Property prices in Portugal

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Property prices in Portugal

Portugal has long been one of the most popular destinations for expats, but is it still an affordable option when it comes to buying or renting property?

Portugal not only has the sun and sea of other favourite expat destinations but also an ancient history, striking architecture and a distinct cuisine.

Here we see how current average property prices in Portugal compare with the UK and take a look at the average property prices in some of the most popular Portuguese areas.

Comparing Portugal with the UK

UK

Portugal

Rent Per Month (Mean) In British Pounds

1 Bed Apartment in City 600.00 336.37
1 Bed Apartment outside City 500.00 252.28

Buy Apartment Price (Mean) In British Pounds

Price per m2 in City

2,309.89 1,261.38
Price per m2 outside City 2,000.00 840.92

Salaries and Financing (Mean) In British Pounds

Median Monthly Disposable Salary (After Tax) 1,600.00 655.92
Yearly Mortgage Interest Rate in Percentages 4.50

4.00

 

Although renting and buying property appears far more affordable in Portugal than in the UK, disposable monthly income is less than half. It is also important to note that location is king and property prices can vary greatly depending on the area of Portugal you’re considering.

To that end we will now compare property prices in 4 of the most popular Portuguese locations: Lisbon, Porto, Albufeira and Lagos.

Before we get down to the figures here are a few quick facts about these locations!

Quick Lisbon Facts

The Belem Tower is the most iconic sight in Lisbon.

Lisbon has been the Portuguese capital since the 13th century.

The average summer temperature in Lisbon is 22°C while the average winter temperature is 12°C.

Quick Porto Facts

Porto lies to the North of Portugal, on the North Atlantic west coast and on the Douro estuary.

In Porto the average summer temperature is 19°C. In the winter the average temperature is 11°C.

Porto is known for its very special alcoholic export, Port.

Quick Albufeira Facts

An earthquake in 1755 destroyed almost all the original buildings in Albufeira.

The average summer temperature is 22°C while the average winter temperature is 12°C.

As a popular area with tourists and expats there are a large amount of British pubs and bars in Albufeira.

Quick Lagos Facts

Lagos is essentially a fishing village, but is better known for its miles of beaches.

In Lagos the average summer temperature is 23°C. In the winter the average temperature is 11°C.

Lagos is renowned for its vibrant nightlife.

 

Rent Per Month (Mean) In British Pounds
Lisbon Porto Albufeira Lagos
1 Bed Apartment in Centre 504.55 317.45 294.32 292.80
1 Bed Apartment outside of Centre 336.37 252.28 210.23 211.10
3 Bed Apartment in Centre 811.49 588.64 626.49 680.35
3 Bed Apartment Outside Centre 546.60 420.46 462.51 471.98

 

Buy Apartment Price (Mean) In British Pounds                                                 
Lisbon

Porto

Albufeira Lagos
Price per m2 to Buy Apartment in City Centre 1,681.84 1,114.22 1,177.29 1,159.30
Price per m2 to Buy Apartment outside City Centre 1,060.40 756.83 798.88 789.32

 

Salaries and Financing (Mean) In British Pounds
Lisbon

Porto

Albufeira Lagos
Median Monthly Disposable Salary (After Tax) 798.88 645.41 443.59 451.27

 

Whether you’re looking to rent or buy a Portuguese property Lisbon, the nation’s capital, is by far the most expensive option. Although one of the less pricey capital cities in Europe, housing both within Lisbon city centre and outside it costs significantly more than in the other regions we looked at.

Rental and purchase property prices in Porto, Albufeira and Lagos were on a fairly even level, with less than £100 between them in each category, but monthly disposable income is notably lower in Albufeira and Lagos than in Lisbon and Porto.

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