Property rental prices in the Portuguese capital of Lisbon are growing rapidly along with real estate values.
The average rent in Lisbon has now surpassed €800 per month according to a new study by real estate consultants CBRE.
Rental prices for new properties in Lisbon are even higher, reaching an average of €1,070 per month, as tourism increases and overseas property investors buy into the boom in property values in the capital.
The Park of Nations was shown to be the most expensive area of the city in which to rent, with an average monthly rental value of €1,080. This was followed by Avenidas Novas, where average rents cost around €998 a month.
Lisbon has seen a strong rise in property values over the last year. Data from the Confidencial Imobiliário index showed that the cost of real estate in Lisbon’s historical centre rose by ten percent during the second half of 2016. The centre has now seen property values rise constantly for the past two and a half years.
Other traditional areas of Lisbon have also shown strong property value growth, rising by 19 per cent throughout 2016.
Lisbon is becomming increasingly popular with tourists and was recently ranked as the number one destination by passengers on British airline Jet2.
The historical and cosmopolitan Portuguese capital also regularly ranks highly on the quality of life index and also as a must see destination in the world.
With close proximity to the UK, taking little over two hours to fly, it is becoming increasingly popular with British overseas property investors and also those looking for a new holiday home, or indeed a new life.
Portugal’s Golden Visa programme, seen as one of the best in Europe, can also offer citizenship to property buyers from abroad.
With popularity and therefore property prices increasing, now may be the time to invest in Lisbon.