House and rent prices in steep rise in Portugal
The relentless rise of property and rent prices in Portugal are being exacerbated by the current lack of available stock.
According to a report by Portugal’s online digital publication ECO, since 2010, rents have risen by around 25 percent, while house prices have increased by 65 percent in Portugal. In both cases, the country recorded rises above the European average during this period, according to data released by Eurostat, which provides a portrait of housing costs over the last decade.
The report indicates that the house prices appreciated by 42 percent from 2010 to the end of 2021, when rents increased by 16 percent in the European Union. Conversely, Portugal is far from the biggest rises among the member states, both in rents and in house prices.
The data by ECO suggests that for example, in countries such as Estonia, Hungary, Luxembourg, Latvia, the Czech Republic, Austria and Lithuania, house prices more than doubled in this period. In the case of Estonia and Lithuania, they have also seen increases of more than 100 percent in rents since 2010.
While the data leaves no doubt that housing costs are globally higher in Europe, for both renters and homebuyers, there are countries where the trend has diverged.
In the meantime, Eurostat took to Twitter to reveal the figures:
The report also concludes by highlighting that the rents and house prices have fallen over the past decade in Cyprus and Greece. Especially in the latter, the price drop exceeds 20 percent. On the other hand, in Italy, if rents have risen by 10 percent, houses are 11 percent cheaper than in 2010, ECO’s report revealed.
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