Prices for houses for rent in the Algarve rose 0.9% in February, reaching 9.1 euros per square meter (m2). In relation to the annual variation, the decrease was 0.2% in the last 12 months, according to the idealist's price index.
The biggest decline in prices in the region was registered in Albufeira (-2.2%), followed by Olhão (-1.4%) and Lagos (-0.7%). On the other hand, Vila Real de Santo António does not follow the trend in the region and has an increase in its prices (3.4%). The rental price also rises in Faro (+2.8%), Tavira (+ 1.8%), Portimão (+ 1.7%) and Loulé (+ 0.4%).
The most expensive municipality to rent a house is Loulé (10.5 euros / m2), followed by Lagos (9.1 euros / m2) and Vila Real de Santo António (8.8 euros / m2). In contrast, the most economical are Olhão (7.9 euros / m2), Portimão (8 euros / m2), Faro (8.3 euros / m2) and Tavira (8.3 euros / m2).
In comparison with the rest of the country, housing in Portugal decreased by 0.6% in January, standing at 11.1 euros / m2.
Regions of Portugal
During the month of February, house prices for rent decreased in the Metropolitan Area of Lisbon (-1%), in the Autonomous Region of Madeira (-0.4%) and in the Autonomous Region of the Azores (-0.1%). On the other hand, it was in Alentejo where prices increased more, with a rise of 4.1%, followed by Centro (1%) and Algarve (0.9%). In the North, prices remained stable.
The Metropolitan Area of Lisbon, at 12.7 euros per m2, remains the most expensive region, followed by the North (9.3 euros per m2), Algarve (9.1 euros per m2), and the Autonomous Region of Madeira ( 8.3 euros per m2). On the opposite side of the table are the Center (6.4 euros per m2), the Alentejo (6.8 euros per m2) and the Autonomous Region of the Azores (7.5 euros per m2), which are the cheapest regions.
Districts / Islands
Of the districts analyzed, the biggest increases in February took place in Santarém (4%), Viana do Castelo (2.2%) and Leiria (1.7%). Viseu (1.2%), Coimbra (1.1%), Faro (0.9%), Porto (0.7%), Setúbal (0.3%) and São Miguel Island ( 0.2%).
In the opposite direction, they went down in Braga (-3.7%), Castelo Branco (-3.3%), Lisbon (-0.9%), Aveiro (-0.7%) and Ilha da Madeira (-0, 4%).
It should be noted that the ranking of the most expensive districts to rent a house is Lisbon (13 euros per m2), followed by Porto (10 euros per m2), Faro (9.1 euros per m2), Setúbal (8.5 euros per m2) and Madeira Island (8.3 euros per m2). Renting a house on the island of São Miguel costs 7.9 euros per m2, in Aveiro 7.2 euros per m2, Coimbra 6.9 euros per m2 and Braga 6 euros per m2.
The cheapest prices are found in Castelo Branco (4.8 euros per m2), Viseu (4.9 euros per m2), Santarém (5.1 euros per m2), Viana do Castelo (5.4 euros per m2) and Leiria (5.9 euros per m2).
District capital cities
The rental price fell in 6 district capitals, with Aveiro (-5.9%) and Funchal (-2%) leading the list. Accompanying this drop in prices are Ponta Delgada and Leiria (-1.7% in both cities), Braga (-1.5%) and Lisbon (-0.5%).
On the other hand, prices increased in Castelo Branco (5.5%), Viana do Castelo (5.1%), Viseu (3.2%), Faro (2.8%), Setúbal (1.9%) , Santarém (1.6%), Coimbra (1.5%) and Porto (0.8%).
Lisbon remains the city where it is most expensive to rent a house: 13.6 euros per m2. Porto (10.7 euros per m2) and Funchal (8.5 euros per m2) occupy the second and third places, respectively. The most economical cities are Castelo Branco (4.7 euros per m2), Viseu (4.9 euros per m2) and Santarém (5.1 euros per m2).
Idealist's real estate price index
In order to carry out the idealist's real estate price index, the offer prices (based on the constructed square meters) published by the idealist's advertisers are analyzed. Atypical and off-market ads are eliminated from the statistics.
We also include the typology “single-family homes” and discard all ads that are in our database and that have been without any type of interaction by users for some time. The final result is obtained through the median of all valid ads for each market.
To see the full report click here.