra.
- Algarve — Lagos, Loulé, Faro and Tavira.
For the latest reporting period, read the Q2 2026 Market Update.
Methodology and boundaries
This report reproduces selected full-year 2025 CI/SIR indicators. It does not publish the underlying workbook, a complete database, an API or reconstructive filters.
Average transaction price is the average total sold price. Average price per square metre uses the reported sale price relative to gross private area. Gross private area includes the source-defined area components and is not automatically equivalent to usable interior floor area. Listing-to-transaction time measures the average period between listing and the transaction event; it is not construction time or inventory. Final and accumulated discount use different asking-price reference points and must not be added together.
AGTP’s new-versus-used percentages are derived comparisons of CI-reported averages. They do not isolate causation, establish appreciation or value an individual property. External lifestyle and infrastructure observations belong to AGTP editorial context and are not CI conclusions.
Source: Confidencial Imobiliário, SIR — Residential Information System, 2025. AGTP analysis. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Confidencial Imobiliário/Imoestatística is the source of the underlying CI/SIR content. The American’s Guide to Portugal is responsible for its selection, calculations, explanations and interpretations. CI/Imoestatística is not responsible for the adequacy or accuracy of the surrounding AGTP analysis in which selected content is incorporated.