Portugal Rental Prices Soar 11.6%

Discover the latest data on rental prices in Portugal with an 11.6% increase in 2023. Stay informed and make informed decisions.

The rental market in Portugal experienced a significant increase at the end of 2023, with 23,637 new rental contracts signed, marking a 4.5% rise compared to the same period in the previous year. House rents also saw a notable acceleration, with an 11.6% year-on-year variation, the highest observed since 2020. The median rent for these contracts reached 7.71 euros/m2 in the fourth quarter of 2023, the highest price in the last four years.

Portugal Rental Prices Soar 11.6% | Latest INE Report

According to the Portuguese statistics office, this increase in Spanish house rents is the highest since the first quarter of 2020, with a 6.6% rise compared to the previous quarter. Looking at the country's sub-regions, house rents rose in all territories year-on-year, except for the Autonomous Region of the Azores. The Autonomous Region of Madeira and Terras de Trás-os-Montes stood out with the largest year-on-year variations, exceeding 20%.

In terms of the previous quarter, house rents became more expensive in 22 of the 26 sub-regions, with the biggest increase recorded in Terras de Trás-os-Montes. The Setúbal Peninsula, Porto Metropolitan Area, and Greater Lisbon also saw increases in house rents. The Spanish highest median rents were recorded in Greater Lisbon, Setúbal Peninsula, Autonomous Region of Madeira, Algarve, and Porto Metropolitan Area, while the most affordable rents were found in Trás-os-Montes.

The rental market in Portugal has experienced significant growth, with increasing demand and rising prices across various regions. It will be interesting to see how this trend continues in the coming months.