Portugal's Residential Property Market Analysis 2024
Portugal's housing market is thriving, despite subdued economic performance.
Table of Contents
- Housing Market Snapshot
- Historic Perspective
- Demand Highlights
- Supply Highlights
- Rental Market
- Mortgage Market
- Socio-Economic Context
Housing Market Snapshot
In October 2024, the median price of dwellings in Portugal rose strongly by 12% to €1,721 (US$1,819) per square metre (sq. m) as compared to the same period last year, according to data released by the Instituto Nacional de Estatistica (INE). It was the highest median price of dwellings ever recorded in the country.
Dwelling prices have been continuously rising strongly in the past several years - increasing by about 9.2% annually from 2017 to 2023.
When adjusted for inflation, nationwide dwelling prices have increased by 9.5% y-o-y in October 2024.
After falling continuously from 2009 to 2013 due to the adverse impact of the global financial crisis and the eurozone debt crisis, property prices in Portugal started to recover in 2014 and have been rising since. House prices rose by 4.9% in 2015, 5.7% in 2016, 7% in 2017, 9.7% in 2018, 11.7% in 2019, 6% in 2020, 11.2% in 2021, and 13.5% in 2022. In 2023, house prices continued to increase, albeit at a slower pace of 5.4%. Currently, house price growth is accelerating again.
Portugal's house price annual change
In Grande Lisboa, property prices were up by a huge 11.2% (8.7% in real terms) in October 2024 from a year earlier, to a median price of €2,523 (US$2,666) per sq. m.
By region:
- In the North, the median property price rose by 13.2% y-o-y in October 2024 (10.7% in real terms), to €1,472 (US$1,555) per sq. m.
- In the Center, property prices were up by 8.8% y-o-y in October 2024 (6.3% in real terms), to €1,125 (US$1,189) per sq. m.
- Oeste e Vale do Tejo also saw a house price growth of 13% (10.4% in real terms) y-o-y to €1,288 (US$1,361) per sq. m.
- In Península de Setúbal, residential property prices soared by 11.3% (8.7% in real terms) y-o-y to €1,938 (US$2,048) per sq. m.
- In Alentejo, property prices rose by a modest 4.5% (2.1% in real terms) y-o-y to €1,114 (US$1,177) per sq. m.
- In Algarve, the average property price rose by 10.1% y-o-y (7.6% in real terms) to €2,321 (US$2,453) per sq. m in October 2024.
- Azores Islands registered an annual property price growth of 7.2% (4.8% in real terms) to €1,295 (US$1,368) per sq. m in October 2024.
- Madeira saw the biggest house price growth of 17.4% (14.7% in real terms) in October 2024 from a year earlier, to reach a median price of €2,010 (US$2,124) per sq. m in October 2024.
By property type, apartment prices rose by 12.9% y-o-y to €1,920 (US$2,029) per sq. m. in October 2024 while house prices increased by 9.8% to €1,317 (US$1,392) per sq. m.
The strong increase in house prices is supported by improving property demand. In the first half of 2024, the total number of housing transactions in Portugal rose by 3.1% to 70,202 units from a year earlier, a sharp improvement from a y-o-y decline of 18.7% in the full year of 2023, according to INE figures. Likewise, the total transaction value increased by 6.1% y-o-y to €14.61 billion over the same period, in contrast to an annual fall of 11.9% in the prior year.
"The forecast for 2024 is more optimistic. We expect to see an increase in investment volume of up to 15% compared to 2023, with activity picking up mostly in the second half of the year," according to CBRE in its 2024 Portugal Real Estate Market Outlook.
The residential construction sector remains stable. During 2023, licensed dwellings increased by 6% y-o-y to 32,053 units, following annual growth of 3.2% in 2022 and 12% in 2021, according to INE figures. However, in the first three quarters of 2024, licensed dwellings fell slightly by 1.4% to 24,611 units as compared to the same period last year.
Dwelling completions have followed a similar pattern, rising by 3% y-o-y to 20,156 units in 2022 and by 6.8% y-o-y to 21,534 units in 2023. In the first half of 2024, completions rose by another 3.2% to 12,193 units as compared to the same period last year.
However, Portugal's overall economic performance remains dismal. During 2023, real GDP growth slowed sharply to 2.3%, following strong expansions of 6.8% in 2022 and 5.7% in 2021, signaling a broad-based slowdown in activity across major sectors.
