Updated: November 17, 2023
Porto is among the best cities for real estate investments in Europe. Alongside Braga, Porto has been identified as one of the “European cities and regions of the future 2022/2023 – the best and the brightest among Europe investment destinations“. Indeed, Porto real estate is a very hot topic at the moment, and with more foreign investment interest, it looks set to continue to increase in popularity in the future. Whether you are looking to retire, move with family, or invest, the stunning city is a great place to buy.
We will explore some of the best neighborhoods to buy property in Porto, plus important information to be aware of if you are considering buying property in Portugal’s second-largest city.
Porto Real Estate: Property Types in Porto
With stunning views of the Atlantic Ocean from its central location in Northern Portugal, incredible beaches, and arguably the best food the country, Porto has plenty to offer.
Foreign buyers turning their heads towards Porto Portugal real estate will happily find that there are many property options on the table. Yes, property types in Porto come in all shapes and sizes, whether you are looking for a modern riverside apartment, old townhouse, or family home with sweeping views of the Atlantic. Regardless of what property type you are seeking, you should be able to find something to meet your needs.
Luxury Porto homes, renovation projects, unused land for sale in Porto, condos — yes, the city is in some ways an investor’s dream. And, if you are thinking about the possibilities of renting out your future property, then, as a tourist, digital nomad, and student hub, you should easily be able to do so.
You can find out more about the exclusive property types in Portugal in our article: What are the Main Types of Luxury Properties in Portugal?
Foreign investment in property in Portugal has long been on the rise, and in Porto, the appeal continues to rise. Here are just some of the property types that you can consider for Porto real estate:
- Luxury homes: Villas with a swimming pool, luxury condos, waterfront apartments, etc.
- Charming cottages or townhouses
- Apartments and condo units
- A new development
Note that the average price for property in Porto, Portugal, in 2022 was €4,000 per square meter for the city itself and €3,186 per square meter for Porto Municipality. You’ll find a wide array of property types in Porto, so you should be able to find the perfect property that meets your requirements. Luxury homes that come with a swimming pool or private gym will evidently cost more.
Which neighborhood in Porto should I invest in?
While the Portuguese real estate housing market and tourism sector tend to put Lisbon and the Algarve at the center of their efforts to represent the country, the historic center of Porto is gaining traction. Many wise investors are choosing to buy property in Portugal as a way to future-proof their investment, and Porto properties provide a wide array of choices.
What is it like to live in Ribeira, Miragaia, and Baixa in Porto?
One of the most popular neighborhoods in Porto is the Ribeira, an area filled with restaurants, cafés, and traditional housing along the River Douro. This is usually the first stop for visitors when they reach the city.
Miragaia is a good neighborhood to feel the city’s rhythm, and the Baixa is the ‘downtown’ area where visitors will find most major landmarks.
In the historic center of Porto, which includes Ribeira, Miragaia, and Baixa, the average asking price for properties was €4,710 per square meter in 2022.
If you prefer to purchase property in a bustling area where you can find many restaurants and shops, then the center of Porto is just right for you. It is the heart of Porto and is also on the UNESCO World Heritage List.
What is it like to invest in Cedofeita?
As a historic neighborhood in central Porto, this area surrounds the pedestrianized Rua de Cedofeita. You will find several charming Porto homes in this part of the city.
Real estate prices
In Cedofeita, in the historic center but more to the west, the average asking price for properties was €4,710 per square meter in 2022.
Modernization has stood out in recent years as the result of an influx of urban rehabilitation projects that have added value to the surrounding urban landscape and the Porto real estate market. Cedofeita has become a particularly trendy part of the city. Cedofeita is closer to the center than Bonfim (see below) and less suitable for families. However, if you buy in Cedofeita, you’ll be rewarded with an abundance of spectacular historic buildings.
There are many excellent parts of Portugal to invest in Portuguese urban rehabilitation projects, which are usually much more affordable than buying a new build.
What is it like to invest in Boavista?
