This number represents a new high for new homes completed since 2011, according to data from the National Statistics Institute (INE), while another 34,000 homes that already have approved licenses are also expected to enter the market in the coming years.

Preliminary data from INE reveals that 24,639 new family homes were completed in 2024, 4.2% more than the previous year. This is the third consecutive year that the number of new homes completed has surpassed the 20,000 mark, and in 2024 a new high since 2011 (when more than 26,000 homes were completed).

New homes completed in the final stretch of 2024 gave a boost to these annual results: “The number of completed homes grew by 11.8% in the fourth quarter, after a decrease of 1.3% in the third quarter of 2024”, explains the Portuguese statistics office.

Analysing the geographical distribution of new homes completed throughout 2024, it is clear that almost half are located in the North of the country (43.7% of the total, corresponding to 10,773 units). “The North and Centre, together, represented 58.4% of the apartments completed in new constructions for family housing”, highlights the INE. In third place is Greater Lisbon, with 11.6% of the total number of new homes completed (a total of 2,850), followed by Península de Setúbal (8.3%) and the West and Tagus Valley areas (7.6%).