There are many reasons why people from other countries choose to buy property in Portugal. For many, the climate is a major incentive: around 300 days of sunshine per year and in the south, winters which are delightfully mild. Others buy property to take advantage of the ‘Golden Visa’ scheme which allows purchasers of property in excess of 500,000 euros to obtain residency rights and free movement within the Schengen area. And for others it is the appeal of a relaxed lifestyle and rich cultural heritage: fine wines, outstanding seafood, magnificent architecture and a vibrant arts scene.
The average price of Portuguese properties in May 2021, as announced on the Imovirtual platform, was 367,201 euros. A slight increase of 3.7% compared to the previous month. As one would expect, the most expensive district in which to buy property is the country’s capital, Lisbon. The average cost of property in the city is 592,617 euros, which still makes it one of the most affordable capitals in Europe. The city has an international airport linked to 120 destinations and is close to the stunning beaches of the Algarve, recently voted the best beach destination in the world. Built on seven hills, like Rome, the city is a wanderer’s delight, its winding cobbled streets opening unexpectedly on to grand buildings or spectacular vistas. The city offers all the pleasures you would expect from a capital: fine dining, a lively entertainment scene, galleries, museums and world class shopping.
Faro, gateway to the Algarve, is another expensive location. Like Lisbon, the city has an international airport and is often bypassed by visitors heading to the Algarve, but it is a vibrant and fascinating city. The northern city of Porto, famous for its stunning bridges and port wine, also has an international airport, which makes it attractive to foreign investors. Consequently, its real estate prices remain buoyant. The island of Madeira, with its outstanding flora and fauna is another comparatively expensive area, though given the unique qualities of the island, it is far from expensive.
Once you move away from the popular tourist areas, Portuguese property becomes a lot cheaper, but this does not mean that the quality of lifestyle is necessarily worse. The least expensive area of Portugal is Guarda, where the average price of property is 111,424 euros. Guarda is Portugal’s highest city and is famed for its mountain air and clear light. It has an historic centre, with 16th century arcades, a cathedral and an ancient Jewish quarter. Another cheap location in which to acquire property is Portalegre, an ancient strategic stronghold in the Alto Alentejo, close to the Spanish border. This is another city with grand buildings and an historic centre. It has a magnificent monastery, a cathedral, fine churches and castle and is surrounded by olive fields. Similarly inexpensive is Castelo Branco, situated in the centre of Portugal. With its Knights Templar castle, 15th century churches and Baroque gardens this is another magnificent city, not yet discovered by foreign investors.