In Boavista, creatives will feel right at home. In this part of Porto, architecture, music, and art thrive, while shopping lovers will also come across boutique shops and designer stores. In this part of the city, you’ll find the Casa da Música, Porto’s crowning glory in terms of being both an architectural delight and a music sanctuary.
In Boavista, slightly further west of Cedofeita but still in the historic center, the average asking price for properties was €4,710 per square meter in 2022.
From excellent restaurants to boutique stores, there’s much to attract buyers to Boavista. You also have the Jardim Botânico here, perfect for a day out with the family. Boavista has some of the best condominiums in the city, with all the amenities you need. Plus, you are close to international schools and the city’s financial center. Regardless of whether you are looking to buy to move to the city with family, as a digital nomad, or if you’re looking to invest in the city, you should certainly consider this dynamic part of Porto.
Porto Real Estate in Foz do Douro
If you take a trip to the affluent suburb of Foz do Douro, the modern homes with sea views could make you think you’re in another city altogether. Foz is popular for this very reason, offering some respite from the chaos of the city. It can be a good choice for families due to enhanced parking options and more spacious properties.
Real estate prices
At an average of €5,070 per sqm, houses in the upscale Foz do Douro can fetch up to 3 million euros.
If you are looking to buy a property in a large, spacious development and have even thought about the possibility of buying an old mansion to renovate, then Foz do Douro might be a suitable option.
If you are looking for other top waterfront properties to consider in Portugal, you may want to check out our article, Waterfront Homes in Portugal: The Best Locations.
Porto Real Estate in Bonfim and Campanhã
Bonfim and Campanhã are two parishes in downtown Porto that have reinvented themselves in recent years and are now the trendiest places to buy a property in Porto. While Campanhã may not be the best neighborhood to live in, it presents a nice investment opportunity to investors looking to secure a strong return on their investment and affordable property prices.
The average price of a property in Bonfim is €3,759 per sqm, whereas in Campanhã, it is €2,928 per sqm. This is considered lower than the average.
Campanhã and Bonfim are completely rehabilitated and have become the most popular territory for those who have some connection to the arts. It is also the ideal area for those looking for old houses to recover. There is a lot going on here, and there are still opportunities that are already scarce in other parts of the city. Since Bonfim is an old industrial area, it is full of factories to rehabilitate. Architects are turning industrial spaces into real works of art to live in.
Top Locations Around Porto
Most property to buy around Greater Porto is located in coastal parishes. Prices are generally more affordable when you move out of the center of the city, meaning that you should be able to find spacious properties at quite affordable rates.
If you would prefer to live somewhere outside of the city, there are plenty of options depending on the reasons why you want to buy property in Porto. Below, we’ve provided you with some information about buying in Vila Nova de Gaia and Vila do Conde.
The Douro Valley is also an excellent option for consider, for nature lovers. Our article Complete Douro Real Estate Guide 2023 offers more information.
Gondomar, a municipality located to the east of Porto that hugs the Douro River, is also worth considering and has experienced significant growth recently.
What about Vila Nova de Gaia?
The other side of the river makes for an attractive investment option as it is close to the city of Porto but also less expensive than the city’s downtown district.
The majority of housing developments on sale in the municipality of Vila Nova de Gaia are concentrated in the union of Santa Marinha and São Pedro da Afurada and in Mafamude and Vilar do Paraiso.
Real estate prices
The average asking price for properties in Vila Nova de Gaia stood at €2,737 per square meter but can reach up to €4,000 in more exclusive developments and apartments.
It is close to the center of Porto but offers much more variety in terms of housing options.
What is it like to live in Vila do Conde?
Vila do Conde has been rated as one of the best areas to live in the greater Porto region. When visiting this traditional seaside town, it’s not difficult to see why. Its distance from the city means it scores highly in terms of cleanliness and air quality as well as security. Vila do Conde can be an excellent option for families that wish to leave in a calmer place while being just 30 minutes away from Porto.
The average price of a property in Vila do Conde stood at €2,235 per square meter in 2022.
