Portugal's commercial property prices jump 10% in 2025, highest since records began

Portugal’s commercial property price index (IPPCom) rose 10.1% in 2025, the steepest increase since the INE began tracking the market in 2009. The jump adds 5.4 percentage points to the 2024 rise of 4.7%, taking the index to 156.25 points – a 56.25% gain over the past decade.

The residential price index (IPHab) surged even faster, climbing 17.6% in 2025, widening the gap between residential and commercial growth to 7.5 points. Throughout the year, commercial prices accelerated each quarter, with a 17.9% rise in the second quarter and remaining above 15% through year‑end.

Housing transactions totaled 169,812 units. Families purchased 148,632 homes, spending €35.7 billion – a 24.4% increase from 2024. Institutional buyers acquired 21,180 units for €5.4 billion, up 6.4% but representing only 12.5% of purchases, the lowest share since 2019. The data reflect strong demand against limited supply, driving price growth across both residential and commercial sectors.