Imovirtual today released its annual barometer on the evolution of the average advertised rental and sale prices in Portugal in the last year. The data shows the comparison between 2023 with 2022.
Regarding 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 throughout the year we have seen some fluctuations, with a tendency towards a slight stabilisation of average values, in 2023 there was an increase (+41%), now settling at €1,200. This rent increase is mainly due to the districts of Portalegre, Leiria, and Madeira Island, with Coimbra, Bragança, and Terceira Island registering a smaller price increase.
As far as house sales are concerned, the increase in average prices from one year to the next was more tenuous (+5%), which represents an increase of around €12,950, compared to last year. Currently, buying a house costs, on average, €299,950. This increase is relatively stable across the country, however, it was driven by the districts of Castelo Branco, Évora, and Coimbra. On the other hand, although no district recorded a price drop, the ones with the smallest difference were: Braga, Bragança, Lisbon, and Porto.
Regarding the name of the property, the data shows that buying an apartment was 6% more expensive than in 2022. While housing had a decrease of 4%, compared to the previous year.
According to Sylvia Bozzo, Marketing Manager at Imovirtual, “rental prices have increased significantly and sales prices have 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 highest increase in average rent, which went from €325 to €475; Leiria (+35%), from €568 to €765, Madeira Island (+35%) from €887 to €1,200, Lisbon (+34%), from €1,198 to €1,600, Faro (+30%), from €760 to €990 and Porto (+29%), from €850 to €1,100.
Regarding the districts in which there was a decrease in the average rental price, compared to the same period of the previous year, Coimbra (8%), Bragança (9%), and Ilha Terceira (10%) were the ones that recorded the largest decrease throughout this year, with the average rent set at €650, €450 and €547, respectively.
Overall, Bragança (€450), Guarda (€470), Portalegre (€475), Castelo Branco (€500) and Vila Real (€522) were the cheapest districts to rent a house throughout the year. Lisbon remains the most expensive, (€1,600), followed by Madeira Island (€1,200), Porto (€1,100), Setúbal (€1,1100), and Faro (€990).
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Featured districts and islands:
As for the comparison with the previous year, the district that recorded the highest increase in house prices was Castelo Branco (+35%), where values rose from €82,000 to €108,125. This was followed by Évora (+34%, from €125,000 to €167,750), Leiria (+23%, from €195,000 to €239,500), and Coimbra (+23%, from €159,000 to €195,000, respectively).
Lisbon (1%, €445,000 to €449,450), Braga (2%, €250,000 to €255,000), Porto (3%, €292,500 to €300,000) and Bragança (3%, €118,000 to €121,000) were the only districts that had very slight increases.
Portalegre (€68,000), Guarda (€79,437), Beja (€103,125), Castelo Branco (€108,125) and Bragança (€121,000) were the cheapest districts to buy a house this year. The most expensive were Lisbon (€449,450), Faro (€409,500), Madeira Island (€400,000), Setúbal (€322,500) and Porto (€300,000).
Samantha Gannon
info at madeira-weekly.com
