Summary
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.
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:
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Lisbon – €3,414 per m²;
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Algarve – €2,744 per m²;
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Madeira – €2,068 per m².
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.
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:
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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.
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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.
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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.
