The data, published by the National Institute of Statistics, also showed that the increase in the number of new leases compared to the first quarter, a period also marked by restrictions on mobility as a result of the pandemic, reached +3.0% (-9.3% in the previous quarter).
Rents rose in 20 of the 25 sub-regions in Portugal. The sub-region of Oeste (+12.3%), Aveiro (+11.9%), Madeira (+11.3%) and Metropolitan Porto (+10.2%) reported the highest rises. The regions with the steepest rents were the Metropolitan Lisbon (€8.82/m2), the Algarve (€6.96/m2), Metropolitan Porto (€6.40/m2) and Madeira (€6.32/m2).
The INE’s analysis also highlighted that the number of new rental contracts in the country this year was higher than in the same quarter of 2020 (13,772 new contracts), a close to 50% increase in rental activity. Quarter-on-quarter, the number of new leases grew by 3% (vs -9.3% in the first quarter). In the second quarter of 2021, all sub-regions reported year-on-year increases in the number of new leases.
Approximately one-third of the new contracts (7,171) were in the Lisbon Metropolitan Area. Together, the metropolitan areas of Lisbon and Porto accounted for 53% of the total number of new contracts in the country. The Algarve accounted for 6.3%. The lowest number of new contracts was in Baixo Alentejo (108).
Rents were above average nationally in the sub-regions of Metropolitan Lisbon (€8.82/m2), the Algarve (€6.96/m2), Metropolitan Porto (€6.40/m2) and Madeira (€6.32/m2 ). The lowest rents were in Terras de Trás-os-Montes (€2.79/m2) and in Alto Alentejo (€2.80/m2).