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.
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
| City | The cost of housing per m² | Monthly dynamics, % |
| Lisbon | €5,011 | -0,7 |
| Porto | €3,057 | -0,3 |
| Funchal | €2,308 | 1,6 |
| Aveiro | €2,275 | 3,3 |
| Faro | €2,247 | 1,6 |
| Setubal | €1,895 | 2,7 |
| Evora | €1,662 | -4,2 |
| Coimbra | €1,571 | -3,5 |
| Braga | €1,440 | 4,3 |
| Ponta Delgada | €1,409 | 3,3 |
| Viana do Castelo | €1,325 | 1,5 |
| Viseu | €1,271 | 4,1 |
| Leiria | €1,198 | 1,1 |
| Vila Real | €1,084 | 0,7 |
| Beja | €880 | 3,4 |
| Santarem | €860 | 1,7 |
| Braganca | €803 | 1 |
| Castelo Branco | €755 | -1 |
| Guarda | €723 | -10,2 |
| Portalegre | €624 | 0,8 |
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
| City | Rental price per m² | Monthly dynamics, % |
| Lisbon | €14,2 | 2 |
| Cascais | €13,9 | 1,3 |
| Laule | €12,9 | 7,8 |
| Lagos | €12,4 | 6,9 |
| Porto | €11,1 | 1,4 |
| Albufeira | €10,5 | 4,9 |
| Funchal | €10,3 | 5,3 |
| Portimao | €9,8 | 8,8 |
| Mafra | €9,4 | 3,7 |
| Faro | €9,0 | -0,6 |
| Aveiro | €8,6 | 4,3 |
| Setubal | €8,6 | -0,6 |
| Coimbra | €7,5 | -4,5 |
| Ponta Delgada | €6,8 | -2,1 |
| Braga | €6,5 | -2 |
| Leiria | €6,4 | 1 |
| Santarem | €5,6 | 3,2 |
| Castelo Branco | €5,5 | 2,5 |
| Viseu | €5,1 | -9,5 |
| Vila Real | €4,4 | 3 |
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.
