What Does the Real Estate Market in Lisbon Look Like in 2024?
Lisbon is the most dynamic region in the country, thriving in tourism, employment, and real estate markets. Since 2013, its growing attractiveness to international buyers has radically changed the real estate landscape: the appeal of the Portuguese capital has energized the market, spurred numerous projects, and also driven up prices, which have quadrupled in the past decade.
In 2024, despite rising prices and government decisions to end a favorable tax regime, the region’s real estate market remains as dynamic as in previous years, with variations depending on neighborhoods and towns. The Lisbon real estate market is diverse, ranging from city-center apartments to houses with sea views!
House Prices in Lisbon
Lisbon is the most expensive region in Portugal. With price increases in recent years, some neighborhoods have caught up with or even surpassed European capitals like Rome or Brussels.
The median price for a property in the Lisbon region in 2024 is around €4,000/m², for all types of properties.
Here are the prices per square meter by locality:
Property Trends in Lisbon
Over the past few years, Lisbon has seen a significant increase in real estate prices. This rise is primarily due to strong foreign demand and limited supply in some neighborhoods. For example, neighborhoods like Chiado and Bairro Alto are among the most expensive, with prices reaching €8,000 to €10,000 per square meter for luxury properties.
How to Find a Property in Lisbon
There are several ways to find a home in Portugal, even when living abroad.
- Online Platforms: Use real estate platforms like Green-acres, which list many ads translated into 21 languages. These platforms group many agencies, ensuring you don’t miss any gems!
- Property Hunters: If you prefer not to conduct the search yourself, hire a property hunter. They will sort through listings based on your criteria and present pre-selected properties to you.
- Local Agencies: You can also visit the country and check local agencies or even look for sale signs! For this option, it’s better to speak Portuguese well.
When buying abroad, it’s highly recommended to hire a lawyer to verify all documents. Taking all possible precautions is crucial to avoid any unpleasant surprises.
Where to Buy in Lisbon?
As mentioned in our article « Living in Lisbon, » the choice of neighborhood greatly depends on your lifestyle:
- Alfama (€6,000/m²): The oldest neighborhood in Lisbon, known for its narrow streets and azulejo-covered houses. Alfama offers an immersion in Portuguese history and culture, with authentic fado performances, but it is becoming increasingly touristy.
- Graça (€5,200/m²): Located on Lisbon’s highest hill, this neighborhood offers exceptional panoramic views and a village atmosphere with its churches and gardens. Graça is perfect for those seeking a mix of tranquility and local charm.
- Principe Real (€7,800/m²): A trendy and pleasant neighborhood known for its designer boutiques, bars, and restaurants. It’s a highly sought-after residential area by young professionals and expatriates.
- Bairro Alto (€2,700/m²): If you seek vibrant nightlife, Bairro Alto is the place to be. The neighborhood is full of bars, clubs, and restaurants, attracting a young and dynamic population.
- Chiado (€8,200/m²): For those looking for the chic and cultural side of Lisbon, Chiado is perfect. This central neighborhood offers theaters, art galleries, and high-end boutiques.
Regarding towns around Lisbon, several options are interesting:
- Cascais (€5,000/m²): Located about 30 km west of Lisbon, this coastal town is highly sought-after for its beaches, elegant houses, and relaxed seaside atmosphere.
- Sintra (€2,500/m²): About 30 km northwest of Lisbon, Sintra is famous for its palaces and gardens. It’s an excellent option for those seeking a residence in a historical and picturesque setting.
- Oeiras (€4,000/m²): Situated between Lisbon and Cascais, Oeiras offers a good balance between urban life and tranquility, with many green spaces and modern infrastructure.
A diverse property market in Lisbon
Lisbon’s real estate market continues to attract buyers with its diversity and growth potential. Whether you’re looking for a sunny pied-à-terre, a peaceful retirement spot, or a long-term investment, Lisbon offers varied and appealing opportunities. By staying informed about the latest trends and price developments, you will be better prepared to make informed decisions and fully enjoy everything this exceptional city has to offer. Explore the neighborhoods, discover the local treasures, and let yourself be charmed by the magic of Lisbon, a city where living and investing is truly rewarding.
