Rents up 10% in 41 districts in 1 year

 In News, Rental market

By the end of the second quarter of 2023 the average price of rents on properties in 41 districts across Portugal has gone up by 10% or over on 2022 and in one municipality rents went up by 80%.

However, according to the National Statistics Institute (INE), rent increases were not uniform across the country. In 41 out of 199 districts where it was possible to compare rents, rents had gone up by 10% or more.
The biggest increase was in the district of Aljezur where the average rent shot up by 79.1% as demand for holiday homes soar, while Calheta in Madeira saw an increase of just over 58%.
Lisbon led the table for rental increases in the most populated areas (+1000,000 inhabitants) overall with 9.55% with rents going from €12.88m2 to €14.11m2. This was followed by Vila Franca de Xira (+8.71%) and Sintra (+8.56%).
On the other hand, rents fell in 19 districts with the biggest fall in the district of Horta in the Azores where the average price of new rental contracts was only 13.56%, going from €4.13 to €3.57 per square metre.
Rents fell in Baião by over 10% with a fall of 10.93% to €2.69m2. In Greater Lisbon rents increased 12.16% with the average cost of rental on new contracts at €10.42m2.
Rents in the Porto Metropolitan Area too have gone up — by 9.97% on average, fixed at €7,5m2.
Out of the 10 districts with the highest rate increases, seven were in the Greater Lisbon area with Lisbon (€14.11m2), Cascais (€13.56m2) and Oeiras (€12.32m2) were the three most expensive places to rent.
Lagos in the Algarve was the most expensive place in Portugal’s holiday designation to rent at €9.23m2.