Portugal

Number of homes sold in Portugal grows 27.2% in 2024

Number of homes sold in Portugal grows 27.2% in 2024

In the last quarter of 2024, there were 41,737 property sales in mainland Portugal, according to estimates by Confidencial Imobiliário, based on the SIR - Residential Information System.

This result indicates that the housing market closed the year with an increase of 27.2% compared to the same period last year. In the last three months of 2023, sales totalled around 32,800 units, a level that came after a year of compressed activity.

The start of the year kept quarterly activity below 32,000 units, with a slight quarterly drop (-3.1 per cent), but since the second quarter sales have begun to recover, accumulating three consecutive quarters of growth. According to Ci, this dynamic led to sales in the last three months of 2024 being 6.4 per cent up on the previous quarter and 27.2 per cent up on the same quarter last year.

Also noteworthy is the fact that the market reached a quarterly sales volume of over 40,000 units, returning to the highest levels on record since the financial crisis, with the 4th quarter of 2024 only 5.4 per cent below the peak of 44,150 homes transacted in the 4th quarter of 2021.

In annual terms, sales reached 148,434 units last year, according to Confidencial Imobiliário's projections, showing a growth of 13.1% compared to 2023.

With regard to house sales prices, last year ended with a rise of 11.0%, maintaining the rate of appreciation of 2023, which stood at 11.8 per cent. However, this result does not reflect a homogeneous year, as the period was marked by two very distinct moments. Up until July, the monthly variations were residual, averaging 0.6 per cent, but there were months of practically zero variations.

In contrast, the months from August to December saw an increase in value, with the average monthly increase rising to 1.3 per cent, reflecting the recovery in demand in a context of a repeated lack of supply for sale. The average house sale price in Portugal in 2024 was 2,573 euros per square metre, according to data from the SIR - Residential Information System.

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