Lisbon Property Sales Q3 2025: Price Growth Amid an Engagement Crisis

Lisbon's city real estate sales market presents a paradox in Q3 2025: average prices rose 2.5% from July to September, yet over 4,000 listings each month recorded zero buyer contacts across their entire active period. This analysis examines the engagement crisis affecting thousands of properties, the price dynamics driving market segmentation, and what these trends reveal about buyer behavior in Portugal's capital.

Growth Masks Widespread Stagnation

The Lisbon city sales market showed sustained momentum through Q3 2025, but aggregate figures hide concerning engagement patterns:

Lisbon Property Price Analysis Q3 2025

Lisbon’s property sales market in Q3 2025 combined steady price growth with stable supply. Average prices rose 2.5% from €841 693 in July to €863 134 in September, while median prices increased 2.4% from €620 000 to €635 000. Price per square meter also edged higher, reaching €6 633/m² (median: €6 333/m²). Despite this upward trend, the number of active listings held firm at around 12 500, highlighting that price gains were achieved without a reduction in supply. This suggests that the market’s momentum is being driven more by buyer competition for attractive properties than by shrinking availability.

While overall visibility improved in September, meaningful buyer interaction barely moved. Average views per listing rose from 156 in August to 177 in September (+13%), suggesting renewed browsing activity as summer ended. Yet contacts remained nearly flat at around 1.7 per listing, and favorites also stagnated near 9–10 per listing.

This widening gap between attention and action points to what could be called a “surface engagement” effect — buyers are looking, but not reaching out. In practical terms, most listings gain exposure but fail to convert interest into inquiries, reinforcing the broader engagement crisis seen across Lisbon’s Q3 sales market.

Market Churn Accelerated:

The three-month period saw significant portfolio turnover: 6,657 new listings entered the market (July-September). 6,450 listings disappeared during the same window. Just 9 properties relisted after going dormant

This near-perfect balance between entries and exits (50.8% vs 49.2%) suggests a market in equilibrium—but one where thousands of properties churn without finding buyers.

Key Insights: The Engagement Desert

The Zero-Contact Epidemic.

Perhaps the most striking finding is the sheer volume of listings that failed to generate any buyer contacts:

Lisbon Zero-Contact Listings Analysis and Zero Favorites Analysis

- July 2025: 4,507 listings (35.5% of active inventory) recorded zero contacts across every tracked day - August 2025: 4,355 listings maintained zero contacts - September 2025: 4,289 listings still without a single inquiry

These properties accumulated over 337,793 total days of zero engagement across the quarter—an average of 26 days per listing without buyer interest.

Why it matters: More than one-third of Lisbon's sales inventory is effectively invisible to serious buyers, despite being actively marketed on Portugal's largest property platform.

The "favorites" metric—indicating buyers saving listings for later review—shows a similar pattern:

- 448 listings in September recorded zero favorites across their entire active period (2+ days) - These properties accumulated 10,865 zero-favorite days in September alone - The count increased 2.8% from July (436 listings), suggesting worsening engagement for bottom-tier properties

The insight: These aren't just properties buyers don't contact—they're listings buyers won't even bookmark for consideration. This represents a fundamental mismatch between seller expectations and market demand.

Bedroom Count Dictates Engagement—But Not Price Performance

Breaking down the market by property size reveals surprising engagement patterns:

Lisbon Sales Market Analysis by Rooms

2025-07

2025-08

2025-09

Key findings:

- Studios command the highest €/m² (€7,375), yet generate the lowest contact growth (+1.90 per listing) - 2-bedroom flats saw the highest view increases (+190) but contacts barely moved (+1.98) - 3-bedroom properties showed declining engagement momentum despite 1.3% price growth from August - Contact-to-view conversion rates are abysmal across all segments (<1.3% for studios, <1.1% for larger units)

What this means: Buyers are browsing extensively but committing minimally. The market is experiencing "window shopping fatigue"—high visibility without conversion, suggesting either overpricing or misaligned expectations about property value.

Market Implications & Outlook

For Sellers

The data paints a challenging picture:

1. Price growth is concentrating in properties that attract early engagement. If your listing hasn't generated contacts within 2-3 weeks, you're likely in the "invisible third" of inventory.

2. Premium per-m² doesn't guarantee attention. Studios and 1-beds achieve €7,000+/m² but struggle to convert views into inquiries, suggesting buyers view them as overvalued.

3. The 6,450 disappeared listings in Q3 represent sellers who either sold, withdrew, or repriced off-platform. With only 9 relistings, most appear to have exited permanently.

For Buyers

Opportunity lies in the engagement desert:

- 4,000+ zero-contact properties represent potential negotiation leverage. Sellers with dormant listings face mounting pressure to reduce prices or accept lower offers.

- The 448 properties with zero favorites may be fundamentally mispriced or poorly marketed—but could offer value if you can identify underlying quality.

- Month-over-month engagement is declining for larger properties (3-beds saw favorites drop 7% from August to September), suggesting softening demand in premium segments.

Conclusion

Lisbon's Q3 2025 sales market reveals a tale of two inventories: a minority of properties attracting steady interest and price appreciation, and a substantial "engagement desert" where thousands of listings accumulate days, weeks, or months without a single buyer inquiry.

With median prices now at €635,000 and average €/m² reaching €6,333, the market has priced out many buyers—or priced in expectations that current market participants aren't willing to meet.

For both buyers and sellers, the message is clear: In a market where one-third of properties generate zero engagement, pricing precision and realistic expectations aren't just important—they're the difference between a successful transaction and becoming another statistic in the engagement crisis.

Datasets in this Collection

• Lisbon Listings with Zero Favorites Analysis
• Lisbon Property Price Analysis Q3 2025
• Lisbon Sales Market Analysis by Rooms
• Lisbon Zero-Contact Listings Analysis
• Lisbon Sale Listings Analysis Q3 2025