Annual Statistics on Real Estate by Imovirtual
Imovirtual, a leading real estate portal in Portugal, recently released its annual statistics comparing average advertised prices for rental and sale properties in 2023 with those in 2022.
Rental Prices Skyrocket to Unprecedented Levels
Rental prices experienced a significant increase of +41%, with an average rise of €350 compared to 2022, skyrocketing to €1,200. Despite fluctuations throughout the year, there even was a slight stabilization in 2023.
Rental prices increased in most Portuguese districts compared to 2022. Portalegre (+46%), Leiria (+35%), Madeira (+35%), Lisbon (+34%), Faro (+30%), and Porto (+29%) experienced the highest increases. Coimbra (-8%), Bragança (-9%), and Ilha Terceira (-10%) saw decreases in average rental prices.
On the other hand, average sale prices saw a more modest increase of +5%, representing a €12,950 rise compared to the previous year. This is likely due to the high interest rates which are only decreasing slowly and since recently. The current average cost of buying a house is €299,950. The cost of buying an apartment increased by 6% compared to 2022, while the price of a house decreased by 4%.
Madeira Second Most Expensive Region in House Rental Prices
Overall, the cheapest districts for renting a house were Bragança (€450), Guarda (€470), Portalegre (€475), Castelo Branco (€500), and Vila Real (€522). Lisbon remained the most expensive (€1,600), followed by Madeira (€1,200), Porto (€1,100), Setúbal (€1,100), and Faro (€990).
The cheapest districts for buying a house were Portalegre (€68,000), Guarda (€79,437), Beja (€103,125), Castelo Branco (€108,125), and Bragança (€121,000), while the most expensive were Lisbon (€449,450), Faro (€409,500), Madeira (€400,000), Setúbal (€322,500), and Porto (€300,000).
From: Diario Noticias, Immovirtual
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