Portugal’s real estate market is undergoing a noticeable structural shift. New-build properties are becoming a more important part of total supply, while the overall number of available properties is shrinking. According to The Portugal News, citing Imovirtual, the share of new-build properties in total listings increased from 4.6% to 5.0% between March 2025 and March 2026.

📊 At first glance, this change may seem modest, but for Portugal it is an important signal. The market is not expanding through a general increase in available properties. On the contrary, supply is tightening, while new-builds appear to be a more resilient segment compared with resale homes. This means that new projects are becoming one of the key sources of transactions for buyers looking for quality property in the country.

💶 The price gap between new-builds and resale properties remains significant. The average asking price for a new-build property is €647,500, while the average price for a resale property is €425,000. This represents a 52% gap, highlighting the premium positioning of new construction in Portugal.

📈 Key market figures:

— the share of new-builds in total supply increased from 4.6% to 5.0%;
— the average price of a new-build property is €647,500;
— the average price of a resale property is €425,000;
— new-builds are around 52% more expensive than resale homes on average;
— 92.6% of new supply consists of apartments.

🏙 New construction in Portugal is highly concentrated in the country’s largest urban centres. Porto accounts for 42.9% of new supply, while Lisbon accounts for 28.9%. Together, these two markets represent more than 70% of all new projects. Outside the largest cities, Setúbal stands out, with its share rising to 7.6%. At the same time, the Algarve lost 15% of its relative share in new supply.

🏡 This geography shows that new construction in Portugal remains primarily an urban product. Most new properties appear in locations with employment, transport infrastructure, universities, business activity, and stable rental demand. This is why Lisbon and Porto continue to hold leading positions.

👨‍👩‍👧‍👦 The structure of new supply is also important. New listings mostly consist of apartments, with their share reaching 92.6%. At the same time, the segment of new houses is also growing, increasing by 21.4%. By property type, the market is clearly shifting toward family-sized housing: T3 and T4 apartments account for 73.1% of new supply, compared with 62.3% on the resale market.

⚖️ For buyers, this creates a mixed situation. On the one hand, new-builds offer a more modern product, better energy efficiency, updated layouts, and fewer legal risks related to the technical condition of the property. On the other hand, the high price level makes this segment less accessible for the average buyer, especially in Lisbon and Porto.

📌 For investors, the main takeaway is clear: if the number of liquid resale properties continues to shrink, the importance of new projects will increase. Buyers considering Portugal for living, rental income, or long-term capital preservation will increasingly compare not only districts and prices, but also the availability of quality supply in specific cities.

🏘 Lisbon, Porto, and Setúbal may be the most sensitive to this trend. In these locations, new construction concentrates a significant share of demand, while limited supply may support interest in properties that are already on the market or are expected to enter it soon.

🔎 You can explore available properties in Portugal for living or investment on our website.