Lisbon House Prices Rise 8% While Apartments Stall in Q2 2024

Detached houses in Lisbon posted an 8 percent price gain between April and June this year while apartment values remained unchanged, according to preliminary figures compiled by the Lisbon Municipal Council’s housing observatory.

The split matters now because the European Central Bank’s rate path has pushed mortgage costs above 3.8 percent for new loans, prompting families to weigh larger floor plans against monthly outlays in a city where average apartment sizes sit at 78 square metres.

Shifts visible on the ground

Along Avenida de Roma in Alvalade, three houses listed above 650,000 euros found buyers within four weeks, while similar-sized apartments in the same parish took an average of 11 weeks to sell. In Belém, the municipal regeneration programme launched in 2024 has delivered 42 new townhouses priced from 720,000 euros; all but six have contracts, compared with 19 of 31 new apartments still on the market in the same development.

Local agents at Predial do Tejo report that demand for houses with small gardens has risen 22 percent year-on-year, concentrated among households relocating from central parishes such as Misericórdia and Santo António.

Numbers behind the split

The observatory’s 11 July release shows median house prices reached 4,850 euros per square metre in the second quarter, up from 4,490 euros in January, while the apartment median held at 4,120 euros per square metre. Listings tracked by the same body indicate 1,240 houses changed hands between April and June against 3,180 apartments, the narrowest quarterly gap recorded since 2023.

Prospective buyers should compare total carrying costs rather than headline prices, factoring in higher maintenance for older houses in parishes like Arroios against lower service charges in newer apartment blocks near Parque das Nações. Checking recent sales on the municipal registry before making an offer remains the clearest route to avoiding overpayment in either segment.