Portugal is Finally in the Lead!

Housing Prices Across Europe

We keep hearing that home prices have shot up everywhere in the past decade. Fine, but please don’t snatch the gold medal from us: Portugal still tops the podium. Since 2015, our national house-price index has compounded at more than twice the pace of the euro-area average. Yey! (chuckles) I’m in danger.
Housing
Europe
Portugal
Author

Miguel Salema

Published

June 30, 2025

What?

The Portuguese housing market has grown, in the last 10 years, at 9% a year! That is a nominal return that rivals the S&P500. Figure I shows you that beauty.

Figure I: Portugal is Winning!

Data: the House Price Index

The House Price Index (HPI), compiled by Eurostat is a reliable, harmonized indicator tracking housing price changes across European countries. The HPI reflects price changes of residential properties purchased by households, including all types of dwellings (flats, houses, etc.), both newly built and existing units. It is a nominal index, i.e. not adjusted for inflation. Data are reported at a quarterly frequency.


The Author

Miguel Salema: PhD Candidate and Teaching Assistant at the University of Bern. Email: miguel.salema@unibe.ch