Rentals rise 10%

in first quarter

Funchal, where rentals rose 10%

JM reports online that the rental prices of houses the Autonomous Region of Madeira increased by 10.3% in the first quarter of 2022 compared to the previous quarter.

This is also indicated by the price index of the idealista portal, which recalls that renting a house had a cost of 9.7 euros per square meter (euros/m2) at the end of March this year, taking into account the median value. In terms of monthly variation, this study indicates that prices rose 3.1%.

In Funchal, rents increased by 10% during the same period, with the price per square metre costing 9.7 euros (the monthly variation was -1.2%). At the national level, housing rentals increased by 2.6% during the same period, reaching 11 euros/m2.

By district capital cities, the rental price in the first quarter rose in almost all district capitals in the country, with Ponta Delgada (18.7%) leading the list. Followed by Funchal (10%), Coimbra (7.1%), Santarém (6.6%), Viseu (4%), Lisbon (3.6%), Leiria (3.1%), Braga ( 2.4%), Setúbal (2.3%), Porto (2.3%) and Viana do Castelo (1.4%). On the other hand, prices fell in Castelo Branco (-4.2%) and Faro (-1.1%). In Aveiro, prices remained stable.

Lisbon remains most expensive rental

Lisbon continues to be the city where it is most expensive to rent a house: 13.8 euros/m2. Porto (11 euros/m2) and Funchal (9.7 euros/m2) occupy the second and third places, respectively. The most economical cities are Castelo Branco (5 euros/m2), Viseu (5.2 euros/m2), Santarém (5.5 euros/m2), Leiria (6 euros/m2) and Viana do Castelo (6.1 euros/m2).

In the analyzed districts, the prices of house rentals only dropped in Castelo Branco (-6.7%). On the other hand, prices rose in Madeira Island (10.4%), Viseu (9.5%), Viana do Castelo (9.4%), São Miguel Island (8.3%), Braga (7 %), Coimbra (6.4%) and Santarém (5.4%). With increases of less than 5%, there are the districts of Leiria (4.2%), Lisbon (3.2%), Faro (3%), Porto (2.5%) and Setúbal (1%). The smallest increases took place in Aveiro (0.7%) and Vila Real (0.5%).

The ranking of the most expensive districts for house rentals is led by Lisbon (13.1 euros/m2), followed by Faro (10.1 euros/m2) and Porto (10.1 euros/m2). Next are Madeira Island (9.5 euros/m2), Setúbal (9 euros/m2), Coimbra (7.4 euros/m2) and São Miguel Island (7.2 euros/m2). Renting a house in Aveiro costs 6.9 euros/m2, in Viana do Castelo 6.8 euros/m2 and Braga 6.7 euros/m2.

In turn, at the regional level, during the first quarter, the prices of houses for rent rose across the country. Leading the rise is the Autonomous Region of Madeira (10.3%), followed by the Autonomous Region of the Azores Alentejo (9.9%), Alentejo (6.7%), Algarve (3%). The smallest increases occurred in the North (0.3%), Center (0.7%) and in the Lisbon Metropolitan Area (2.7%).

The Lisbon Metropolitan Area, with 12.7 euros/m2, continues to be the most expensive region, followed by the Algarve (10.1 euros/m2), the Autonomous Region of Madeira (9.4 euros/m2) and the North (9 .4 euros/m2). On the opposite side of the table are the Center (6.5 euros/m2), the Autonomous Region of the Azores (7.2 euros/m2) and Alentejo (7.4 euros/m2), which are the cheapest regions.

COVID-19 in Madeira: updates can be found in an earlier post

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