Household income in Porto grew 22.8%

Residential incomes in Porto increased by 22.8% in the last year. The figures are from the Residential Income Index (IRR) of Confidencial Imobiliário and refer to the second quarter of the year, showing "a new acceleration" in the pace of rents in the city, which, for the first time, mark of 20%. "Since the end of 2015, housing rents in Oporto have evidenced an unbroken cycle of annual increases, intensified significantly each quarter. Thus, the year-on-year change of 0.3% registered by the IRR in the fourth quarter of 2015 compares with the 7.6% and 15.6% observed, respectively, one and two years later, "notes Confidencial Imobiliário in communicated.

Compared to the previous quarter, incomes in Porto increased by 5.2% between April and June, which is the third consecutive quarter in which the IRR shows chain variations above 5%. But this is a reality that does not extend to the remaining municipalities of Greater Porto, where the value of the leases rose 11% in the second quarter, compared to 11.6% in the period from January to March 2018. "This market began to recover about a year before Porto, after rents reached their lowest point at the beginning of 2014. But it has always been a market of softer variations, which means that the gap between the current moment and the minimum is 20.1%, while in the municipality of Porto it is over 40% (the minimum point was in the second half of 2015), "the statement said.