Global Property Guide reported on the figures and noted the value of flats is decreasing more quickly than houses, with the former posting an annual decline of ten per cent, while the latter dropped in cost by 7.2 per cent.
Citing data from the country's national statistics institute, the news provider highlighted Centro and Alentejo as the regions that have experienced the greatest price falls.
The Grande Lisboa region has the most resilient real estate market in the country, with values there sliding by just 3.84 per cent from their peak.
In the popular tourist area of the Algarve, property prices are 5.45 per cent lower than their highest point. This could be a good location for investors to target, particularly if they are keen to enter the holiday home market.
The Self-Catering on a Shoestring Report from the Post Office recently revealed a weekly family shop in the destination is among the cheapest in Europe, coming in at £57.78 for items such as butter, eggs, cheese, toilet rolls and sugar.