INE's First Freguesia Map of Q1 2025 House Prices Lands With Santo António at €6,819/m² and Parque das Nações Up 22.2% — Marvila Is the Only Big Lisbon Parish in Reverse
INE pegs Santo António at €6,819/m² and Aldoar–Foz–Nevogilde at €3,932/m². Greater Lisbon median is €3,439/m², Greater Porto €2,305, country €2,076. Parque das Nações leads m² growth at 22.2%; only Marvila falls (-10.6%).
The Instituto Nacional de Estatística on 24 April released the freguesia-level cut of its Estatísticas de Preços da Habitação ao Nível Local for full-year 2025 — the first granular, parish-by-parish look at where the country's housing market actually moved last year. The headline numbers reframe the conversation about affordability in Lisbon and Porto, and the geographic spread is wider than the national 16.8% acceleration on its own suggests.
National median price for housing transactions in 2025 was €2,076/m². Greater Lisbon (Área Metropolitana de Lisboa) came in at €3,439/m²; Greater Porto at €2,305/m². Lisbon municipality's own median climbed to €4,875/m², with five parishes — Santo António, Parque das Nações, Campo de Ourique, Estrela and Misericórdia — all sitting above that line.
The most expensive square metres in Portugal
Two parishes top the country, one in each city. Santo António — the small central Lisbon parish that runs from Avenida da Liberdade up through Rato — registered €6,819/m², the single highest figure INE published. In Porto, the union of Aldoar, Foz do Douro and Nevogilde, which covers the Atlantic seafront from Castelo do Queijo south to the river mouth, hit €3,932/m². The next-most-expensive Porto cluster — central Cedofeita, Santo Ildefonso, Sé, Miragaia, São Nicolau and Vitória — landed at €3,801/m².
For a household earning the national median wage of roughly €1,200 net a month, a 60-square-metre Santo António flat now lists at around €409,000 — about 28 years of pre-tax salary. The same flat in Aldoar costs €236,000; in central Porto, €228,000.
Where the price acceleration is happening
The municipal averages show Lisbon (+12.3%) and Porto (+12.2%) running near identical rates of acceleration through 2025. Inside those averages, the dispersion is enormous.
Parque das Nações — the eastern parish built on the 1998 Expo site — was the country's fastest-growing freguesia at +22.2% year on year, comfortably outpacing every other Lisbon district and reflecting both new high-end stock entering the market and the saturation of central parishes that has pushed buyers eastwards. Central Porto's six-parish union grew 18.7%, well above the city average. Misericórdia (3.0%) and Estrela (2.8%), already among the most expensive parishes in the country, were near-flat — there is, in cash terms, less new stock to absorb and fewer marginal buyers to move the median.
And one parish actually went backwards. Marvila, on Lisbon's eastern riverfront, fell 10.6%. That is the only meaningful negative print INE recorded across either capital city. Marvila has been the focus of municipal social-housing programmes and was, in 2023 and 2024, the subject of speculative activity around riverfront regeneration that has visibly cooled.
Volume tells a different story
The transaction-count data is the part of the release that property professionals will read most closely, because it shows where the market is actually moving — not just where prices are highest. Arroios recorded the most Lisbon transactions at 673; Marvila the fewest, at 106. In Porto, Paranhos dominated with 1,066 transactions, more than three times the activity in Aldoar–Foz–Nevogilde (318). Read together, the tables describe a market where the most expensive parishes are also the thinnest, with deep liquidity concentrated in mid-tier districts where most actual buyers transact.
What to watch into Q2
INE will publish the next iteration of these statistics in late July, capturing Q1 2026 transactions. Three signals matter. First, whether Parque das Nações holds its 20%-plus pace or reverts toward the city average — a sustained outlier at this pace would suggest a genuine new pricing tier rather than a one-off effect. Second, whether Marvila's reversal becomes a trend or a single-quarter wobble; planning notices and the rhythm of social-housing deliveries through 2026 will both pull on this number. Third, the spread between Greater Lisbon (€3,439) and Greater Porto (€2,305) has now widened to roughly 49% — the gap was closer to 35% three years ago, and policy attention will increasingly turn to whether Porto remains a relative-value play or quietly catches up.
