In the 2nd quarter of 2023, the median house rental value for the 20 750 new lease agreements in Portugal was 7.27 €/m2. This value represents a year-on-year growth rate of +11.0%, higher than the one observed in the previous quarter (+9.6%). The number of new lease agreements registered a decrease compared to the 2nd quarter of 2022 (-1.2%).

Compared to the 2nd quarter of 2022, the median house rental value increased in 22 of the 25 NUTS 3 sub-regions, having decreased in the sub-regions Terras de Trás-os-Montes (-2.3%) and Alentejo Central (-2.2%) and maintained the value in Beiras e Serra da Estrela. The highest values were scored in Área Metropolitana de Lisboa (11.03 €/m2), Algarve (8.35 €/m2), Região Autónoma da Madeira (8.04 €/m2) and Área Metropolitana do Porto (7.87 €/m2).

In the 2nd quarter of 2023, there was a year-on-year increase in the median house rental value in all the 24 municipalities with more than 100 thousand inhabitants, highlighting Lisboa (15.23 €/m2 and +20.8%) and Oeiras (13.22 €/m2 and +20.2%). Also noteworthy, with year-on-year growth rates over 20%, are the municipalities of Vila Franca de Xira (+20.7%) and Guimarães (+20.6%). At the same time, the number of new contracts fell in 13 municipalities, compared to the same period of the previous year, most notably in Funchal (-21.7%) and Lisboa (-19.0%). 

In the 2nd quarter of 2023, the 3rd quartile of house rental values, was above the national value (11.01 €/m2) in the metropolitan areas of Lisboa (15.00 €/m2) and Porto (11.22 €/m2) and in Algarve (11.38 €/m2). In Área Metropolitana de Lisboa, the median house rental value was higher than the 3rd quartile of all others NUTS 3 sub-regions, with the exception of Algarve and Área Metropolitana do Porto (see Box).