OPENING THESIS
The cheaper square metre came with the larger average home.
Caldas da Rainha and Nazaré show two different ways the Silver Coast can work: substantially different prices per square metre, noticeably different average property sizes, but surprisingly similar average total transaction values.
Here the useful contrast is between the square metre and the whole transaction: Caldas da Rainha and Nazaré reverse expectations once average size enters the picture. Continue in the Portugal market comparison tool; no regional figure is blended here.
THE CONTROLLED DATA
What the Numbers Say
These seven measures show how Caldas's larger average properties bring the total transaction values close despite Nazaré's higher price per square metre.
| Metric | Caldas da Rainha | Nazaré |
|---|---|---|
| Average price per m² | €1,862/m² | €2,262/m² |
| Average transaction value | €266,273 | €259,311 |
| Average property size | 156 m² | 134 m² |
| Transaction time | 5 months | 7 months |
| Final discount | 5.6% | 8.2% |
| Accumulated discount | 8.4% | 11.7% |
| Estimated transactions | 1,052 | 433 |
RELOCATION CONTEXT
What That Means for Living Here
Caldas da Rainha offers a daily-market, civic and arts identity that should be evaluated separately from its property metrics.
Nazaré’s town-and-coast context is a lifestyle distinction; it does not by itself explain the price relationship.
Transport conditions can change. Any rail decision should be checked against current Oeste Line service information before relying on it.
PLACE BEFORE PROPERTY
Inside the Region
The two municipalities sit within the broad Silver Coast conversation, but their town form, coastal relationship and average property profile differ enough to require separate reading.
Caldas da Rainha
Larger average space with a year-round town, civic and arts context.
- Price per m²
- €1,862
- Average space
- 156 m²
Nazaré
A higher price per square metre with a direct town-and-coast setting.
- Price per m²
- €2,262
- Average space
- 134 m²
SIGNATURE COMPARISON
Price & Value
Nazaré’s average price per square metre was about 21% above Caldas da Rainha’s.
Average price per m²
Municipality-level 2025 values; no regional average.
Average transaction value
Municipality-level 2025 values; no regional average.
How Prices Have Changed Since 2020
A single year's price tells you where a market is today. Looking back to 2020 adds another dimension: how quickly it got there, whether recent growth is accelerating or slowing, and whether the three markets within the region have followed the same path.
Average Sale Price per m², 2020–2025
View accessible data table
| Concelho | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Caldas da Rainha | €1,037/m²Baseline | €1,278/m²+23.2% | €1,449/m²+13.4% | €1,551/m²+7.0% | €1,652/m²+6.5% | €1,862/m²+12.7% |
| Nazaré | €1,372/m²Baseline | €1,547/m²+12.8% | €1,910/m²+23.5% | €1,874/m²-1.9% | €1,870/m²-0.2% | €2,262/m²+21.0% |
| Óbidos | €1,509/m²Baseline | €1,813/m²+20.1% | €2,214/m²+22.1% | €2,074/m²-6.3% | €3,359/m²+62.0% | €3,240/m²-3.5% |
Caldas da Rainha
- 2025 price change
- +12.7%
- Price change since 2020
- +80%
- Recent momentum
- Reaccelerating
Nazaré
- 2025 price change
- +21.0%
- Price change since 2020
- +65%
- Recent momentum
- Reaccelerating
Óbidos
- 2025 price change
- -3.5%
- Price change since 2020
- +115%
- Recent momentum
- Volatile / unclear
Caldas da Rainha
Caldas da Rainha has appreciated approximately 80% since 2020, but the rate of growth slowed progressively through 2024 before strengthening again in 2025. The latest 12.7% price increase was accompanied by a 13.9% increase in transactions. With transaction volume now roughly one-third above 2020, the recent reacceleration is occurring alongside a meaningful recovery in market activity.
Nazaré
Nazaré effectively plateaued during 2023 and 2024 after a strong 2022 increase, then broke sharply higher in 2025. Average €/m² increased 21.0%, while transactions rose 12.2%. That combination gives the 2025 move more support than a price increase occurring against flat or falling activity. Prices are now approximately 65% above 2020, while transaction volume is roughly one-third higher.
Óbidos
Óbidos has more than doubled in average €/m² since 2020, but the annual series is unusually volatile. Prices declined in 2023, surged 62% in 2024, and then slipped 3.5% in 2025. Transaction volume fell during the 2024 price spike and was completely unchanged in 2025. Because Óbidos is also a relatively small transaction market, its annual average is more susceptible to shifts in the mix of properties sold. The long-term increase is significant, but the recent trajectory should not be described as a clean acceleration trend.
How Active the Market Has Been
Price changes are more informative when viewed alongside the number of homes actually changing hands. Transaction volume does not explain why prices moved, but it helps show whether a price trend occurred alongside expanding, stable, or contracting market activity.