Economic activity is expected to remain subdued this year, amidst weak demand from its main trading partners. The economy recorded a real GDP growth rate of just 1.5% y-o-y in Q1, 1.6% in Q2, and 1.9% in Q3 2024. As such, the European Commission expects Portugal's economy to grow by a meager 1.7% this year and 1.9% next year. The International Monetary Fund (IMF) is more optimistic, projecting a real GDP growth rate of 1.9% this year and 2.3% in 2025.
Banco de Portugal, the country's central bank, projects a sluggish economic growth of just 1.6% this year, before improving to 2.1% next year.
Historic Perspective:
House prices are nearly 100% above pre-recession levels
As of October 2024, Portugal's nationwide house prices were about 96.2% above their previous nominal peak, seen in 2010. The housing market began to recover in Q4 2014, after 13 consecutive quarters of y-o-y house price declines. Despite the Covid-19 pandemic, house prices continued to rise in the past four years.
By region, Grande Lisboa's house prices are now about 110% above their previous peak. Also, house prices in Península de Setúbal are now more than 103% up while they are almost 96% up in the North. In Algarve, house prices are already more than 97% above their previous peak.
In Oeste e Vale do Tejo and Centro, prices are up by 67% and 58%, respectively. House prices in Alentejo are now above their previous peak by 33%.
Likewise, house prices in the autonomous regions of Madeira and the Azores Islands are up by about 77% and 50%, respectively.
The house price boom that swept most of Europe and the developed world from the mid-1990s to 2006 completely bypassed Portugal, except in the Algarve. One of the reasons is the country's sluggish economic growth. The country has grown by an average of just 0.3% per year from 2001 to 2016 before registering an annual average growth of 3% from 2017 to 2019. After experiencing a pandemic-induced contraction of 8.3% in 2020, the economy grew robustly by an average of 6.3% annually in 2021-22. Yet growth slowed sharply to 2.3% in 2023.
Surprisingly, the Portuguese housing market showed increased resilience in the past several years, with house price growth accelerating despite the Covid-19 pandemic.
- 2003 - 2004: house prices rose by an average of 6.2% y-o-y (3.3% in real terms);
- 2005 - 2007: prices rose by an average of 1.25% (-1.3% in real terms);
- 2008: prices fell by an average of 4.7% (-7.1% in real terms);
- 2009: prices fell by an average of 2.6% (-1.8% in real terms);
- 2010 - 2012: house prices fell by an average of 3.1% (-5.5% in real terms);
- 2013-2014: house prices dropped by an average of 1.5% (-1.5% in real terms), and;
- 2015-2020: house prices rose by an annual average of almost 6% (5.3% in real terms).
- 2021-2022: house price growth accelerated to reach an annual growth of 12.3% (5.9% in real terms).
- 2023: house prices continued to increase, albeit at a much slower pace of 5.4% (3.9% in real terms).
Portuguese property is relatively inexpensive
From the perspective of the foreign buyer, Portuguese property is astonishingly good value, despite the recent house price increases. Grande Lisboa, which includes the capital and prime city of Portugal, had the most expensive housing in the country, with a median house price of €2,523 (US$2,666) per sq. m in October 2024, according to figures from INE. It is followed by the Algarve, which is known for its Mediterranean beaches and golf resorts, with a median house price of €2,321 (US$2,453) per sq. m.
In contrast, Centro and Alentejo have the cheapest housing in the country, with median house prices of €1,125 (US$1,189) per sq. m and €1,114 (US$1,177) per sq. m, respectively.
Portugal's house price to GDP per capita ratio is one of the lowest in Europe. Again, in terms of square meter prices, Portugal has some of the lowest prices for city-center properties in Europe.
Demand Highlights:
Demand improving again
In the first half of 2024, the total number of housing transactions in Portugal rose by 3.1% to 70,202 units from a year earlier, following a y-o-y decline of 18.7% in the full year of 2023, according to INE figures. Likewise, the total transaction value increased by 6.1% y-o-y to €14.61 billion over the same period, in contrast to an annual fall of 11.9% in the prior year.
In H1 2024:
- Existing dwellings: the number of transactions rose by a modest 3.2% y-o-y to 56,042 units, after registering a huge annual decline of 21.4% in 2023. Likewise, transaction value was also up by 6.3% y-o-y to €10.6 billion in H1 2024, in contrast to an annual fall of 16.5% in 2023.
