Castro Marim’s rents up 28.4%, above Lisbon’s increase rate
Rents are increasing in Lisbon, rent prices went up by 27% in certain neighbourhoods. However, the place which showed the highest increase is not located in the country's capital.
Buying a house is getting increasingly expensive, but so is renting one. House prices increased by 10%, and renting prices went up by 9.3% last year. In Lisbon, the country’s most expensive region to rent a house, prices went up significantly, with many boroughs of the city registering variations well above 20%. Santo António leads the way in terms of price increases in the capital, but Castro Marim is the region which registered the highest increase in rent prices in Portugal.
The Portuguese town, located in the district of Faro, in Algarve (a region known for a considerably high percentage of foreigners), recorded the highest increase in rent prices last year. According to the National Statistics Institute, this council has less than 7,000 inhabitants, and prices went up by 28.4%. The average rent price per square meter went up from €4.86 to €6.24, between 2017 and 2018.
Algarve is the third region of the country accounting for the highest number of new contracts, followed by Porto and Lisbon, the two most expensive cities in Portugal, in terms of renting prices.
With the increase in the square meter value, Castro Marim surpassed the record high registered in Santo António, a borough in Lisbon, which reached a record 27.3% increase last year.
That borough, where Avenida da Liberdade is located (the most expensive street in the country) became the most expensive borough given the increase it registered last year, surpassing Parque das Nações. The price per square meter in this area reached €14.10, which makes a 100 square meter wide apartment cost in average €1,410 per month.
All the boroughs in the capital recorded high increases, which made the average rent prices go up 16%. In Porto, the growth was identical, also at 16%, and the national average increased by 9.3%, to €4.8.
Lisbon is by far the most expensive city to rent a house, with an average price per square meter standing at €11.6, by the end of last year. On the contrary, the cheapest is Belmonte, in Castelo Branco’s district, which recorded a €1.7 per square meter rent price. Lisbon’s rents are almost six times higher.
The places with the lowest rents in the country are Vila Nova de Foz Côa, Sátão, Lamego, Celorico de Basto, Moimenta da Beira, Macedo de Cavaleiros, Valpaços, Oliveira do Hospital and Mortágua, all with a maximum rent value at €2.36 per square meter.
