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Residential Rents Fall In Lisbon and Porto

24 September 2020 – Just as housing prices have fallen, impacted by the Covid-19 pandemic, residential rental costs have also now seen a drop. The National Statistics Institute (INE)  reported that the average monthly rental payment in Portugal reached 5.41 euros per square metre, an increase of just 0.2% y-o-y. The slight increase represents a dramatic change from the figure for the previous quarter, which saw a rise of 10% year-on-year.

At the same time, rents fell in twelve different municipalities, with the most significant drops seen in Cascais (10.1%) and Lisbon (6.4%). The northern city of Porto saw a lesser decrease of just 1.1%.

Finally, following a trend that has been seen from the United Kingdom to Brazil, suburbs on the outskirts of the major cities are reporting a clear uptick. Loures, Amadora and Odivelas stand out with increases of 15.7%, 11.6% and 8.5%, respectively.

Original Story: Economia Online – Catarina Melo

Translation/Summary: Richard D. Turner