Imovirtual released today its annual barometer relating to the evolution of average advertised rental and sales prices in Portugal over the last year. The data now shared refers to the comparison of 2023 with 2022.
In relation to the average value of properties for rent, there is an increase in the average rent of +41%, being 350 euros more expensive, when compared to 2022.
Although we saw some fluctuations throughout the year, with a tendency towards a slight stabilization of average values, in 2023 there was an increase (+41%), now standing at €1,200. This increase in rent is mainly due to the districts of Portalegre, Leiria and Madeira Island, with Coimbra, Bragança and Terceira Island being the ones that recorded a smaller price increase.
According to Sylvia Bozzo, Marketing Manager at Imovirtual, “rental prices increased significantly and sales prices remained relatively stable during the year. This was a natural consequence of the macroeconomic situation with rising interest rates”.
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Featured Districts and Islands:
Compared to 2022, there was an increase in average rental values in general in all districts, namely: Portalegre (+46%) which recorded the biggest increase in average rent, which rose from €325 to €475; Leiria (+35%), goes from €568 to €765, Madeira Island (+35%) goes from €887 to €1,200, Lisbon (+34%), goes from €1,198 to €1,600, Faro (+30%), which goes from €760 to €990 and Porto (+29%), which goes from €850 to €1,100.
Note that these prices are only compared to the last year, but rental prices have increased 50-60% since 2020.