The dynamics of property prices in Portugal in May 2022
The cost of buying a residential property in Portugal increased by 0,5% in May 2022 compared to April of the same year. The cost of rent — by 1,2%.
The report on the state of the real estate market was provided by the portal Idealista. These are not official government statistics, but a review of real announcements that reflect the current state of the market.
Author •Alevtina Kalmuk
Author and editor of articles about investment citizenship and residency
The dynamics of property prices in Portugal in May 2022
The prices for the purchase of residential property in Portugal increased by 0,5% in May 2022 and by 7,3% year on year. The average cost of buying a home was 2,360 € per m².
Regions with the highest cost of residential real estate:
Lisbon — €3,414 per m²;
Algarve — €2,744 per m²;
Madeira — €2,068 per m².
€2,360 per m²
The cost of buying a home in Portugal in May 2022
The Azores are the region with the lowest home prices. The average cost of residential real estate there is €1,149 per m². However, prices rose by 3,7% in May, more than in any other region of Portugal.
Lisbon remains the city with the highest housing prices at €5,011 per m². Lisbon is followed by Porto and Funchal, where property costs €3,057 and €2,308 per m² respectively.
In Braga, Viseu and Beja real estate in May rose more than in other cities of Portugal, the growth rate ranged from 3.4 to 4,3%.
The cost of buying a home in the cities of Portugal in May 2022
Source: Idealista
The cost of renting housing increased by 1,2% in May 2022 and amounted to €11.2 per m² on average in the country. This means that renting a two-bedroom apartment of 85 m² will cost €952 per month.
Utilities are usually not included in the rental price, they are paid extra. For apartments with an area of 85 m², the amount of utility bills will be from €75 to €170 per month, depending on the season and region of Portugal.
€11.2 per m²
The cost of renting a house in Portugal in May 2022
In the major cities of the regions of Lisbon and Algarve — the highest prices for rental property. In Lisbon, the average rental price per 1 m² will be €14.2, in Cascais — €13.9. In the coastal cities of the Algarve — Laul and Lagos — €12.9 and €12.4, respectively.
The cost of renting housing in the cities of Portugal in May 2022
Source: Idealista
How to get a residence permit in Portugal when buying or renting a property
Portuguese D7 visa can be obtained by financially independent foreigners with passive income — investors, pensioners, freelancers and entrepreneurs. After a D7 visa, a foreigner receives a residence permit with the right to work.
To apply for a D7 visa, you must:
Buy or rent property in Portugal. When submitting documents, the applicant must provide a purchase or long-term lease agreement. There are no additional requirements to the cost of the contract or the location of the object.
Verify monthly income. The minimum income for the main applicant must be €760 per month or €9,120 per year. The minimum amount requirements change if the foreigner includes members of his family in the application: for a spouse — by €380, for each child over 18 years old — by €228.
Get an individual tax number, without it you will not be able to open an account in a Portuguese bank, buy or rent real estate.
Residents are required to spend at least 183 days a year in the country to maintain status. After 5 years of living in the country, you can apply for permanent residence and citizenship.
Immigrant Invest is a licensed agent of the residence permit program in Portugal. If you want to become a resident of Portugal or travel around the Schengen countries without visas, please contact investment program experts for advice.
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