Portugal: Average construction cost per square metre for IMI purposes applicable in 2026
In 2026, the average construction cost per square metre for purposes of the Municipal Property Tax (IMI) will increase from EUR 532 to EUR 570, pursuant to Ordinance No. 471/2025/1 of 26 December, recently published.
This adjustment results in an increase of EUR 47.5 in the base value used for valuation purposes, which rises from EUR 665 (corresponding to EUR 532 plus 25%) to EUR 712.5 (resulting from EUR 570 plus 25%). Indeed, under article 39 (1) of the IMI Code, the base value of urban properties for the purposes of calculating their taxable patrimonial value corresponds to the average construction cost per square metre, to which is added the value of the land area of implantation, set at 25% of that amount.
The new value applies exclusively to urban properties in respect of which Model 1 returns are filed from the entry into force of this Ordinance, i.e. as from 1 January 2026.
Contacts
