Rental and sale prices for offices and stores grew by around 20% between 2019 and 2023, with supply in these two segments “more than doubling” in the same period, according to a study by real estate platform Casafari.
In a statement, the organization said that between 2019 and 2023, office rents and sales prices would rise by 25.8% and 18.2%, respectively, and retail rents and sales prices would rise by 18.8% and 19.1%.
According to Casafari, “the supply of offices and stores, both for sale and for rent, has also risen nationally, with the office segment standing out, whose rental supply has more than doubled since 2019.”
The platform detailed that “office rental prices increased by 25.8% in Portugal, from an average value of 7.8 euros/m2 in 2019 to 9.8 euros/m2 in 2023, with Évora recording the highest growth (+160%), followed by Bragança (+50%) and Beja (+42.9%)”. In terms of supply, “the number of offices for rent more than doubled (+136%) throughout the country during the period in question”.
The statement also indicated that “office prices for sale in Portugal increased by 18.2%, from an average of 1,108.60 euros/m2 in 2019 to 1,310.40 euros/m2 in 2023”.
According to the platform, the biggest rises were seen in Madeira (+50%), Setúbal (+44.5%) and Portalegre (+42.9%), while “on the other hand, Bragança (-19.5%), Évora (-16.7%) and Castelo Branco (-14.3%) stood out for their falls in this indicator”.
Overall, the supply of offices for sale increased by 35.7%, with Bragança (+375%), the Azores (+233.1%) and Viana do Castelo (+175%) the districts that grew the most.
At the same time, between 2019 and 2023, the prices of stores for rent rose by 18.8%, “going from an average value of 7.7 euros/m2 in 2019 to 9.2 euros/m2 in 2023”. The biggest increase occurred in Beja (+83.3%), with Portalegre being “the only district to suffer a price drop (-10%)”.
The supply at national level grew by 74.1%, said the platform, “with Vila Real (+204.5%), the Azores (+126%) and Santarém (+119%) standing out with the biggest increases”. Casafari pointed out that “no district recorded a drop in this indicator”.
In terms of store sales, the average price nationwide grew by 19.1%, from an average of 1,018.30 euros/m2 in 2019 to 1,213.20 euros/m2 in 2023, with Madeira (+41.6%), Faro (+36.7%) and Lisbon (+30.5%) recording the biggest increases.
“Faro was the big surprise of this analysis, given that the price of stores for sale is already higher than in Greater Lisbon (2,386 euros/m2 vs. 2,356 euros/m2),” he said.
Conversely, he said, “Portalegre was the only region in the country where the price per m2 fell (-15.9%)”.
In terms of supply, there was a 33.5% increase in Portugal, “with Vila Real, Bragança and Beja being the districts that stood out in terms of the number of stores for sale”, he added.