- New dwellings: the number of transactions increased by 2.6% y-o-y to 14,160 units, following an annual fall of 6.1% in the whole year of 2023. Transaction value, on the other hand, rose by 5.6% y-o-y to €4 billion, after registering an annual growth of 2.6% in the previous year.
By region, Centro had the biggest increase in the number of transactions, registering a y-o-y growth of 7.9% in H1 2024, followed by Norte (7%), Alentejo (3.5%), Península de Setúbal (3.4%), Oeste e Vale do Tejo (3.1%), and Grande Lisboa (2.6%). In contrast, housing transactions had fallen in Algarve by 14.7% over the same period.
The autonomous regions of Madeira and the Azores Islands showed mixed results. In H1 2024, housing transactions increased by 5.1% y-o-y in Azores but fell by 9.5% in Madeira.
There are no restrictions on foreign property ownership in Portugal and transaction costs are generally low.
Under Portugal's Golden Visa Program, the country grants a 5-year residency permit to non-EU citizens who invest in the country, including those who buy a minimum of €500,000 worth of property, allowing holders to work or study, and travel to Schengen countries. They could then apply for permanent residency after five years.
However the program went through significant changes recently, and in October 2023, the government announced that it no longer accepts the purchase of real estate or real estate-related funds as qualifying investment.
Supply Highlights:
Residential construction activity remains stable
After a long slump in construction, the number of licensed new constructions rose by 21.8% y-o-y in 2015 to 8,491 units, by 36.1% to 11,558 units in 2016, by 29.3% to 14,946 units in 2017, by 44.4% to 21,587 units in 2018 and by another 15.4% y-o-y to 24,905 units in 2019.
The growth in residential construction activity slowed in 2020 due to the adverse impact of the pandemic, with licenses rising by just 5.07% y-o-y to 26,168 units. Activity improved again in 2021, with the number of licensed new constructions increasing by 12% to 29,312 units. Then in 2022, licensed dwellings rose by a modest 3.2% y-o-y to 30,247 units - the first time that it crossed the 30K mark in 14 years.
During 2023, licensed dwellings increased further by 6% y-o-y to 32,053 units, according to INE figures. However, in the first three quarters of 2024, licensed dwellings fell slightly by 1.4% to 24,611 units as compared to the same period last year.
Dwelling completions have followed a similar pattern, rising continuously from 2016 to 2021, registering an average growth of 19.2% annually. Completions continued to increase in recent years, albeit at a much slower pace - by 3% y-o-y to 20,156 units in 2022 and by 6.8% y-o-y to 21,534 units in 2023.
In the first half of 2024, dwelling completions rose by a modest 3.2% to 12,193 units as compared to the same period last year.
Total dwelling stock was 6,003,809 units during the start of 2023, almost unchanged from a year earlier, based on the latest figures released by the INE.
The northern region accounted for 31.8% of the total stock, followed by AM Lisbon (with a 25% share) and the central region (with a 24.6% share). Alentejo represented about 7.9% share of the total dwelling stock; Algarve, with 6.6% share; and the autonomous regions of Madeira and Azores Islands, with 2.2% and 1.9% shares, respectively.
Rental Market:
Rental yields are moderately good
Apartments in Portugal continue to obtain moderately good rental yields, ranging from 3.5% to 7.56%, with a nationwide average of 4.96% in Q4 2024, according to the recent research conducted by the Global Property Guide. While it is a decline from an average of 5.65% in Q4 2023, these remain to be good yields and the purchase price is attractive for a European capital city.
As a reminder, the rental yield is the total percentage return you would earn as a landlord when renting out your property.
In Lisbon, the capital and largest city of Portugal, gross rental yields for apartments range from 3.5% to 7.6%, with a city average of 4.45% in Q4 2024.
In Porto, the country's second-largest city and the commercial and industrial hub for the zone north of the Mondego River, apartments can generate returns between 4.16% and 6.15%, with a city average of 4.76%. As a disclaimer, Porto's numbers may be somewhat inconsistent due to a limited supply of rental units. This is possibly due to Portugal's Golden Visa program.
Faro's apartments offer rental yields of around 5.2% in Q4 2024. Aveiro has a slightly higher average return of 5.33%; Braga's average rental yield is 4.86%; and Setubal generates rental yields of 5.18%, on average.
