June 2026 closed with the eighth consecutive record in Portuguese housing prices. But beneath the national record lies the change that matters: the cheapest region is rising much faster than the most expensive one, and the price map is closing in.
The National Picture
The average asking price for housing in Portugal reached 3,156 euros per square metre in June 2026, up 8.9% from the same month the previous year, according to idealista. Over the quarter, the increase was 1.6%. Prices rose in 25 of the 26 districts and islands analysed.
This is the eighth consecutive record — and it also marks a clear slowdown. In March, the year-on-year increase was 12%, in May it was 10.2%, and now it's 8.9%. It's essential to read this carefully: slowing down doesn't mean decreasing. Prices are still rising and still reaching new highs; what's changed is the pace.
Where You Pay More and Where You Pay Less
The gap between the country's extremes remains enormous. By region:
- Lisbon Metropolitan Area — 4,403 €/m² (+8.0%)
- Algarve — 4,069 €/m² (+9.6%)
- Madeira — 3,697 €/m² (+7.5%)
- North — 2,558 €/m² (+5.5%)
- Alentejo — 2,083 €/m² (+18.7%)
- Azores — 2,018 €/m² (+10.0%)
- Centre — 1,786 €/m² (+14.3%)
Among districts, the gap is even wider: Lisbon leads with 4,724 €/m², and Guarda closes the list with 889 €/m² — more than a five-fold difference within the same country. In cities, Lisbon is at 6,107 €/m² (+5.8%), Porto at 4,053 €/m² (+6.9%), and Faro at 3,766 €/m² (+14.6%).
The Map is Reversing
Put the list in order of increase instead of price, and the reading changes: the regions that are appreciating the most are Alentejo (+18.7%) and Centre (+14.3%) — the two cheapest on the mainland. And the ones that are appreciating the least are the North (+5.5%) and the Lisbon Metropolitan Area (+8.0%).
The most striking case is the Coimbra district: 1,757 euros per square metre and a 12-month increase of 21.6%, almost two and a half times the national average. In the city of Coimbra, 2,449 €/m² and +19%. It's also the district where Figueira da Foz and much of the Costa de Prata are located — areas that continue to be among the most affordable in the country and where the difference from the rest is closing faster.
The explanation is well-known and applies to both Alentejo and Centre: when prices in Lisbon and the Algarve become unaffordable, demand shifts — both domestic and foreign — and shifts first to where there is quality of life and sea without metropolitan prices.
Mortgage Payments Also Rose, for Another Reason
In August 2026, mortgage payments rose again. The 12-month Euribor was set at 2.855% (+0.057 percentage points), the 6-month rate at 2.647%, and the 3-month rate at 2.425%, the latter with the most significant movement. Rates are at their highest levels in almost two years, in a context that markets have linked to international instability.
In euros, for a 150,000-euro loan over 30 years with a 1% spread: around 704 euros per month for 12-month indexed contracts (up 6 from July), 686 euros for 6-month contracts (up 5), and 667 euros for 3-month contracts (up 7).
These are two independent axes, and it's essential not to confuse them: the purchase price depends on supply and demand, while the mortgage payment depends on the cost of money. They can move in the same direction, as they are now, or in opposite directions.
What Changes for Buyers and Sellers
For buyers, the effort has increased through two channels at the same time: the value of the property and the cost of credit. And the room for negotiation has shrunk — at the beginning of 2026, only 8% of listings in Portugal had their prices reduced. Buying well now depends less on discounts and more on choice: region, typology, and the moment you enter.
For sellers, it's a good time — with one caveat that the slowdown makes concrete. A property valued by today's market will sell; a property valued by last month's record will stay on the market, and what stays on the market eventually sells below what it could have achieved initially.
What We'll Be Watching
Three things until the end of the year: whether the national slowdown is confirmed or reversed; whether the cheapest regions continue to rise above the average — the difference between the 21.6% in the Coimbra district and the 8.9% national average cannot be sustained indefinitely; and the trajectory of Euribor, which has again weighed on mortgage payments after months of calm.
If you're thinking of buying or selling, talk to us. We work in Figueira da Foz and the Costa de Prata every day, and the difference between a national average and the value of a specific street is often the difference between a good deal and an average one.