Miguel Montez Tabuado
Real Estate Specialist
Sep 15, 2023
Real Estate in Porto, Prices, and Why Live There
When it comes to Portugal, it's no secret that Lisbon has long been a hotspot for travellers and property investors alike. However, as the cost of living in the capital continues to soar, many are now turning to Porto, the second largest city in Portugal, as real estate in Porto is a more affordable alternative.
But Porto is more than just a budget-friendly option: it's a destination in its own right, with a unique character that sets it apart from other European cities located on the northwest coast of Portugal, between the beach and the mountain and only 2h30 from central Europe.
If you're thinking of making a more permanent move, the city's real estate market is definitely worth a closer look. From charming apartments in the historic centre to sprawling villas with breathtaking views of the Douro River, there are plenty of options to suit every taste and budget.
Reasons to Invest in Real Estate in Porto
Thriving Real Estate in Porto
Porto has become a prime destination for real estate investors worldwide, thanks to its thriving industries, vibrant cultural scene, and affordable prices. The city continues to grow, creating new opportunities for investment that suit every taste and budget. Whether you're looking for a trendy loft in an up-and-coming neighbourhood or a commercial property in the bustling city centre, Porto has it all.
The real estate prices in Porto are much more affordable than the prices of other top locations throughout Europe. Properties are in high demand and typically rent out in less than three months. Plus, the average return on investment is impressive, with most areas boasting a profitability rate above 4%, surpassing even Lisbon. Therefore, investing in property in Porto is a wise decision that aligns with good financial sense.
Residency Permit and Real Estate in Porto
Prior to July 2023, you could invest in real estate in Portugal with a minimum of 280, 000 euros and obtain the Golden Visa, a residency permit that allows you to live in Portugal, but did not require you to be in the country for more than a week.
Today, the only way to obtain a Golden Visa is to invest a minimum of 500, 000 euros into a Fund Investment. Real estate investments no longer provide you with a residence visa. However, there are other ways to get a residence visa in Portugal, after which you may invest in real estate in Porto, since there are no property restrictions on personal homes.
Best Areas to Invest in Real Estate in Porto
Porto has countless real estate gems throughout all of its historic neighbourhoods. The best way to find the perfect piece of property to suit your individual desires is to spend time walking the streets, enjoying the sights and indulging in the wonderful seafood dishes with a glass of sangria made with the famous Port wine.
Foz do Douro
Foz Do Douro, an affluent community along the seafront of Porto, is nestled along the northern estuary of the Douro River as it spills into the Atlantic Ocean. The rocky, rugged coast opens onto sandy beaches, several of which have the coveted Blue Flag designation.
The prices in Foz Do Douro are among the highest in Porto. In the first quarter of 2022, the average cost for properties along the Douro River was approximately $368.50 USD per sq/ft (35.15€ per sq meter) compared to the median average of Porto as a whole, at $237.34 USD per sq/ft (22.59€ per sq meter).
A few miles further north, right along the Atlantic in the Nevogilde municipality, the average of certain areas is $431.02 USD (41.11€ per sq/meter) per sq/ft but can go higher.
Ribeira is another beautiful, albeit touristy, area to settle. It goes along the riverside of the Douro River and is renowned for the colourful houses that dot the hillside. One of the oldest neighbourhoods in Porto, Ribeira has been designated a UNESCO historical site for the notable architecture of the homes and churches.
The famous Dom Luis I Bridge spans across the river from Riberia. The scenic, steel, double-decker, arched bridge was designed in the late 1880s by a colleague of Gustave Eiffel, the designer of Paris’ Eiffel Tower. In its day, it was the longest arched bridge in the world, and today it continues to awe visitors with its beauty.
Campanhã is another very popular neighbourhood in Porto, and its location away from the centre results in lower rental and housing prices. Though it is not sea adjacent, the southern part of the municipality lays along the charming Douro River, and the centre is easily accessible from there via the metro system.
Quality of Life: Why Should You Live in Porto
Is Porto Safe?
