Housing rents in Lisbon fell 11.1% year-on-year in the third quarter, which represents the biggest decline since at least 2010, the date on which the index began to be calculated, Confidencial Imobiliário indicates this Thursday. In Porto, however, rents continue to rise, despite a slowdown.
Rents in the Portuguese capital dropped 3.9% compared to the previous quarter, adding the third consecutive downward trend. In the first quarter of this year, rents in Lisbon showed the first year-on-year decline in four years.
The situation in Porto, however, is quite different. At Invicta, rents increased 1.7% in the third quarter, compared to the same period in 2019, a “very expressive braking” compared to 6.5% in the second quarter.
In comparison with the second quarter, rents in Porto decreased by 2.2%, in what is the first decline in five years.
In the country as a whole, rents increased by 2.2% in the third quarter compared to the same period last year, slightly below the 2.4% observed in the previous quarter. In the first quarter, however, the increase was still 8.2%.
Compared to the previous three months, however, rents fell by a slight 0.1%.