Rental and sale prices for offices and stores grew, between 2019 and 2023, by around 20%, with the supply in these two segments “more than doubled” in the same period, according to a study by the Casafari real estate platform.
In a statement, the organization indicated that between 2019 and 2023, office rental and sale prices rose by 25.8% and 18.2%, respectively, and store rental and sale prices increased by 18.8% and 19.1%.
According to Casafari, “the supply of offices and shops, both for sale and for rent, also increased nationally, highlighting the office segment whose supply for lease has more than doubled since 2019”.
The platform detailed that “prices for offices for rent increased by 25.8% in Portuguese territory, 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 analysis”.
The statement also indicated that “prices of offices 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”.
According to the platform, the biggest increases were seen in Madeira (+50%), Setúbal (+44.5%), and Portalegre (+42.9%), highlighting that “at the opposite pole, Bragança (-19, 5%), Évora (-16.7%) and Castelo Branco (-14.3%) stood out for the drops recorded in this indicator”.
The supply of offices for sale, globally, increased by 35.7%, with the districts that grew the most at this level being Bragança (+375%), Azores (+233.1%) and Viana do Castelo (+175%).
At the same time, 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”. The biggest increase occurred in Beja (+83.3%), with Portalegre being “the only district to suffer a price drop (-10%)”.
The supply at the national level grew 74.1%, said the platform, “with Vila Real (+204.5%), Azores (+126%), and Santarém (+119%) standing out with the biggest growth”. Casafari highlighted that “no district recorded drops in this indicator.”
With regard to store sales, the average price at the national level grew 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 actually 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)”, he highlighted. Conversely, he said, “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 stand out in terms of the number of stores for sale,” he concluded.