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Imovirtual reports a decline in tourist hotspots’ property rental prices

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Overall, property rental prices have decreased by 14% in Portugal, since April 2019, according to Imovirtual.

LISBON, PORTUGAL - 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 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% (average price per month now 880 euros, compared to last year’s 1,160 euros)
  • Madeira: -8.78% (average price per month now 893 euros, compared to last year’s 979 euros)
  • Lisbon: -9.58% (average price per month now 1,510 euros, compared to last year’s 1,670 euros)

Overall, property rental prices have decreased by 14% 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 getaway on an affordable budget. Imovirtual announces the following destinations in Portugal that also note a decrease in property rental prices: 

  • Guarda: -40.10% (average price per month now 348 euros, compared to last year’s 581 euros)
  • Braganca: -24.34% (average price per month now 401 euros, compared to last year’s 530 euros)
  • Porto: -9.59% (average price per month now 1,065 euros, compared to last year’s 1,178 euros) 
  • Leiria: -8.98% (average price per month now 527 euros, compared to last year’s 597 euros) 
  • Viseu: -8.55% (average price per month now 428 euros, compared to last year’s 468 euros) 
  • Viana do Castelo: -7.12 (average price per month now 561 euros, compared to last year’s 604 euros) 
  • Braga: -3.73% (average price per month now 723 euros, compared to last year’s 751 euros) 
  • Castelo Branco: -3.51 (average price per month now 412 euros, compared to last year’s 427 euros) 
  • Coimbra: -2.03% (average price per month now 530 euros, compared to last year’s 541 euros) 
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