Lisbon: More Apartments than Renters
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- čas přidán 19. 06. 2024
- Inventory continue to EXPLODE Portugal's leading cities. Will the new government cancel all of the new housing reforms that have brought all of these apartments onto the market? We are beginning to see the effects on the rental market by ending NHR (The Non-Habitual Resident) program stopping Golden Visas and implementing rules around renting as well as restrictions on short term rentals.
Tried to rent an apartment lately? Did your landlord hit you with a 7% increase in your rent? Has it changed your mind regarding moving to Portugal?
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This video is for entertainment purposes only, I am not a financial advisor. Please remember to complete your research and decide for yourself when it is best to buy a home.
Sources:
www.idealista.pt/en/news/prop...
Rental inventory soars (feb 2024 article)
www.theportugalnews.com/news/...
Short term rental of 1 - 11 months increases dramatically
www.theportugalnews.com/news/...
www.idealista.pt/en/news/prop...
Supply Article
www.benoitproperties.com/news...
In January, rental prices in Portugal experienced the largest increase since 1994.
Number of building permits issued for residential property construction
www.statista.com/statistics/7...
How Mais Habitação works
www.idealista.pt/news/imobili...
supercasa.pt/en-gb/noticias/n...
Chart Housing Buildings completed for the last 30 years
www.ceicdata.com/en/portugal/...
Braganca Map
www.google.com/search?q=map+b...
New Government
www.theguardian.com/world/202...
www.aljazeera.com/news/2024/3...
Inflation Rates
ec.europa.eu/eurostat/web/pro...
Landlords: rental increases
www.theportugalnews.com/news/...
120,000 rentals
www.bnnbloomberg.ca/portugal-...
PDF of the SBE NOVA RENTAL Study
d11n7da8rpqbjy.cloudfront.net...
Rental Property Soars
d11n7da8rpqbjy.cloudfront.net...
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This was very helpful. I have a scouting trip coming in June & hopefully will be a resident in 2025.
Thank you!
Recently renewed our rental contract in Porto. Went from 750€ to 800€ a month. Landlord said costs had gone up......appears the % increase was 6.25 %. One other thing, it's a one year agreement. This provides the landlord with the ability to adjust the contract each renewal time. Perhaps, the landlord could also say he/she doesn't want to renew the contract and find another renter and Raise the rent even more as it would be a new tenant? Not sure .....
What costs have gone up? If he owns the apt, and it didn't need any repairs, he's had no extra expenses with the apartment. Some BS.
@@marieb5251 Do you live in Porto?
People in general try to *avoid one year contracts* for exactly this reason, this is the goal upfront from the owner to increase more than allowed by law. You have no legal rights in this case to object.
@@robinandthedog With the lack of quality units in Porto when we moved here we were fortunate to essentially be handed this apartment from a friend of my wife's who was moving away. Looking for a house to purchase now. Obrigado, JP
@@JPinPortugal Good luck with the purchase
Short term rentals are one of the reasons formerly great towns and cities are turning to ghost towns. Pure greed on the part of "landlords" a.k.a. land-hoarders. What do they expect when they drive out all the locals??
Thanks for the video, the rent increase higher than inflation is against EU law, in the Netherlands a judge has ruled;
These landlords have so-called rent increase clauses in their contracts. It states how much they increase the rent annually. That's usually inflation plus a few percent on top of that.
But in several lawsuits, subdistrict courts have ruled in individual cases that such a rent increase clause is contrary to a European directive, on unfair terms in consumer agreements. That directive regulates that a rent increase should not be too disadvantageous for a tenant.
Thanks for sharing the information
Hi Ted, thanks so much for your work and analysis! I was wondering if you could also do a video about the situation down in the Algarve region. Is more real estate supply coming online there on the market as well and therefore downward price pressure should be increasing?
Thanks!
That's a great idea. I'll look into it
I've been looking for an unfurnished, newish apt in Lisbon. Haven't seen an increase in number in these type of rentals, and the rents are still sky high. There was a lot more offer and lower rents last summer, starting around June. I'm hoping that will happen again this year as I'd like to move.
I think we've gotten really use to landlords asking for more. Looking forward to hearing if you see more options for apartments in the area of the city that interests you.
You can make counter offers and if it stays vacant for long they might except it.
@@robinandthedog They always expect lower offers, that's why they list the astronomical prices, to get to a middle ground. Of course, they can get lucky and a rich foreigner will pay whatever they ask.
@@marieb5251 true! I never understood the market here until I found out that only 1 out of 3 Portuguese are paying rent or mortgage, and of those 1/3th the average payment is 375 euro, only 9 percent pays over 800 Euros. Keep that in mind next time you negotiate!!!
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yes