As a realtor, I have been in the market for years, attending lots of foreign customers. Lisbon has been in the focus of the media, winning several prizes for its food, tourism, life quality… For example, rich and famous people like Madonna, Joel Santoni, John Malkovich, Cliff Richards bought luxury mansions and palaces in Lisbon a few months ago. Likewise, all of them were in love with Lisbon Portugal lifestyle and looked for Lisbon Portugal real estate services. Most of the people want to live in the capital of Portugal.
There are some things to know when buying a house in Lisbon. We will explain in this article.
The Lisbon Portugal real estate market can be split into two sections: touristic and residential neighbourhoods.
The most touristic neighbourhoods in Lisbon are Bairro Alto, Alfama, Baixa Chiado, Mouraria and Graça. Most of the investors who buy apartments in Lisbon look for these neighbourhoods. So, these places are full of tourists all year long – and they have a quite nice atmosphere! There are nice restaurants, nice fado shows and many cultural events.
The most residential neighbourhoods that foreign investors look for are Saldanha, Lapa, Campo Grande and Areeiro. Also, these are nice places to have a calm and quiet life, and not so far from the crowded touristic places.
Lisbon Portugal real estate: price ranges
The prices of the apartments in Lisbon increased by 100% over the last 3 years. Thus, there is more to grow, as per the local news company publico.pt. For example, in neighbourhoods like Baixo Chiado and Bairro Alto (touristic places) each square meter costs in average 3000 euros. On the other hand, in residential neighbourhoods the square meter costs around 1700 euros. There are many expensive central Lisbon apartments for sale, and in this article, I will explain how to find your cheap property in Lisbon.
The prices will vary according to some factors:
- Cosmetic state of the apartment: The most remodelled the apartment is, the most expensive it will cost.
- The existence of a lift in the building: As most of the buildings are quite old, most of them don’t have a lift. On buildings without a lift, people usually look for apartments on the 1st or 2nd. In this case, apartments on the 3rd floor and over, in buildings without a lift, will have depreciation on their prices.
- Size of the apartment: the smaller the apartment, the most expensive its square meter.
- The noise in the street: noisy and busy streets usually decrease the value of the apartment. People in Portugal love calm places and quiet streets. Even if the apartment is located in a noisy place, there are methods to reduce the issue. For instance, using a double insulated window will prevent you from hearing noises from the street.
- Age of the building: most of the buildings in Lisbon are very old. A newer building should increase the price substantially. While older buildings carry the history of this old city. new buildings have better insulation.
- Apartments tend to be cheaper than houses and villas.
Alternatives to beach houses
If you are looking for a beach house or villa in Cascais, there are cheaper properties located in Oeiras, Carcavelos and Estoril. Both places are located in “linha de Sintra”, which means that they are located next to the Lisbon-Cascais train line.
Cheap properties in Lisbon: do they still exist?
Sure. There are still good neighbourhoods to explore, where you can run away from Lisbon real estate bubble. You can still find cheap prices in places like Serafina, Lumiar, Beato and Marvila. These are unexplored but nice to live places. On the other hand, you will hardly find cheap properties for sale in Alfama, for example. As per Idealista Lisboa (a properties website), prices are still growing in Alfama, Saldanha and Baixo Chiado.
Who can buy a property in Lisbon?
First of all, anyone can buy property in Lisbon. Real Estate in Lisbon Portugal is accessible for anyone. Furthermore, even loans for buying houses are permitted – as long as the buyer can proof its income properly, as per the banks’ requests.
To buy a property in Lisbon, you need to have a NIF (Numero de Inscrição Fiscal) number, which is equivalent to a VAT-ID. If you already have a VAT-ID inside the European Union, then you just need to go to Loja das Finanças to validate it. In contrast, if you don’t have one, you can ask for a NIF at the Finanças, and you will need a local representative who resides in Portugal.
Finally, Portugal is quite a liberal country for living and investing. Many investors in real estate in Lisbon Portugal appreciate the easiness to make business.
My name is Isabela Carvalho, and I’m a real estate agent in Lisbon, Portugal. I’m a consultant from Century21 – Fitamétrica 12. I can help you to find and buy a property in Lisbon, Portugal with all the safety necessary. My contact is +351 925 699 535 and my email address: email@example.com