Portugal is globally recognised as the sixth safest country, with low crime rates. This means that life in Porto is safe. Incidences of violent crime are rare, and petty crime, such as pickpocketing, can be avoided by taking common-sense precautions like not leaving belongings unattended in public areas. The Portuguese authorities also take safety and security very seriously, and there is a visible police presence in most areas of Porto.
Is Porto a good place for families?
If you're a family planning to move to Porto, one of the first concerns you might have is your children's education. The good news is that there are plenty of excellent schooling options available in Porto for all ages, including international schools like the Oporto British School, located in Foz do Douro. There is also theCLIP Oporto International School, which follows the English National Curriculum, as well as the Lycée Francais International Porto, and Deutsche Schule zu Porto, which offer French and German schooling respectively.
Healthcare facilities in Porto
Portugal's National Health Service, the SNS (Serviço Nacional de Saúde), provides access to public healthcare for residents of the country. Additionally, Porto boasts many private hospitals and healthcare facilities that are available to those with health insurance or who are willing to pay for services. With many hospitals located throughout the city, finding high-quality healthcare services is not a problem. In recent years, healthcare for foreigners in Portugal has improved significantly, likely due to an influx of expats moving to the country.
Shopping in Porto
You will find a diverse range of shopping options in Porto, from large brands to boutique shops and family-owned businesses, as well as traditional marketplaces. The city's unique blend of international stores and shopping malls with a thriving artistic and creative culture is one of its most special features.
Public Transportation in Porto
Porto's Francisco Sá Carneiro Airport serves as the gateway to the city, offering non-stop flights to both domestic and international destinations. Getting around Porto is easy with the city's extensive public transportation network, including a metro system that can take you all the way to the airport.
What Type of Climate Does Porto Have?
Situated by the Douro River and the Atlantic Ocean, the city enjoys a maritime subtropical climate that's a welcome escape from the higher temperatures of the southern regions of Portugal. Winters are relatively mild, with very rare instances of freezing temperatures and snowfall. The summer months are comfortably warm, perfect for exploring the city's charming streets. Despite its reputation for rainy weather, Porto actually boasts more sunny days than many other European cities, and over the course of the year, the temperature typically varies from 6°C to 24°C and is rarely below 0°C or above 31°C.
What to Do and Eat in Porto
There is a good reason that investors are finding ways to continue investing in Porto. This charming city offers a blend of old-world charm and modern amenities full of charming cafés and majestic churches. The city’s core was declared a National Heritage Site by UNESCO in 1996. Here is how they describe the city;
“The city of Porto, built along the hillsides overlooking the mouth of the Douro river, is an outstanding urban landscape with a 2,000-year history. Its continuous growth, linked to the sea (the Romans gave it the name Portus, or port), can be seen in the many and varied monuments, from the cathedral with its Romanesque choir, to the neoclassical Stock Exchange and the typically Portuguese Manueline-style Church of Santa Clara.”
You can explore the historic old town, stroll along the Douro River, and sample delicious Portuguese cuisine at local eateries. The Bolhão market, located in the heart of the city, is a foodie's dream come true with countless stalls, cafes, and restaurants serving up regional delicacies like "Francesinha".
Porto is also a great base for exploring nearby beaches, hiking trails, and wine country, as some of the country's best wineries can be found here, all named after Porto's beloved port wine.
Why enlist moviinn’s help?
Having a knowledgeable professional assist with the relocation process and integration is essential for a stress-free move. At moviinn, we have successfully assisted over 1,000 individuals and businesses in relocating to Portugal and fulfilling their aspirations.
We offer scouting trip services to our clients, which enables them to explore and identify the neighbourhoods that best align with their interests and requirements.
After getting “the essentials” in order, there are all the other details of moving to another country that can mean the difference between a smooth versus a bumpy, unpleasant landing. We know first-hand what lies ahead for you and are here to show you the way.
For more information, book a call and let’s moviinn together!