In the 4th quarter of 2023, the median rent of the 23,637 new lease contracts in Portugal reached €7.71/m2. This value represents a year-on-year growth of 11.6%, higher than that observed in the previous quarter (10.2%). When compared to the 4th quarter of 2022, the number of new lease contracts increased by 4.5%.
Compared to the 4th quarter of 2022, the median rent increased in all NUTS III sub-regions (regional divisions of all EU member countries for statistical purposes), except for the Autonomous Region of the Azores, where it decreased by 3.2%. The highest rents were recorded in Greater Lisbon (€12.54/m2), Setúbal Peninsula (€9.65/m2), Madeira Autonomous Region (€9.30/m2), Algarve (€9.09/m2), and Porto Metropolitan Area (€8.64/m2).
In the 4th quarter of 2023, there was a year-on-year increase in the median rent in the 24 municipalities with more than 100,000 inhabitants, with notable increases exceeding 20% in Funchal (23.1%), Setúbal (21.1%), and Vila Franca de Xira (20.3%). Lisbon had the highest median rent (€15.51/m2), although with a year-on-year variation rate lower than the national average (9.8%). The number of new contracts decreased compared to the same quarter last year in six of the 24 municipalities with more than 100,000 inhabitants, with Maia (-13.1%) and Funchal (-10.3%) standing out.