Median income per m2 increased in the 3rd quarter of 2023

Renting a house in this scenario can be challenging. That's why you should have a real estate agency by your side, like Casa no Minuto. Contact the consultants for more information, or read the relevant data first.

Median income reached €7.25/m2 in new contracts  

According to data released by the Instituto Nacional de Estatística (INE) in Portugal, in the 3rd quarter of 2023, the median rent of 23,717 new lease agreements reached 7.25€/m2.

"This value represents a year-on-year growth of +10.5%, although it is lower than the year-on-year variation recorded in the 2nd quarter of 2023 (+11.0%). Regarding the previous quarter, the median rent of the 3rd quarter of 2023 decreased slightly (-0.3%)", as reported in a Notícias ao Minuto article."

During the same period, four out of the five sub-regions recorded median rental values higher than the national average and year-on-year variation rates higher than the national average: "Área Metropolitana de Lisboa (11.40 €/m2; +12.5%), Região Autónoma da Madeira (8.79 €/m2; +16.4%), Área Metropolitana do Porto (8.22 €/m2; +12.4%) and Alentejo Litoral (7.47 €/m2; +15.3%). The exception was the sub-region of Algarve (8.03 €/m2; +7.4%). The median rent increased in all NUTS III sub-regions, except for Alto Alentejo (-9.3%) and Alto Tâmega (-2.2%)".

In addition, the median income of the 24 municipalities with more than 100 thousand inhabitants also experienced a year-on-year increase. "In 18 municipalities, the year-on-year variation rate of the median income per m2 was higher than the country's, with Setúbal (+23.1%) and Lisbon (+20.9%) standing out. Nevertheless, in the 3rd quarter of 2023, for 13 of the 24 municipalities with more than 100 thousand inhabitants, there was a slowdown in the median rent prices, a situation that occurred for 10 municipalities in the previous quarter," the news concludes.

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