Average Rent in Portugal: An Overview of Rental Prices by Region
November 7, 2024 · Portugal · 8 min read
The D7 visa has become a popular option for those who want to relocate to Portugal long term without making an investment. To qualify for the D7 visa, applicants need a residential address in Portugal, either rented or owned. While there is no set requirement for the rent amount, the lease must run for a minimum of one year, which makes the average rent in Portugal a key part of planning a move.
With its mild climate, beautiful natural scenery, and European quality of life, Portugal has become an attractive destination for foreign nationals looking to relocate. In particular, the D7 visa has become a popular option for those who want to move to Portugal long term without making an investment. To qualify for the D7 visa, applicants need a residential address in Portugal, either rented or owned. While there is no set requirement for the rent amount, the lease must run for a minimum of one year.
Rental prices in Portugal: an overview
Residential rents in Portugal have kept rising as housing supply has not kept pace with strong demand. In Q2 2024, the average rent in Portugal reached €8.08 per m², while over the 12 months from July 2023 to June 2024 it stood at €7.60 per m², up 11.1% year over year. Rents, however, vary widely from region to region.
A report released by Statistics Portugal (INE) in late September showed that in the first half of 2024, 39 municipalities recorded average rents on new lease agreements above the national average. Lisbon led with the highest rent at €15.63 per m², followed by municipalities with rents above €11 per m²: Cascais (€14.87 per m²), Oeiras (€13.46 per m²), Porto (€12.21 per m²), Almada (€11.34 per m²), and Amadora (€11.24 per m²).
By contrast, most other municipalities and towns had rents below the national average. Notably, 10 areas, mostly in rural regions, recorded rents below €3 per m², among the lowest in the country.
Lisbon also led in the number of new lease agreements, with 9,277 over the same 12-month period, up 0.3% year over year, followed by Porto with 4,789 new leases.
Rents in selected popular areas of Portugal (EUR per m² per month) (Source: Statistics Portugal – INE)
Rentals in Portugal for expats: the most popular areas
As elsewhere in the world, rents in Portugal tend to be higher in large cities and lower in small towns. Cities such as Lisbon, Cascais, Oeiras, and Porto command high rents, driven by strong demand from both locals and foreign nationals. Many people choose to settle in Portugal for its mild climate, safe living environment, and relatively affordable cost of living compared with other European countries. Lisbon, the capital, and Porto are not only economic, cultural, and educational hubs but also offer modern services and amenities for those seeking a high quality of life. As a result, these cities continue to attract foreign residents, particularly from other European countries and North America.
Coastal areas such as Cascais and Oeiras, meanwhile, appeal for their natural beauty, stunning beaches, and relaxed lifestyle. This has made these coastal towns sought-after resort destinations, driving up rental demand and pushing rents above those in other areas.
The Algarve, Portugal’s southern coastal region, is also popular with foreign nationals, especially Britons and Northern Europeans. With its large international community, newcomers can settle in easily without speaking much Portuguese. Rents in the Algarve are also more affordable than in Lisbon or Porto, making the region well suited to those who want to enjoy coastal living at a comfortable cost.
Portugal residency for the whole family through the D7 visa, with no investment required
The D7 visa (Passive Income Visa) is a residence visa for individuals with passive income who wish to live in Portugal long term. Unlike residency-by-investment programs, the D7 visa does not require applicants to invest in real estate or to set up and run a business. Instead, applicants need to show a stable passive income generated outside Portugal that meets the required minimum (at least €9,840 (approximately US$11,000) per year as of 2024, rising with the number of accompanying family members), together with a residential address in Portugal. The applicant and eligible family members across 3 generations may then relocate to Portugal together.
The program is not limited to retirees; it is also open to individuals of means who want a stable, high-quality life in Europe. D7 residence permit holders can travel within the Schengen Area for short stays of up to 90 days in any 180-day period, and once they meet the required period of lawful residence and other legal requirements, they may apply for Portuguese citizenship, which also confers EU citizenship.
| See full details of the Portugal D7 visa program
If you are interested in Portugal residency through the D7 visa, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess the prospects of your application. We keep your personal data confidential and use the information you provide solely to advise on your family’s case.
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