Portugal housing rents rise 9% and property valuations hit record in May

Portugal's national statistics institute (INE) reported that the median rent for new leases in the first quarter of 2026 was €9.46 per square metre, a 9.1% increase compared with the same period a year earlier. Rents rose in all sub‑regions, reaching the highest levels in Greater Lisbon (€14.38/m²), the Autonomous Region of Madeira (€11.97/m²), the Setúbal Peninsula (€11.35/m²), the Algarve (€10.71/m²) and the Porto metropolitan area (€10.13/m²). The number of new lease contracts grew 0.7% year‑on‑year, with notable regional gains such as Vila Nova de Famalicão (+15.1% YoY) and Lisbon, which posted the highest median rent (€17.42/m²).

In May 2026, bank‑assessed housing values reached a new peak of €2,208 per square metre, up 17.1% year‑on‑year. The median valuation for apartments was €2,580/m² (up 19.7% YoY) and for houses €1,581/m² (up 13.4% YoY). Regional month‑on‑month growth of 1.9% was led by the West and Vale do Tejo and the North, while the Península de Setúbal recorded the strongest annual increase (22.5%). Greater Lisbon remained the most expensive area, with apartments at €3,378/m² and houses at €2,874/m², whereas Alentejo and Centro had the lowest values.