Gross rental yields in Portugal: Lisbon and 5 other cities

The average gross rental yield in Portugal stands at 5.65% (2023, Q4).

  • Lisbon
  • Porto
  • Faro
  • Aveiro
  • Braga
  • Setubal
  Last Updated: Dec. 07, 2023
LISBON - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Lisbon  
Studio €299,900 €1,200 4.80%
1-Bedroom €370,000 €1,500 4.86%
2-Bedroom €435,000 €2,000 5.52%
3-Bedroom €675,000 €2,500 4.44%
4+Bedroom €920,000 €3,700 4.83%
Cascais      
Studio €279,250 €1,325 5.69%
1-Bedroom €383,750 €1,500 4.69%
2-Bedroom €450,000 €2,000 5.33%
3-Bedroom €680,000 €2,850 5.03%
4+Bedroom €1,450,000 €3,650 3.02%
Sintra  
1-Bedroom €150,000 €1,075 8.60%
2-Bedroom €185,000 €1,200 7.78%
3-Bedroom €235,000 €1,500 7.66%
4+Bedroom €325,000 €3,000 11.08%
Oeiras  
1-Bedroom €297,000 €1,200 4.85%
2-Bedroom €412,600 €1,500 4.36%
3-Bedroom €611,000 €1,800 3.54%
Lisbon avg. Rental Yields 5.65%
PORTO - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Porto  
Studio €230,000 €1,000 5.22%
1-Bedroom €237,750 €1,200 6.06%
2-Bedroom €330,375 €1,500 5.45%
3-Bedroom €499,000 €2,000 4.81%
4+Bedroom €677,000 €2,475 4.39%
Vila Nova de Gaia  
1-Bedroom €190,000 €1,000 6.32%
2-Bedroom €265,200 €1,300 5.88%
3-Bedroom €371,000 €2,000 6.47%
4-Bedroom €598,000 €1,800 3.61%
Matosinhos  
Studio €175,000 €900 6.17%
1-Bedroom €225,000 €1,100 5.87%
2-Bedroom €308,750 €1,600 6.22%
3-Bedroom €430,000 €2,050 5.72%
4-Bedroom €825,000 €3,500 5.09%
Porto avg. Rental Yields 5.59%
FARO - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Faro (all locations)  
Studio €179,000 €750 5.03%
1-Bedroom €239,000 €900 4.52%
2-Bedroom €355,000 €1,300 4.39%
3-Bedroom €398,000 €1,500 4.52%
Faro avg. Rental Yields 4.62%
AVEIRO - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Aveiro (all locations)  
Studio €155,000 €825 6.39%
1-Bedroom €190,000 €925 5.84%
2-Bedroom €219,000 €900 4.93%
3-Bedroom €230,000 €975 5.09%
Aveiro avg. Rental Yields 5.56%
BRAGA - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Braga (all locations)  
Studio €135,000 €635 5.64%
1-Bedroom €172,500 €800 5.57%
2-Bedroom €210,000 €950 5.43%
3-Bedroom €248,250 €1,000 4.83%
4+Bedroom €305,000 €1,438 5.66%
Braga avg. Rental Yields 5.43%
SETUBAL - Apartments COST (€) YIELD (p.a.)
TO BUY MONTHLY RENT
Setubal (all locations)  
2-Bedroom €168,000 €1,100 7.86%
3-Bedroom €270,000 €1,400 6.22%
Setubal avg. Rental Yields 7.04%
All yields are gross - i.e., before taxes, repair costs, ground rents, estate agents fees, and any other costs. Net yields (what you´ll really earn) are typically around 1.5% to 2% lower.
Source: Global Property Guide and Idealista

Note: Porto´s inconsistent numbers are due to a limited supply of rental units. This is possibly due to Portugal´s Golden Visa program.

Research Methodology: To conduct this research, we searched for studio, 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom apartments in the largest cities of Portugal. We used the Idealista website for both buying and renting prices to determine the average gross rental yields (Monthly Rent x 12 / Purchase Price).

For instance, if the monthly rent is $500 and the purchase price is $100,000, the calculation would be: $500 (Monthly Rent) x 12 / $100,000 (Purchase Price) = 6% (Gross Rental Yield).

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