Supply of Rental Housing Grows 45% Due to Drop in Tourism
20 December 2020 – According to a report by Casafari, the market for buying and selling homes has held up relatively well during the Covid-19 pandemic. It has been impacted, nevertheless, primarily motivated by the crisis in the tourism sector.
The Covid-19-driven crisis in the tourism sector is already having a direct impact on the rental market, where a number of short-term housing operators are placing their properties on the long-term market. As a result, the supply of rental homes has increased by 45% this year, while pushing rental costs down by as much as 10%. On the other hand, Casafari forecasts a stabilisation in the coming months.
Data from the National Tourism Register show that there are approximately 95,000 registered short-term lets, up from around 88,000 a year ago. At the moment, according to Casafari, there are 37,942 houses available for rent in Portugal, an increase of 45% over last year.
Original Story: Jornal de Negócios
Translation/Summary: Richard Turner