Portugal’s rental prices drop leaving it the ideal time to book a holiday in the Algarve or Lisbon

Portugal’s rental prices drop leaving it the ideal time to book a holiday in the Algarve or Lisbon

ALTHOUGH Portugal has seen a rise in its property prices this year, rental prices have declined since 2019, with various destinations experiencing a significant drop in April 2020. Could this suggest that now could be the perfect time to book a future holiday in Portugal? For most, a summer holiday is ‘off the cards,’ however, airlines are witnessing an increase in demand for December holidays and some holidaymakers are planning in advance for 2021.

Imovirtual, Portugal’s leading property portal reports substantial drops in rental prices across some of the most sought-after locations. Destinations such as Faro, Madeira and Lisbon have noted a decrease in property rental price, making the three regions more affordable for short term stays compared to April 2019. April 2020’s property rental figures provide the following price drops:

Faro (Algarve): -24.14 per cent (average price per month now €880, compared to last year’s €1,160)

Madeira: -8.78 per cent (average price per month now €893, compared to last year’s €979)

Lisbon: -9.58 per cent (average price per month now €1,510, compared to last year’s €1,670)

Overall, property rental prices have decreased by 14 per cent in Portugal, since April 2019, according to Imovirtual. Popular locations such as the above will inevitably reap the benefits with tourism from various nations once travel restrictions are lifted, however, numerous other destinations have also reported a decrease in rental prices, therefore expanding the options for holidaymakers who are looking to get away on an affordable budget. Imovirtual announces the following destinations in Portugal that also note a decrease in property rental prices:

Guarda: -40.10 per cent (average price per month now €348, compared to last year’s €581)

Braganca: -24.34 per cent (average price per month now €401, compared to last year’s €530)

Porto: -9.59 per cent (average price per month now €1,065, compared to last year’s €1,178)

Leiria: -8.98 per cent (average price per month now €527, compared to last year’s €597)

Viseu: -8.55 per cent (average price per month now €428, compared to last year’s €468)

Viana do Castelo: -7.12 per cent (average price per month now €561, compared to last year’s €604)

Braga: -3.73 per cent (average price per month now €723, compared to last year’s €751)

Castelo Branco: -3.51 per cent (average price per month now €412, compared to last year’s €427)

Coimbra: -2.03 per cent (average price per month now €530, compared to last year’s €541)

For more on Imovirtual’s findings and April’s Barometer, visit: https://www.imovirtual.com/noticias/atualidade/real-estate-market-in-numbers-april-monthly-barometer-id247.html