In Lisbon, a studio-type apartment rents for about €1,150 per month in Q4 2024, according to the Global Property Guide. One- to two-bedroom apartments are offered in the market for a monthly rent of around €1,580 to €2,000. Three-bedroom apartments are rented for an average of €2,413 per month while apartments with four or more bedrooms are rented for at least €3,500 per month.
In terms of price-to-rent ratios, Global Property Guide research suggests that Lisbon is exceptionally good value. However, round-trip transaction costs can be high in Portugal.
Small rental market, changes in tenancy laws
Portugal has one of the highest owner-occupation rates in Europe, partly caused by generous government mortgage subsidies having helped push up owner-occupation from 52% of all housing in 1981 to an average of about 75% from 2004-2023. It reached an all-time high of 78.3% in 2021. Currently, the owner-occupation in Portugal stands at about 76%, according to Eurostat figures.
Meanwhile, the private rental market has shrunk from 39% of total dwelling stock in 1981, to currently about 20%. The social rental sector is small at around 3% of the total housing stock or 16% of the total rental stock.
The shrinking of the private rental market was also caused by tenancy laws that gave tenants strongly controlled rents and protected them against eviction. As a result, young people usually either live at home, pay exorbitant key money, or buy an apartment. This led to a considerable pent-up demand for rental housing.
Things were improved by Law 31/2012, passed on August 14, 2012, which gave more rights to landlords. The new measure was one of the conditions for the country's €78-billion bailout agreement from the IMF, ECB, and European Commission.
Changes in the law include the following:
- The legislation allows parties to agree on any duration of the lease, instead of the previous minimum of 5 years. If a period is not defined in the contract, the lease is assumed to be set for two years, which can be renewed automatically.
- There is now a procedure for revising rental values: (1) the landlord proposes a new rent to the tenant; (2) the tenant accepts or suggests a counterproposal; (3) if no agreement is reached the agreement may be terminated, and the landlord pays five years' worth of rent as compensation. Exemption is given to tenants with financial difficulties, who enter a transitional regime with small rent increases for five years. A special transitional regime is also applicable to tenants over 65 years old, or with 60% disability.
- As with the previous law, in case of the death of the tenant, the lease will be transferred to the spouse, common-law spouse, or relatives, but now only for a period of two years. The tenant's beneficiaries are not allowed to hold purchased or rented property within the same municipality, or in Lisbon and Oporto's case, in neighboring municipalities either.
The new law also strengthened the landlord's ability to terminate a lease agreement.
- The landlord has the right to terminate the contract if the tenant fails to pay two consecutive rents and still hasn't paid the rent due at the end of the third month.
- If the tenant fails to pay on time (or more than eight days after the due date) four times a year, the landlord can terminate the contract.
- The landlord is allowed to terminate the contract by notifying the tenant of its intention to terminate the contract with at least two years notice.
- If the landlord wishes to demolish or undertake works on the property, he may also terminate the lease.
The law aims to update the rents of older contracts, as well as amend Law 6/2006 or the New Urban Lease Act (Novo Regime de Arrendamento Urbano - "NRAU") - an attempt to solve old lease issues.
The legislation also includes a special procedure for evicting tenants who do not vacate the property on the specified date by the court or the contract. It also creates the National Office for the Leases (BalcãoNacional de Arrendamento) where a landlord may apply so as to notify the tenant to vacate the property.
Several other laws came into force after, including Law No. 13/2019 and Crista's Law of February 2020, which aims to correct the imbalance situations between tenants and landlords, enhance the security and stability in urban letting, and protect tenants in a particularly vulnerable situation. More particularly, they grant tenant protection from harassment of the landlord during the lease period.
Mortgage Market:
Interest rates gradually falling again
After staying more or less steady in the past six years, interest rates on housing loans rose rapidly last year. Fortunately, interest rates in Portugal are now falling again, following the ECB's decision to cut its key rates in recent months.
Portugal's mortgage loan interest rates:
For new housing loans drawn, the average interest rate stood at 3.39% in October 2024, down from 4.32% in the same month last year but still up from 2.78% two years ago.