This quiet seaside town is beautiful and peaceful and is regarded as being well connected to the city of Porto by the metro, making it a convenient place to live in.
Life in Porto
Porto’s Metropolitan Area population of about 1.3 million makes it Portugal’s second-largest city, behind Lisbon, Portugal‘s capital. With its historic river, long coastline, UNESCO-recognized city center, and modern airport, Porto attracts a significant amount of international investment.
This is a charming city to live in not only due to the impressive architecture and the promising real estate for sale in Porto Portugal, but also in terms of the high living standards it offers. The high quality of life and rich culture also make the port city one of the most beautiful places in Europe. Sharing the same name as Portugal’s darling port wine, some of the country’s most outstanding wineries can be found here.
In addition, the Bolhão market in the center of the city is particularly attractive. Countless stalls, cafés, and restaurants spoil a person for choice, with regional delicacies on offer. Apart from the culinary delights, Portugal’s second-largest city also excels in sports activities. Above all, the local sandy beaches are considered a true paradise for water sports enthusiasts.
International schools in Porto
If you are looking to start a new life in Portugal, there are a number of international schools to choose from in Porto. The Oporto British school is one of the oldest British schools in continental Europe. There is also CLIP – The Oporto International School, the Luso-French College, the Lycee Francais International de Porto, and the German School of Porto.
Transport in Porto
Porto has one international airport, the Francisco Sá Carneiro Airport, with frequent non-stop flights to both continental and international destinations.
Within the city, Porto has an extensive public transportation network. The metro system has six different lines that span a large distance to the east and west of the city, as well as south of the river to Gaia and north to Vila do Conde and the airport.
Tourism in Porto
Tourism in Porto has been increasing over the past few years, and it’s easy to see why. Porto can definitely give Lisbon a run for its money with its charm, good food, fine wine, and affordability. With many cultural events going on throughout the year, the city is the perfect city for a weekend break – or longer.
Festivals in Porto
June springs to mind when thinking about the busiest times of the year in Portugal. This is when much of the county celebrates the Festas Juninas, street parties that involve eating sardines, dances, merry drinking, and, basically, partying until the sun comes up. On 23 June, the São João festival takes place. This is when the residents of Porto celebrate by eating grilled sardines and releasing candle-lit lanterns into the sky. Strangely, a tradition of this festival is to hit each other on the head with plastic hammers.
Climate in Porto
In the north of Portugal, Porto is located directly around the Douro River by the Atlantic Ocean. It has a maritime, subtropical climate. The summer in Porto is pleasantly warm, and the winter relatively mild. The city has an average high of 20 Degrees C (68 Degrees F) and average low of 11 Degrees C (52 Degrees F). In the summer months, the city experiences lovely sunny days, whereby you can head tot the beach and make the most of the gardens in the city. Freezing temperatures are almost never recorded, and snowfall is just as rare. Although it is known for being one of the rainiest cities in Portugal, it gets a lot more days of sunshine than many other European cities.
Cost of Living in Porto
Although the cost of living in Portugal has increased over the last decade, it is relatively low compared to other EU countries.
Culture in Porto
The cultural quality of life makes Porto one of the most beautiful places in Portugal. Casa da Música, Serralves, vintage bookstores such as Livraria Lello (some say that it is the world’s most beautiful bookshop), and comfy cafes around the river make Porto a romantic and unique city for intellectuals and creatives.
Restaurants in Porto
As with Lisbon, the restaurant scene in Porto has exploded in recent years. You’ll find traditional family-owned eateries but also international cuisines and innovative restaurants that are embracing trying something new. For those special evenings, there are also many luxury restaurants and four Michelin-starred restaurants for you to visit. For local food, check out Brasão, while for a more upmarket restaurant, you should consider paying Casa de Chá a visit.
