idealista shares that the sector has been increasing, mainly in Porto, Cascais and Lisbon, according to real estate consultancy Quintela e Penalva.

“In the last 12 months [from December 2022 and December 2023], the biggest growth recorded was in Porto (15.9%), followed by Cascais (12.5%) and Lisbon (12.3%). And if in the capital rent prices increased mainly in apartments, in Cascais, it was the houses that increased in value the most, with an increase of 19%”, reveals Quintela e Penalva, partner of Knight Frank, cited by idealista.

The Prime Global Rental Index states that there is a contrast between the Portuguese market and the rest of the world, in which the value of rentals has slowed, where the value recorded “is lower than the 8.1% recorded in the second quarter and represents the lowest level observed since the third quarter of 2021, although rents are still rising above the long-term rate trend recorded in the pre-pandemic period”, as cited in a statement referred to by idealista.

Knight Frank also informs that “the luxury segment is not immune to the chronic gap between supply and demand that has been observed for more than three years”, despite experts in the sector considering that the rental market could normalise in 2024.

The behavior of the Portuguese market contrasts with global trends. According to Knight Frank's latest Prime Global Rental Index, the rental market in the luxury real estate sector has shown signs of slowing down, with the annual rate standing at 5.2% over the last 12 months.

"The figure is lower than the 8.1% recorded in the second quarter and represents the lowest level observed since the third quarter of 2021, although rents are still rising above the long-term rate trend recorded in the pre-pandemic period," reads a statement.