Weakening demand is the main factor pushing down on prices at the national level.
Meanwhile, agents are experiencing much sharper price declines than developers.
The national activity index fell a further 6 points to -32, while the national confidence index declined by 2 points to -53.
RICS Senior Economist, Josh Miller said: "The Portuguese housing market can be characterised by falling prices, falling activity and depressed confidence. This is set against a wider economic backdrop of accelerating inflation (4%), elevated unemployment (11.1%) and a shrinking economy (-0.7% in Q1). Unsurprisingly, these factors are weighing heavily on the demand side of the equation; supply – either in terms of rising new vendor instructions or excessive building – is not presently an issue."
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