In the 1st quarter of 2023 (provisional data) the median house rental value for the 24 300 new lease agreements in Portugal was 6.74 €/m2. This value represents a year-on-year growth of +9.4%, nevertheless it is lower than the year-on-year growth rate recorded in the 4th quarter of 2022 (+10.6%). The number of new lease agreements decreased -1.7% compared to the 1st quarter of 2022, having been -3.3% in the previous quarter.

Compared to the 1st quarter of 2022, the median house rental value increased in all NUTS 3 sub-regions, with four of them presenting values higher than the national reference. The highest rental values were scored in Área Metropolitana de Lisboa (10.26 €/m2), Algarve (7.81 €/m2), Região Autónoma da Madeira (7.73 €/m2) and Área Metropolitana do Porto (7.29 €/m2), with these sub-regions also presenting higher year-on-year growth than the country.

In the 1st quarter of 2023, there was a year-on-year increase in the median house rental value in the 24 municipalities with more than 100 thousand inhabitants and in 15 there was a deceleration in the median house rental value (9 municipalities in the previous quarter). The municipalities with higher rental values on new lease agreements also recorded year-on-year growth higher than the country – Lisboa (14.50 €/m2 and +20.6%), Cascais (13.09 €/m2 and +16.6%), Oeiras (11.76 €/m2 and +12.1%) and Porto (11.25 €/m2 and +22.1%) – nevertheless there was a deceleration of the rental values, except for Porto (+5.8 p.p.).