Portugal in Top 10 EU countries with highest rise in real estate prices

Rising real estate prices in Portugal - Portugal Business News

Portugal real estate news – Real estate prices in Portugal keep rising and Portugal ranks in the Top 10 EU countries with highest rise in real estate prices in 2023. Portugal now ranks 8th EU country with the highest rise in property prices between 2010 and the third quarter of 2023, according to data released by Eurostat on January 10, 2024.

Portugal now ranks 8th EU country with the highest rise in property prices - Portugal Business News

What is the real estate forecast for Portugal in 2024?

While average real estate prices registered a 2.1% year-on-year decline in Eurozone countries and a 1% drop among EU countries in 2023, real estate prices in Portugal keep rising. Portugal ranks among the Top 10 EU countries with the highest rise in real estate prices in 2023. Property prices in Portugal have increased by nearly 100% between 2010 and Q3 2023, while the increase was 7.6% between July and September 2023 compared to the same period in 2022.

House prices fell by 13.6% in Luxembourg, by 10.2% in Germany, by 7% in Finland, by 3.8% in the Netherlands and Slovakia, by 2.2% in Austria and by 1.5% in France for the period July-September 2023 compared to the same period in 2022, according to Eurostat.

Which EU country has the fastest growth in real estate prices?

While average real estate prices are declining in the EU, property prices go against the downward trend in just a few EU countries. These are the EU countries with the highest real estate price increases between 2010 and the third quarter of 2023:

1 - Estonia with 210%,

2 - Hungary with 185%,

3 - Lithuania with 158%,

4 - Latvia with 141%,

5 - Austria with 123%,

6 - The Czech Republic with 122%

7 - Luxembourg with 107%

8 - Portugal with nearly 100%

In the third quarter of 2023, both house prices and rents in the EU increased by an average of 0.8% compared with the second quarter of 2023. However, compared with the third quarter of 2022, average house prices in the EU decreased by -1.0%, while rents increased by 3.0%. However, both house and rent prices in 2023 only decreased in Greece.

Between 2010 and the third quarter of 2023, house prices in the EU increased by 48% and rents by 22%. When comparing the third quarter of 2023 with 2010, house prices increased more than rents in 18 out of the 27 EU countries.

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