Get in Touch
So, how do you find property in Portugal? If you have found – or are still on the hunt for – your dream property in Portugal, seek help from a specialized property investment firm deemed reliable, such as Goldcrest. Whether you are looking for a Porto apartment for sale or a luxury home in Vila Nova de Gaia, we are here to help you uncover your dream property. We can also help you through the negotiation stage, ensuring that the prices are guaranteed accurate. As an independent local’s buyers agent, Goldcrest helps international families acquire sound property investments in their desired locations in Portugal.
We can help you discover the best places to find your dream home. If you are not sure whether to buy property in Lisbon or Porto or you cannot choose between securing a house in Portugal or Spain, for example, we’ll be able to discuss your needs to see which is better for you.
Contact the team to access exclusive information on Portugal’s property market and find out how much you can save on your international investment. You can get in touch with us by email, phone, or text message via WhatsApp and book a call to discuss your needs.
Porto Real Estate: Buying Porto Real Estate to Relocate
Portugal is a small country, which means that traveling around is quick. From Gaia to Espinho or in cities like Braga, Guimarães, or Póvoa do Varzim, there are plenty of real estate options to pick from and, above all, at better prices since they’re in non-coastal areas. And if the proximity of large cities is not a very important factor, then there is still much more to explore, whether in the north, center or south of the country, whether by the coast or inland.
Find more about the charming northern city of Braga in our article: Braga Portugal Real Estate.
Investing in Porto
Porto is buzzing downtown. That’s where property investors and most people want to buy property in Portugal. And the charms along the waterfront from the Douro River to the sea keep growing. It’s there that the most popular apartments for sale in Foz do Douro and the apartments overlooking the city park are concentrated, and that’s where many are looking for new opportunities in Porto. Given the high demand for property in Porto as the result of the housing shortage, any real estate asset is highly valued. If you are considering investing in the city, this is an intelligent option, given the potential for long term and short term rentals. Besides investing in Porto Portugal real estate, there are many other ways to invest in Porto with residency through investment programs like the Portugal Golden Visa.
Tips for International Buyers
Where to Search for the Best Real Estate Deals
As a local buyer’s agent and real estate professional situated in Portugal, Goldcrest provides insightful real estate expertise and strategic advice. From sourcing to property acquisition, we help clients identify outstanding investment opportunities in some of Portugal’s finest locations. We will also have access to new listings that you will not find in other places. Access to these new listings provides you with complete access to the real estate market.
Due Diligence for Real Estate
In any transaction, the Sale and Purchase Agreement (SPA) represents the result of important commercial and price negotiations. Some experts provide specialized support at all stages of a transaction.
Making an Offer and Contracts
In Portugal, it is common to conclude a so-called preliminary purchase agreement (Contrato de Promessa de Compra e Venda) as soon as the parties have agreed on the purchase. Once this preliminary contract is concluded, a deposit of the purchase price must be made, usually around 10 percent.
The contracting parties thereby secure themselves in the event of default and the non-execution of the purchase contract. The purchase contract is either notarized by a Notary or as a privately written document certified by a notary, lawyer, or recorder of deeds. For an overview of everything that you will need to know before you buy, you can see our article on Real Estate in Portugal. For help with house hunting in Portugal, you can consult our article Guide to Property for Sale in Portugal.
Is now a good time to make a real estate investment in Porto?
In short, yes. 2023 is a very good time to invest and find a property for sale in Porto because of the increase in prices that looks set to continue to rise in an upward trend. The city is also considered a seller’s market at the moment so, if you manage to secure a good deal, then you should close it as quickly as possible and then resell it at a later date for a high property value. As mentioned previously, you will find many different property types when it comes to properties for sale in Porto.
What is rental ROI if I invest in Portugal?
If you want to invest in Portugal, then you’ll find that the Porto real estate market is a very good location to consider. Rental yields in Porto stood at 4.6 percent in 2022, more than in Lisbon, which stood at 4.1 percent. In Campanhã, rental yields stood at 6.25 percent in 2022. As an affordable and safe city with very good infrastructure, the city has become one of the prime investment locations in Portugal and, given the steady influx of tourists and students, means that you’ll be able to rent out your property for much of the year.
