Rents fall 6.9% in Lisbon
The cost of renting a property in Lisbon has fallen to its lowest level since 2010 at the height of the sub-prime crisis.
In the second quarter of the year, the price of rents contracted in Lisbon fell 6.9% on the previous quarter and 8.7% on the same quarter in 2019.
This is according to the Residential Rental Index compiled by Confidential Imobiliário which monitors the performance of rents registered in rental contracts.
It was the biggest fall since the index began following the price of rental contracts in Lisbon in 2010 which saw a similar fall of 9.1%.
Ci says that in the 1st quarter of this year in Lisbon, the cost of renting fell for the first time (like-for-like) in six years, of 1.8%, in what has become a successive fall in the cost of renting over a two year period.
In Porto, the rental costs remained stable in the second quarter, with a variation of just 0.4% on the first quarter and even went up by 6.5% compared to the second quarter of 2019.
On the other hand, on a national level, there was a quarterly fall of 2.8% in the second quarter, which was also the sharpest fall seen by this index since 2010. Even so, at a national level rents were 2.4% above the price of rents for the same period last year.