GableIndex Weekly, Issue 3: Portugal at an estimated 5.15% gross yield

Good morning. Issue 3: new INE data for Portugal's rental yields, the rest of our yield board, and four European property deals from the past week.

By the GableIndex team

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1) The Number

5.15%

The median estimated gross rental yield across 251 municipalities in Portugal, using INE rents and sale prices for 2026 Q2 (released 23 Oct 2026).

• Why it matters: in Issue 2 the Portugal median was 5.23% across 247 municipalities, using 2026 Q1 data. The new figure covers four more municipalities, so the two medians are not strictly like-for-like.
• The big picture: the range is wide, from 12.35% in Vila Nova de Paiva to 3.34% in Aljezur. The large cities sit below the median: Porto is at 4.79% and Lisbon at 4.03%, down from 4.89% and 4.07% on the 2026 Q1 data.

Estimated gross rental yield, GableIndex calculation from INE rents and INE sale prices; before costs, taxes and vacancy. Sources: GableIndex, Portugal yields; Instituto Nacional de Estatística – Portugal, indicators 0014696 and 0012234 (CC BY 4.0), modified by GableIndex; rents and prices 2026 Q2, data released 23 Oct 2026, checked 26 Oct 2026. Estimate, not a forecast.

2) The Board

House prices. No new Eurostat release since Issue 1, so the EU picture is unchanged: Portugal leads at +16.5% in the year to 2026 Q2, and only France (−0.8%), Luxembourg (−2.2%) and Finland (−2.7%) had lower prices than a year earlier. Dublin's median sale price was €485,168 in September 2026 (PSRA Property Price Register, checked 26 Oct 2026).

Estimated rental yields. Four markets are on the board. Medians, plus selected areas:

Area	Est. gross yield	Period
Spain, median of 52 provinces	5.78%	2024
Ireland, median of 26 counties	5.24%	2025 Q4
Portugal, median of 251 municipalities	5.15%	2026 Q2
England & Wales, median of 316 local authorities	4.36%	Jul 2026*
Manchester	6.30%	Jul 2026*
County Dublin	5.53%	2025 Q4
Porto	4.79%	2026 Q2
Westminster	4.77%	Jul 2026*
Lisbon	4.03%	2026 Q2

*Rents July 2026, prices August 2025 to July 2026.
Portugal (median, Porto, Lisbon): Estimated gross rental yield, GableIndex calculation from INE rents and INE sale prices; before costs, taxes and vacancy. INE indicators 0014696 and 0012234 (CC BY 4.0), modified by GableIndex; data released 23 Oct 2026.
England & Wales (median, Manchester, Westminster): Estimated gross rental yield, GableIndex calculation from ONS private rents and HM Land Registry prices paid; before costs, taxes and vacancy. ONS data released 21 Oct 2026, HM Land Registry data released 28 Sep 2026.
Ireland (median, County Dublin): Estimated gross rental yield, GableIndex calculation from CSO/RTB rents and PSRA Property Price Register sale prices; before costs, taxes and vacancy. CSO/RTB table RIQ02 (CC BY 4.0), data released 14 May 2026; PSRA data checked 26 Oct 2026.
Spain (median): Estimated gross rental yield, GableIndex calculation from MIVAU SERPAVI rents and MIVAU appraised values; before costs, taxes and vacancy. MIVAU SERPAVI (released 9 Jul 2026) and appraised housing values (CC BY 4.0, released 17 Sep 2026), modified by GableIndex.
All checked 26 Oct 2026. Source: GableIndex estimated rental yields. Estimates, not a forecast or a recommendation.

• Lisbon: a median rent of €17.43 per m² a month against a median sale price of €5,192 per m² gives 4.03%.
• Porto: €14.48 per m² a month against €3,631 per m² gives 4.79%.
• Other markets: England & Wales, Ireland and Spain are unchanged since Issue 2, as there have been no new rent releases.

See Portugal yields by municipality

3) Deals

European real estate and proptech deals from the past week.

1. Pictet Alternative Advisors and Kryalos (Milan, Italy): completed the purchase of seven historic residential buildings in central Milan, about 26,000 sq m with around 150 homes plus ground-floor retail. Kryalos will manage the portfolio, and UniCredit was the lender. No price was disclosed. 27 Oct 2026 · Pictet release
2. Lette (Amsterdam, Netherlands): raised $6.5 million in seed funding, led by Peak, to grow its UK operation. It builds AI software that handles leasing and resident support for rental operators. 27 Oct 2026 · Peak release
3. Cortas (Copenhagen, Denmark): raised €1.47 million in pre-seed funding, led by PSV Tech, for a property management business launching in Denmark. 27 Oct 2026 · EU-Startups
4. Hausum (Spain): raised more than €500,000 from DIROCA to expand its residential property inspection service across Spain. 23 Oct 2026 · Infor Capital

Amounts are as reported by the companies or the linked source. Each item links to its source and is summarised in our own words.

4) Explainer

Why a median can move when nothing in it changed

A median is the middle value once every area is ranked. Portugal's median moved from 5.23% to 5.15% this week for two reasons. First, INE published a new quarter, so rents and prices changed in most municipalities. Second, the set of areas changed: 251 municipalities now have both a rent and a price figure, up from 247. Adding or removing a few areas can shift the middle value even if every other area stays the same. That's why we always state how many areas a median covers and which period it uses. When you compare two issues, check both. Methodology →

Also on GableIndex: Portugal house prices by municipality · Issue 2

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Yields are GableIndex estimates, before costs.
Information only. Not financial, investment, tax or legal advice.