By initial rate fixation (IRF), as of October 2024:
- Floating rate & IRF of 1 year: 4.07%, down from 4.76% a year earlier but still far higher than the 2.78% two years ago
- IRF of 1-5 years: 3.12%, down from 3.88% in October 2023 and from 3.21% in October 2022
- IRF of 5-10 years: 3.89%, sharply down from 5.42% a year earlier and from 4.54% two years ago
- IRF of over 10 years: 3.6%, down from 4.16% in the same period last year and 4.15% two years earlier
For outstanding housing loans, the average interest rate was 4.25% in October 2024, slightly down from 4.62% in the same period last year but still far higher than the 1.65% recorded two years ago.
By maturity, as of October 2024:
- Up to 1-year maturity: 6.01%, almost unchanged from 6% in the previous year but still far higher than the 3.86% seen two years ago.
- 1-5 years maturity: 8.4%, up from 7.71% a year earlier and 5.65% two years prior.
- Over 5 years maturity: 4.25%, down from 4.62% in October 2023 but still up from 1.65% in October 2022.
The noticeable decline in mortgage interest rates in Portugal was mainly due to the recent monetary policy shift implemented by the European Central Bank (ECB). The ECB slashed its repo rate three times since June 2024, from 4.50% to 3.40% in October 2024, as inflationary pressures continue to ease.
However, prior to this, the ECB raised its repo rate ten consecutive times from a record-low of 0% in July 2022 to 4.50% in September 2023, after holding it unchanged for more than six years.
The Portuguese mortgage market is extremely sensitive to interest rate changes, since more than 60% of new mortgage loans issued annually in recent years have variable interest rates or initial rate fixation of less than one year, according to the European Mortgage Federation (EMF).
Sluggish mortgage market
Portugal's mortgage market grew from 41.5% of GDP in 2000 to 65.7% of GDP in 2012. However, housing loans have declined for the succeeding nine consecutive years, falling by an annual average of 2.2% from 2011 to 2019. As a result, the size of the mortgage market has shrunk to just around 43.8% of GDP in 2019, based on figures by the Global Property Guide.
The total volume of housing loans increased gradually again in the succeeding three years, but the size of the mortgage market relative to GDP continued to decline, which indicates that the overall economy is growing faster than the mortgage market. During 2022, the mortgage market contracted to about 42% of GDP.
As interest rates surge, housing loans fell, resulting in a further contraction in the size of the mortgage market to just 37.8% of GDP in 2023. The market size is expected to decline further to about 37% of GDP this year, despite gradually falling interest rates.
In October 2024, housing loans outstanding in Portugal rose by a modest 2.5% y-o-y to €103.03 billion (US$108.87 billion), according to the ECB.
Socio-Economic Context:
Economic growth slowing, but government finances continue to improve
Portugal's economic growth slowed sharply to 2.3% in 2023 from a year earlier, according to the country's statistical agency, following strong expansions of 6.8% in 2022 and 5.7% in 2021, signaling a broad-based slowdown in activity across major sectors.
"Economic growth slowed down to 2.3% in 2023, reflecting a broad-based deceleration across all main GDP components. The main slowdown took place in the second and third quarters of 2023, followed by a rebound in the final quarter of the year," said the European Commission. "Both private consumption and investment increased substantially in the final quarter of the year, helped by the stabilization in interest rates."
Economic activity is expected to remain subdued this year, amidst weak demand from its main trading partners. The economy recorded a real GDP growth rate of just 1.5% y-o-y in Q1, 1.6% in Q2, and 1.9% in Q3 2024. As such, the European Commission expects Portugal's economy to grow by a meager 1.7% this year and 1.9% next year. However, the International Monetary Fund (IMF) is more optimistic, projecting a real GDP growth rate of 1.9% this year and 2.3% in 2025.
Banco de Portugal, the country's central bank, projects a sluggish economic growth of just 1.6% this year, before improving to 2.1% next year.
Before the COVID-19 pandemic, the country saw six years of continued growth from 2014 to 2019 after a series of dismal years. However in 2020, the economy plunged again by a huge 8.3%, its biggest decline in recent history.
After a slight budget surplus of 0.1% of GDP in 2019 (the first surplus in the country's 45 years of democracy), the country recorded a 5.8% budget deficit in 2020, amidst pandemic-related stimulus aids. The shortfall eased to 2.8% of GDP in 2021 and further to 0.3% of GDP in 2022. During 2023, the country recorded a budget surplus equivalent to 1.2% of GDP. The country is projected to remain in surplus in the next three years.
