Rents increased 10% in June on May

 In News, Property, Real Estate

The average price of rents rose by 10% in June compared to May according to the online estate agency site Imovirtual.

The average monthly rent went from €1,097 to €1,206 in an increase driven by an increase by 9.1% in rents in the Setúbal district, 8.5% in Lisbon and 7.8% in Faro. In Portalegre the cost of renting shot up even more — by 28.8%, with average rents reaching €733.
The data was published by the ‘Real Estate Market in Numbers – Monthly Barometer for June’ which showed that Lisbon continues to lead with the most expensive districts to rent out a flat or property, at an average price of €1,546.
This was followed by Porto, €1,014, an increase of 2.74%, Setúbal at €935 and Faro at €931. At the bottom of the league table were Portalegre, Guarda, Castelo Branco and Vila Real with the cheapest rents that range from €320 in Portalegre (-3.6%) to €465 in Vila Real (+5.7%).
The study was carried out based on statistics on the Imovirtual platform which also revealed that average house prices rose too by 2.9% on average, with the biggest house prices seen in Setúbal (4%) with an average price of €298,277.
Lisbon continues to be the dearest place to buy a home with the average property costing €577,150, up 3.7% on May, which means an absolute average increase of €20,000 in one month.
In the first quarter of the year, house prices in Lisbon grew 7.1% on 2019 and 10.5% nationally according to the Association of Estate Agents and Real Estate Professionals (APEMIP).
It follows an overall trend which as seen property prices in the capital increase 55.5% over the past three years in the Portuguese capital, going from €1,875 per square metre in the first quarter of 2017 to €3,333 by the end of March 2020.
Faro occupied the second position in terms of property price increases, with the average higher-end properties fetching €465,464 in June, an increase of 2.4% on May. This was followed by Madeira where the average price of properties for sale on Imovirtual was €332,315 (+0.4%) and Porto with an increase of 2.7% to €321,146.
Portalegre, Castelo Branco, Beja and Guarda had the lowest average house prices with prices between €116,459 to €128,719. In the case of Portalegre and Castelo Branco prices fell on May by 11.1% and 0.4% respectively.