Portugal is a place of dreams for some people and as you consider relocating to Portugal, understanding the current rents in Portugal is crucial. The 2024 rental landscape in this picturesque Mediterranean country offers a diverse range of options, from bustling city apartments to serene coastal retreats.
Surging Rental Prices
Portugal’s rental market has been experiencing a significant surge in prices. It is driven by an imbalance between supply and demand according to Benoit Properties because the rental prices skyrocketed by an astounding 20.4% in 2023 and are still expected to rise rents in Portugal by an additional 6.94% in 2024.
Showing Average Rents In Portugal In Major Cities
Lisbon: Portugal’s Pricey Capital
Lisbon attracts many people around the globe which drives up rental costs in the city center. According to the data from Nuwbea, one-bedroom apartments in central Lisbon average around €1,200 per month. For those seeking more space, expect to pay a total of about €1,550-€1,800 for a two-bedroom flat
Porto: A More Affordable Alternative
Porto can still be pricey compared to rural areas, but it offers relatively lower rents than Lisbon. A compact one-bedroom in Porto’s city center averages around $850 (which is around €800). Those who want to prefer a detached home can find some options outside the center from around $1,300 (€1,200).
The Algarve’s Vacation Hotspots
Renowned for its beaches and resort towns, the Algarve sees its fair share of rental demand. In Lagos, two-bedroom rentals near the ocean cost around $1,300 (€1,200). If you are looking for some villa complexes and that too with pools, it can be charged for roughly around $1,000 (€930) for similar units.
Affordable Outskirts and Student Digs
Some renters can find more affordable options on the outskirts of major cities. Around Lisbon, areas like Qdivelas Amadard and Loures offer one-bedrooms from €700-€900. Student accommodation like sharing a room can start from € 350-€500 in Lisbon, according to Global Citizen Solutions.
Rents in Portugal
Rental prices in Portugal display noticeable variations across regions and cities. According to statistics from Statista, the average rental cost per square meter nationwide was €15.5 in December 2023 climbing to €16.1 in April 2024. However, this conceals significant regional disparities. The Lisbon Metropolitan Area commands the highest rents, reaching €18.4 per square meter in December 2023 and €19.1. The Azores region recorded the lowest rents in Portugal at €8.9 and €9.2 per square meter over the same period.
As you consider renting in Portugal, remember that the landscape is evolving rapidly. While cities like Lisbon and Porto continue to see rising Costs, opportunities still exist in smaller towns and emerging hotspots. Stay informed about local regulations, market trends, and upcoming developments to make the best decision for your situation, whether you are seeking short-term adventure or a long-term home, Portugal’s rental market can offer you diverse options to suit various budgets.
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