Porto: 70% of Local Accommodations Located in the Historic Centre

29 October 2018

The market for rental homes for tourists is on the upswing in Porto, and 70% of the Local Accommodations are in the city’s historic centre. The growth in tourism is driving the phenomenon. One and two-bedroom properties are the most sought after, according to a study by Predibisa, a real estate consultancy that specialises in the north of the country.

According to the report, which analyses the housing market, including university residences, hotels and local accommodations in Porto, there has been a significant amount of public and private investment in urban rehabilitation, revitalising the real estate market in the city.

“Most of the recently sold buildings in the centre of Porto were acquired for use in the local accommodations market. Serviced apartments stand out, a concept that combines short-term/medium-term rentals twinned with the provision of services, whose target groups are leisure and business tourists, as well as students and researchers, “the consultancy said in a statement.

Student housing is scarce

Another of the study’s conclusions concerns the scare supply of student housing. Perhaps that is why there are more and more investors – particularly foreigners – interested in the sector and the city of Porto.

According to the study, ​​per room rents for private university residences vary between 190 euros and 300 euros per month while apartments/studios can range between 260 euros and 460 euros per month. “Rooms in flats rented by individuals go from 100 euros to 350 euros, while flats for rent, usually studios and one-bedroom apartments, have rents starting at 370 euros,” Predibisa said.

The consultancy reveals that, due to the high level of demand, four new private student residences are planned for Porto, mainly for international students. “1,500 new rooms are in the works, and they will have an average monthly rent of 600 euros”, it stated, emphasising that other potential investments are under analysis.

Original Story: Idealista – Frederico Gonçalves

Photo: Everaldo Coelho / Unsplash

Translation: Richard Turner