Residential Transactions, 2020–2025
View accessible data table
| Concelho | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Caldas da Rainha | 791Baseline | 1,000+26.4% | 1,081+8.1% | 915-15.4% | 924+1.0% | 1,052+13.9% |
| Nazaré | 326Baseline | 423+29.8% | 466+10.2% | 367-21.2% | 386+5.2% | 433+12.2% |
| Óbidos | 258Baseline | 347+34.5% | 424+22.2% | 348-17.9% | 320-8.0% | 3200.0% |
Caldas da Rainha — 2025 volume: 1,052 · YoY: +13.9% · vs. 2020: +33.0%
Nazaré — 2025 volume: 433 · YoY: +12.2% · vs. 2020: +32.8%
Óbidos — 2025 volume: 320 · YoY: 0.0% · vs. 2020: +24.0%
THE SPACE EQUATION
Property & Space
Caldas da Rainha’s average property size was about 16% larger than Nazaré’s.
Their average transaction values differed by only about 3%.
Average property size
Municipality-level 2025 values; no regional average.
MARKETING & PRICING HISTORY
Market Pace & Negotiation
The longer measured time and larger discounts in Nazaré add pricing-history context, not a prediction for an individual sale.
Transaction time
Municipality-level 2025 values; no regional average.
Final discount
Municipality-level 2025 values; no regional average.
Accumulated discount
Municipality-level 2025 values; no regional average.
MUNICIPALITY-LEVEL READING
Where the Concelhos Differ
Caldas da Rainha recorded the larger average property and lower price per square metre.
Nazaré recorded the higher price per square metre and longer transaction time.
Total average transaction values remained close despite the differences in price per square metre and space.
Caldas da Rainha: Caldas da Rainha pairs steady long-term appreciation with renewed 2025 growth in both price and transaction activity.
Nazaré: Nazaré emerged from a two-year price plateau in 2025 while transaction activity also increased meaningfully.
Óbidos: Óbidos records the largest five-year gain in the group, but its small transaction base and sharp annual swings make the recent direction unusually volatile.
CONTINUE THE RESEARCH
Explore These Markets
Place Caldas da Rainha and Nazaré side by side to see how space changes the reading of price per square metre and total budget.
Compare Caldas da Rainha and NazaréMETHOD & BOUNDARIES
Methodology & Limitations
These reports use full-year 2025 municipality-level averages from the controlled Confidencial Imobiliário / SIR dataset, filtered to period 2025 / Anual, tipologia Total and estado Total. Concelhos are shown separately; no synthetic regional average is calculated.
Gross Private Area (ABP)
Gross Private Area (ABP) is the total area measured by the outer perimeter and axes of the walls or other separating elements of the building or fraction, including private balconies, basements and private attics with the same use as the building or fraction.
Average price per m²
Average sold price for each square metre of gross private area (ABP).
Average transaction value
Average total sold price of a home.
Average property size
Average gross private area (ABP) of homes sold.
Transaction time
Average number of months between listing and sale.
Final discount
Average reduction from the final asking price to the sold price.
Accumulated discount
Average reduction from the original asking price to the sold price.
Estimated transactions
Estimated total number of property transactions in the market during the selected period.
Price per square metre, transaction value, property size, transaction time, final discount, accumulated discount and estimated transactions are market context—not a valuation, forecast or recommended negotiation position for an individual property. Lifestyle and infrastructure context is editorially separate from CI observations and does not assert price causation.
Historical Trend Data
Historical figures in this report are based on annual CI residential transaction data from 2020 through 2025. To maintain comparability, AGTP uses the total-concelho, all-property-type, all-condition annual observations for average sale price per square metre and homes sold.
Year-over-year percentages compare each annual observation with the preceding calendar year. ‘Change since 2020’ compares the 2025 annual figure with the corresponding 2020 figure.
The momentum labels used in this report are editorial descriptions of the recent multi-year pattern. They consider the annual changes in 2023, 2024 and 2025 together with the broader six-year trajectory. They are not forecasts.
Average price per square metre reflects the properties actually sold during each year. Changes can therefore result partly from changes in the mix, size, location, age or condition of homes transacted. They should not be interpreted as the appreciation rate of an individual property.
Transaction volume provides additional context for price movements but does not establish causation. A simultaneous increase or decline in prices and transactions should not be interpreted as proof that one caused the other.
In Óbidos, the relatively low number of annual transactions can make the average especially sensitive to changes in the mix of properties sold.
Source: Confidencial Imobiliário / SIR — Sistema de Informação Residencial · Full year 2025. AGTP analysis.
© IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
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Photography credits
- Baía de São Martinho do Porto — Paulo Juntas / CC BY-SA 3.0; cropped and resized. Adapted image distributed under CC BY-SA 3.0.
- Biblioteca Municipal das Caldas da Rainha — Mignof / CC BY-SA 4.0; cropped and resized.
- Hospital e Parque Termal das Caldas da Rainha — Cfreire / CC BY-SA 4.0; cropped and resized.
- Largo do Conselheiro José Filipe — GualdimG / CC BY-SA 4.0; cropped and resized.
- Nazaré. Portugal. (53455930119) — Miguel Ángel García / CC BY 2.0; cropped and resized.
- Nazaré. Portugal. (53455677051) — Miguel Ángel García / CC BY 2.0; cropped and resized.
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