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Renting a house in Portugal is 1.6% more expensive in January

After 30 days of the month of January, the median prices of houses to rent in Portugal reveals an increase in the value of 1.6% compared to the month of December 2022, going to 13.1 (euros/m2). As for the quarterly variation, the increase was 8.1% and the annual increase of 21.1%.

The main reason for the constant increase in prices is the low supply of housing for existing demand. And the rents of houses placed on the market are increasingly high, becoming less accessible to the pockets of the Portuguese, who have already been pressured by inflation.

According to data from the Idealista website, the rental price in January rose in nine district capitals. It was in Leiria (7.4%) where houses for rent became more expensive between January 2023 and December 2022. This is followed by Faro (4.1%), Viana do Castelo (4%), Braga (3.9%), Coimbra (2.9%), Funchal (2.1%), Aveiro (1.9%), Lisbon (1.7%) and Porto (1.2%).

In Santarém, the price of houses for rent remained stable between December and January. And, on the other hand, the rents of the houses fell in Castelo Branco (-1.3%) and in Setúbal (-0.4%), the data point out.

Lisbon remains the city where it is most expensive to rent a house: 18.3 euros/m2. Porto (14.9 euros/m2) and Funchal (11.7 euros/m2) occupy the second and third places, respectively. This is followed by Aveiro (11.1 euros/m2), Faro (9.8 euros/m2), Setúbal (9.6 euros/m2), Coimbra (8.3 euros/m2), Braga (7.7 euros/m2) and Viana do Castelo (7.6 euros/m2).

The most economical cities to rent a house in the country are Castelo Branco (5.9 euros/m2), Santarém (6.8 euros/m2), Leiria (7.3 euros/m2).

Price of houses for rent increased in 11 districts/islands

Of the 17 districts and islands analyzed, the prices of houses for rent rose in 11 territories. And it was in Viana do Castelo where the houses to rent became more expensive in this period (7.1%). The list of the highest increases in incomes follows with Portalegre (7.1%), island of São Miguel (4.4%), Faro (3.6%), Porto (2.5%), Santarém (2.2%), Setúbal (2.1%), Leiria (1.9%), Lisbon (1.3%), island of Madeira (0.6%) and Coimbra (0.6%).

On the other hand, there was a drop in rents in houses in the districts of Vila Real (-18.2%), Viseu (-6.2%), Évora (-1.7%) and Castelo Branco (-0.6%). In the districts of Braga (0.3%) and Aveiro (0.2%) the prices of houses for rent have remained practically stable during this period.

The ranking of the most expensive districts to rent a house is led by Lisbon (16.6 euros/m2), followed by Porto (12.7 euros/m2), Faro (11.6 euros/m2), island of Madeira (10.9 euros/m2), Setúbal (10.5 euros/m2), Évora (9.6 euros/m2), Viana do Castelo (8.9 euros/m2), Aveiro (8.3 euros This is followed by Leiria (8.1 euros/m2), Coimbra (7.6 euros/m2), Braga (7.6 euros/m2) and Santarém (6.4 euros/m2).

The cheapest prices for renting a home in Portugal are in Portalegre (5.4 euros/m2), Vila Real (5.5 euros/m2), Viseu (5.8 euros/m2) and Castelo Branco (6.3 euros/m2).

Houses for rent have been more expensive in all regions of the country

During the month of January, the prices of houses for rent rose in all Portuguese regions. Leading the climbs is the Algarve (3.6%), followed by the Autonomous Region of the Azores (2.2%) and the North (2.1%). This is followed by the Lisbon Metropolitan Area (1.7%), the Alentejo (1%), the Autonomous Region of Madeira (0.66%) and the Center (0.2%).

The metropolitan area of Lisbon, with 15.8 euros/m2, remains the most expensive region to rent a house, followed by the Algarve (11.6 euros/m2), North (11.5 euros/m2) and the Autonomous Region of Madeira (10.9 euros/m2). On the opposite side of the table are the Center (7.6 euros/m2), the Autonomous Region of the Azores (7.9 euros/m2) and the Alentejo (8.3 euros/m2) which are the cheapest regions to rent a house.

See the full article here!

Source: Idealist


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