Between 2019 and 2023, office rental and sales prices rose by 25.8% and 18.2%, respectively. Store rental and sale prices grew by 18.8% and 19.1%, according to a study by Casafari.
The European real estate data platform reveals the conclusions of an analysis of the stores and offices market in Portugal in the period between 2019 and 2023, seeking to assess the impact of the pandemic on this segment and the most recent behavior of these assets, both in terms of rental. , both at the sales level.
According to the data analyzed, rental and sales prices for both have grown, on average, 20% in the last five years. The supply of offices and shops, both for sale and for rent, also increased nationally, with emphasis on the office segment, whose supply for lease has more than doubled since 2019.
Between 2019 and 2023, office prices for rent increased by 25.8% in Portugal, going 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%) across the country during the period under review.
Between 2022 and 2023, the average price of offices for rent increased by 9.6% compared to the previous year, rising from 8.9 euros in 2022 to 9.8 euros in 2023.
The biggest increases in rental values were recorded in Évora (+44.4%), Bragança (+28.6%) and Porto (+20%). The biggest drop in rental prices occurred in Guarda (-16.7%) and Faro (-7.1%).
2023 was the year in which the rental supply increased the most since the pandemic, with the number of advertisements growing 44.6% compared to 2022, at a national level, with Faro and Leiria and Greater Lisbon being the districts with the biggest increases in the supply of rentals. offices for rent.
Sell offices: prices rise and supply increases by 30%
Between 2019 and 2023, office prices for sale in Portugal increased by 18.2%, going from an average value of 1,108.60 euros/m2 in 2019 to 1,310.40 euros/m2 in 2023, with the biggest increases occurring- if in Madeira (+50%), Setúbal (+44.5%) and Portalegre (+42.9%). At the opposite pole, Bragança (-19.5%), Évora (-16.7%) and Castelo Branco (-14.3%) stood out for the drops recorded in this indicator.
With regard to the supply of offices for sale, the total number increased by 35.7%. The districts that grew the most at this level were Bragança (+375%), Azores (+233.1%) and Viana do Castelo (+175%).
The sales price per m2 in Portugal rose +11.7%, evolving from an average value of 1,173.10 euros/m2 in 2022 to 1,310.40 euros/m2 in 2023, with the biggest increases being recorded in Guarda (+40 %), Vila Real (+33.7%) and Bragança (+29.8%). The biggest price drops in 2023 were recorded in the Azores (-10.5%).
Between 2022 and 2023, supply in 2023 recorded the highest growth (+17%). However, this was also the year in which more districts saw the number of offices for sale reduce (9). Highlights include Madeira (-36.6%), Portalegre (-25%) and Bragança (-20.8%). The biggest increase in supply was recorded in the districts of Vila Real (+42.9%), Lisbon (+34.6%) and Leiria (+33.6%).
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Store leasing: supply more than doubles, prices increase by 18.8%
Between 2019 and 2023, prices for stores for rent rose 18.8%, going from an average value of 7.7 euros/m2 in 2019 to 9.2 euros/m2 in 2023, with the biggest increase occurring in Beja ( +83.3%). Conversely, Portalegre was the only district to suffer a price drop (-10%).
Supply at national level rose +74.1%, with Vila Real (+204.5%), Azores (+126%) and Santarém (+119%) standing out with the biggest growth. It should also be noted that no district recorded drops in this indicator.
Between 2022 and 2023, the rental price across the country only grew by just 2.8 euros in a period of one year, going from an average value of 8.9 euros/m2 in 2022 to 9.2 euros/m2 in 2023 Also here Beja (+37.5%) stands out with the biggest increase, accompanied by Coimbra (+25%) and Évora (+22.2%). On the other hand, Santarém (-22.2%), Bragança (-14.3%), Viseu (-14%) and Faro (-7%) were the only districts with a price drop.
The rental offer, in turn, increased by +25.9%, with Faro (+75.2%), Lisbon (+68.3%) and Porto (+45.9%) standing out. Braganga (-14.6%) and Viana do Castelo (-12.9%) showed the biggest drops in terms of offices available on the market.
Store sales: Faro’s m2 price surpasses Lisbon in 2023
Between 2019 and 2023, the average price at national level grew by 19.1%, going from an average value 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%) registering the biggest increases.
Faro was in fact the big surprise in this analysis, given that the price of stores for sale is already higher than that of Greater Lisbon (2,386 euros/m2 vs 2,356 euros/m2).
Conversely, Portalegre was the only region in the country in which the price per m2 fell (-15.9%).
In terms of supply, there was a growth of +33.5% in Portugal, with Vila Real, Bragança and Beja being the districts that stood out in terms of the number of stores for sale.
Between 2022 and 2023, the biggest price variations were recorded in the districts of Madeira (+28.4%), Setúbal (+17.8%) and Faro (+14.5%). Beja was the only district to see drops (-1.9%).
The supply of stores for sale rose +11.3% across the country, with Leiria (+30.2%) being the district that stands out in terms of increase and Madeira (-14.9%) on the drop side. .
