26th January 2024
Portugal Market Report: Lisbon and Porto’s High Demand Among Germans and Others

Portugal introduced a visa for digital nomads at the end of October, making short-term rentals (AL) in Lisbon’s historic city center a thriving business. In the Santo António district, the average square meter price for purchase offers has already reached an impressive 7,400 euros. Lisbon (600,000 residents) is also Portugal’s most expensive place for large apartments, with prices reaching up to 12,500 euros per square meter. Among foreign buyers in the luxury segment, Brazilians have the largest share, followed by North Americans, Germans, Brits, and the French.

 

Exclusive offerings can be found in the resort areas of Estoril and Cascais, located west of Lisbon. Here, you’ll discover 19th-century architecture, opulent mansions, and modern new villas that can cost up to 16 million euros. Prices are comparable to the Golden Triangle in the Algarve, with many properties ranging between 2.5 and 10 million euros.

 

Luxury projects are increasingly being developed south of Setúbal on the Troia Peninsula and the adjacent dream beaches of Comporta and Carvalhal. The focus here is on combining ecology and sustainability with exclusive living culture. Comporta is renowned as a hideout for the wealthy and celebrities. Despite being less active outside the summer season, there is a high price level, with the average offer price in Carvalhal reaching 4,900 euros per square meter. Villas can cost up to 5.8 million euros.

 

For city enthusiasts, Porto, the economic and cultural center of Northern Portugal with 238,000 residents, is an alternative to Lisbon. Situated on the banks of the Douro River and the Atlantic coast, it is famous for its magnificent bridges and Port wine. Tourism has been steadily growing for about 20 years. Porto’s latest attraction is the World of Wine, opened in 2020—a complex with nine restaurants and seven museums in vacant warehouses.

 

A studio apartment in Porto can be acquired for as little as 170,000 to 220,000 euros. The most expensive apartments in Porto’s historic Ribeira district cost 1.4 million euros, while single houses can go up to two million euros.

 

On the coast in Nevogilde, Porto’s upscale suburb, apartments and single houses are priced up to three million euros.

 

Paradise for Bargain Hunters

 

For those seeking seaside living and more affordable prices, the Costa de Prata, the mid-Portuguese Atlantic coast between Porto and Lisbon, is worth exploring. Long sandy beaches, cliffs, and dunes characterize the landscape, with places less crowded than the Algarve. However, the Atlantic is cooler here than in Southern Portugal.

 

In coastal towns, average offer prices range between 1,500 euros (Figueira da Foz) and 2,500 euros (Nazaré and Aveiro) per square meter, with many properties priced between 200,000 and 800,000 euros.

 

Even more affordable options are found inland. East of the university city of Coimbra, there are towns where house prices per square meter range from 400 to 600 euros.

 

Article published in the Portugal News on the 14th of January.