In the first three months of this year, the Housing Price Index (IPHab) registered its first slowdown in almost two years, since the second quarter of 2024.

Between April and June of this year, prices for existing homes grew more intensely than new homes, with increases of 18.0% and 12.3%, respectively.

Compared with the previous quarter, the IPHab grew 3.6% (3.8% in the first quarter of 2026), with prices for existing homes up 3.6% and those for new homes up 3.5%.

The average annual rate of change in the Housing Price Index (IPHab) was 17.7% in the second quarter of 2026, 0.2 percentage points less than in the previous quarter, with existing homes showing a rate of change of 19.4% (0.1 percentage points less than in the preceding quarter) and new homes of 13.1% (0.6 percentage points less).

Transactions made

According to INE, between April and June, 40,142 homes were traded, 6.4% less than in the same period last year.

"For the third consecutive quarter, a negative annual rate of change was observed in the number of homes sold (-8.7% in the first quarter of 2026 and -4.7% in the fourth quarter of 2025)," notes INE.

Of the total transactions, 32,307 (80.5% of the total) were related to existing residences, an annual change of -6.6%. In the second quarter, the value of homes traded reached €10.7 billion, 4.2% higher than in the same quarter of 2025, with a year-on-year increase of 6.1% in the value of existing home transactions, to €8.1 billion, and a decrease of 1.6% in new home transactions, to €2.6 billion.

Compared to the previous quarter, the value of housing transactions in the second quarter rose 7.8% (-7.9% in the first quarter of 2026), registering an 8.5% increase in the value of existing home transactions and a 5.9% increase in the new home indicator.

In the second quarter, there were 7,835 transactions, 5.7% fewer than in the same quarter of 2025.

Compared with the previous quarter, the value of housing transactions in the second quarter rose 7.8% (down 7.9% in the first quarter of 2026), with an 8.5% increase in the value of existing home transactions and a 5.9% increase in the new home indicator. In the second quarter, sales to households fell 7.3% year-on-year and rose 6.4% quarter-on-quarter, settling at 34,935 residences and representing 87.0% of total sales.

Value terms

In value terms, sales of housing to families rose 3.6% year-on-year and 8.1% quarter-on-quarter, to €9.3 billion, 86.6% of the total.

Meanwhile, acquisitions of housing by buyers with tax domicile in the national territory fell 6.2% compared to the second quarter of 2025, to 38,252 units (95.3% of the total), totalling €9.9 billion (up 4.8% year-on-year).

For buyers with tax domicile outside Portugal, there were 1,890 sales, down 10.3% from the same period last year (-15.6% in the first quarter of 2026).

The European Union category recorded 946 transactions, similar to the 944 sales recorded in the other countries category, with both showing annual reductions of -14.9% and -5.1%, respectively.

Regional analysis

In regional analysis, the INE found that, in the second quarter, as in the previous one, all regions recorded annual reductions in the number of transactions, which were less significant in Alentejo (-0.8%) and the Setúbal Peninsula (-2.1%) and more intense in Madeira (-15.2%) and the Algarve (-12.4%).

In terms of value, all regions saw year-on-year increases in the reference quarter, except the Algarve and Madeira.

The highest rates of change, with figures above the national average, occurred in the West and Tagus Valley, Central region, Azores, Setúbal Peninsula and Alentejo, with increases between 5.5% and 20.2%.