"Government revenue is set to continue expanding, benefiting from the performance of tax revenues and social contributions amid sustained economic activity, higher households' disposable income, and a resilient labor market. Fiscal policy measures, such as pension lump-sum payments and extraordinary increases in the public wage bill, are weighing on government expenditure," said the European Commission.
Portugal's public debt also improved, falling to about 99.1% of GDP in 2023, from 112.4% of GDP in 2022, 124.5% in 2021 and 134.9% in 2020. It is expected to fall further to 95.7% of GDP this year and to 92.9% of GDP next year.
As a result of improving public finances, Fitch Ratings affirmed in September 2024 the country's long-term foreign-currency issuer default rating of 'A-' but revised the outlook from stable to positive, following an upgrade in September 2023 from 'BBB+'.
"The Positive Outlook reflects continued progress in reducing public debt, a record of and commitment to prudent fiscal policy, and ongoing external deleveraging, which reduce Portugal's vulnerabilities," said Fitch Ratings. "We anticipate Portugal's fiscal outperformance to continue relative to its rated peers and most EU countries, underpinned by prudent policies."
Earlier, in March 2024, Standard and Poor's upgraded its credit rating for Portugal to 'A-' from 'BBB+', with a positive outlook. In November 2023, Moody's also revised its credit rating upwards by two notches to A3 from Baa2, with a stable outlook, citing the country's solid medium-term economic growth outlook.
While inflation is increasing again in recent months, it remains manageable. In October 2024, overall inflation was 2.5%, up from 2.3% in the previous month and 1.5% in the same period last year.
Inflation averaged below 1% annually from 2009 to 2021 before surging to a 30-year high of 10.1% in October 2022. Inflation averaged 8.1% for the full year of 2022 and 5.3% in 2023.
The labor market remains tight. In Q3 2024, nationwide unemployment stood at 6.1%, unchanged both from the previous quarter and the same period last year, based on INE figures. Before the Covid-19 pandemic, the jobless rate had been steadily falling, from 17.1% in 2013 to 6.7% in 2019. After rising to 7.1% in 2020, the unemployment rate fell again to 6.7% in 2021 and further to 6.2% in 2022. However, the jobless rate increased again to 6.5% last year.
The nationwide unemployment rate is expected to average 6.4% this year and the succeeding two years, according to the Banco de Portugal.
Sources:
- Bank appraisals on housing increased 26 euros to 1,721 Euros per square meter - October 2024 (Instituto Nacional de Estatistica): https://www.ine.pt/
- 2024 Portugal Real Estate Market Outlook (CBRE): https://www.cbre.pt/
- Portugal house prices are on the rise but the country remains "attractive to foreigners" (Idealista): https://www.idealista.pt/
- Portugal Property Market Outlook 2024 (Benoit Properties): https://www.benoitproperties.com/
- Portugal Golden Visa: New Rules and Complete Guide 2024 (Global Citizen Solutions): https://www.globalcitizensolutions.com/
- Key ECB interest rates (European Central Bank): https://www.ecb.europa.eu/
- Gross rental yields in Portugal: Lisbon and 5 other cities (Global Property Guide): https://www.globalpropertyguide.com/
- Portugal Home Ownership Rate (Trading Economics): https://tradingeconomics.com/
- Economic forecast for Portugal (European Commission): https://economy-finance.ec.europa.eu/
- IMF Executive Board Concludes 2024 Article IV Consultation with Portugal (International Monetary Fund): https://www.imf.org/
- Economic projections (Banco de Portugal): https://www.bportugal.pt/
- Financial Stability Report - May 2024 (Banco de Portugal): https://www.bportugal.pt/
- Fitch Revises Portugal's Outlook to Positive; Affirms IDR at 'A-' (Fitch Ratings): https://www.fitchratings.com/
- Portugal Upgraded To 'A-' On Ongoing Steep External And Government Deleveraging; Outlook Positive (S&P Global): https://disclosure.spglobal.com/
- Moody's upgrades Portugal's ratings to A3 and changes outlook to stable (Moody's Ratings): https://ratings.moodys.com/
- Consumer price index (Year-on-year growth rate - Base 2012 - %) by Geographic localization and Special aggregates; Monthly (Instituto Nacional de Estatistica): https://www.ine.pt/
- Unemployment rate (Series 2021 - %) by Place of residence (NUTS - 2013) and Sex; Quarterly (Instituto Nacional de Estatistica): https://www.ine.pt/