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Guide for foreigners interested in moving to Portugal: local real estate market in Porto

Posted On Wednesday, 21 September 2022 20:03
Guide for foreigners interested in moving to Portugal: local real estate market in Porto

While Lisbon is making headlines as a growing cultural and economic hub of Europe, homebuyers overlook the potential of the second biggest city in Portugal. Northern charm, Porto is an elegant and authentic Portuguese city where you can fully immerse yourself in the culture, history, and Middeterian lifestyle. Unlike growing cosmopolitan Lisbon, property for sale in Porto Portugal, is significantly cheaper with plenty of budget-friendly options. If you’re interested in exploring Northern Portugal, meeting friendly locals, and discovering gastronomy culture, stick around to find out where you should buy a home in Porto and how much you should expect to pay for the Portuguese house of your dreams. 

Investing and buying property in Portugal as a foreigner

Portuguese law allows non-EU residents to purchase real estate for personal use and investment. However, being a homeowner won’t give you residency rights in the country. If you’re searching for a holiday house or planning to move to Portugal for work, explore your visa options on the authoritative website, as requirements vary depending on your nationality and country of origin. Yet, there is some good news for foreign investors. Portugal is one of the countries offering Golden Visa that gives investors residency and access to free healthcare and education. By encouraging foreigners to buy Portugal property, government straightens the local economy with the help of local businesses. Unfortunately for people seeking to invest in Porto, the city is no longer in the Golden Visa program. However, you can still explore your options on the seaside outside of Porto or invest in commercial property. 

What areas are better for home shopping, and what should you expect to pay? 

Porto real estate market can surprise you with the diversity of housing options, from convenient condos and adorable cottages with green gardens to farmhouses and luxury villas with swimming pools facing a waterfront. Depending on your budget and individual requirements, you can find a dream holiday house to enjoy Portuguese summer or your new home to start a life in Porto. It’s challenging to navigate the real estate market when you’re far away. Hopefully, with the help of an introduction to Porto neighborhoods, you can easily decide which area matches your lifestyle. Here is an outlook on the people’s favorite districts:  

  1. 1. Ribeira,  Baixa and Miragaia

At the top of the list is three neighborhoods alongside the riverbank, with picture-perfect colorful houses and cobbled streets. The historical city center of Porto is where all the magic happens. So if you don’t want to miss out on another summer street party, here is the place to be. As the most central neighborhoods, Ribeira, Miragaia, and Baixa have excellent public transport connections with the rest of the city and plenty of museums, bars, nightclubs, and authentic restaurants. Competitive markets and high demand affect the cost of property in those areas. On average, one should expect to pay €3,800 per square meter to get a house or apartment there. 

  1. 2. Foz do Douro 

Seeking a high-end villa facing the seafront within walking distance to the beach? Foz do Douro has what you dream about exactly. The neighborhood is an excellent investment, as it’s between the stunning Middeterian beaches and the buzzing city center. The real estate market here offers modern upmarket villas, spacious gardens with swimming pools, and a relaxed holiday ambiance. The average market price for a villa in Foz do Douro is pretty low at only €2,050 per square meter. Foz do Douro in Porto is your perfect holiday destination with a peaceful vibe and slow-living lifestyle. 

  1. 3. Bonfim and Campanhã

If you’re house-shopping on a budget and searching for a bargain, here is where you’ll find the best prices in Porto. Back in time, Bonfim and Campanhã had a reputation for poor neighborhoods. However, the local government made a series of investments to boost the quality of life in the area, making it attractive for young professionals and families. The average cost of the property in Bonfirm or Campanhã will range between €801 to €1,121per square meter. The areas are located on the river Douro and have easy commutes to the city center. 

  1. 4. Cedofeita and Boavista

  2. The demographics of Cedofeita and Boavista consist of young people, making the neighborhood a thriving living area. It has a central location, picturesque streets, trendy shops and bars, and restaurants where you can enjoy fresh sardines and the best Portuguese wine. Each weekend the streets are full of local farmers’ markets offering fresh and cheap fruits and vegetables raised under the Middeterian sun, freshly-caught fish and seafood, and much more. The average value for real estate is €3,850 per square meter in historical buildings, offering you the best views. 

The bottom line 

Even small cities like Porto can offer you a wide range of housing options, depending on your budget. Porto has everything to give you the new home of your dream, from a stunning, stylish villa or full of history apartment on the buzzing street with a view of thousands of red roofs and cobbled streets. House shopping in a foreign country and city comes with its challenges. Therefore don’t neglect to partner up with a local realtor that can help you navigate the housing market, explain the paperwork, Portuguese laws, and regulations and make the whole process worry-free. The last piece of advice for foreign homebuyers is to make time to visit Porto, explore the neighborhoods on your own, and see how the dynamics change from day to night to make the best choice for your holiday villa, forever home, or successful investment. 

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