Frequently Asked Questions about Buying a Property in Porto
Is it a good idea to buy real estate in Porto?
According to many reports, Porto is at the start of a real estate boom. With big growth in the industrial and tech sectors in the city, as well as an increase in tourists visiting via the international Francisco Sá Carneiro Airport and public spending, there is all the reason to believe that the price of a property in Porto will continue to rise. You will find many types of property in Porto, including many fabulous luxury homes. It is expected that in the coming years, the price of a property in Porto will increase considerably.
If you buy outside the center, you will also find cheap houses for sale in Porto, Portugal.
Are rent prices in Porto expensive?
Rent prices in Porto are considerably more affordable than they are in Lisbon and other cities in Northern Portugal. Naturally, the rent prices you pay will depend on factors like the location, size, and quality of the property you choose to rent or purchase for rental income if you are interested in Porto Portugal real estate for rent income.
Is it worth buying real estate in Porto for rent?
Buying Porto, Portugal real estate for rent is an attractive option for investors. The average price for property will vary depending on where you buy. Porto can be a lucrative place to buy property, given that rental yields stood at 4.6 percent in 2022. Rent prices will vary greatly depending on the part of the country in which you choose to live and the type of housing you seek.
Where can I find real estate to buy in Porto?
To get an overview of the property market, you can check popular sites such as Idealista and Imovirtual. You can set up email alerts to receive email notifications on properties that meet your requirements straight to your mailbox.
Bear in mind that the property market in Portugal is fragmented – for example, there is no Zillow Portugal, and there is no one place to find property. Checking real estate websites and setting up email alerts can only get you so far, giving you a flavor of what is out there.
A good way to find a property in Portugal, going beyond setting up email alerts on property listing websites, is through working with a Buyer’s Agent, such as Goldcrest. We have access to properties that are not available elsewhere. Our focus is solely on the buyer, assisting them in securing their dream property at the best possible price.
You will also find stunning luxury homes in and around Porto. If you are thinking about buying luxury homes here, the prices will be higher, but compared to other Western European cities, you should find luxury homes to be quite reasonably priced. You can easily get an idea of the types of luxury homes online before working with a buyer’s agent to focus your search on properties that meet your requirements.
What is the difference between a buyer’s agent and a realtor?
A buyer’s agent works exclusively for the buyer, helping them buy a property and making the buying process as stress-free as possible. They will also help guide you through the negotiation phase, ensuring the price you are given is guaranteed accurate. The real estate agent works for the seller, helping them sell their property for the best price possible, meaning that there is a conflict of interest. When making a foreign investment in Porto properties, we recommend working with real estate professionals deemed reliable.
Where do expats live in Porto?
Many expats who live in Porto stay in the central districts of the city, although those who prefer to be by the beach live in areas such as Foz do Douro.
If you are looking for beach houses for sale in Porto, Portugal, Foz do Douro is a top location to consider, as is Vila Nova de Gaia for more affordable properties. You can enjoy stunning views of the Atlantic Ocean.
How much are houses in Porto?
Porto neighborhoods will each have their own price range. However, if you are buying real estate in Porto, you should find that real estate prices for Porto homes are generally very affordable. The average house price in Porto, Portugal, in 2022 was €4,000 per for the city itself and €3,186 per meter squared for Porto Municipality. Properties nearby Porto should also be considered, such as in Vila Nova de Gaia on the opposite side of the Douro River and in the northern suburbs of the city. The north of Portugal has some of the most affordable real estate in the country and, in many places, is relatively unexplored. There are many different property types, and this region could be the perfect place to find a stunning country home or large villa — whatever property you are looking for, you should be able to find it in Porto.
You will also find amazing luxury homes in and around Porto, such as in Foz do Douro. If you are thinking about buying luxury homes here, the prices will be higher, but compared to other Western European cities, you should find luxury homes to be quite reasonably priced.
Is it cheap to live in Porto?
One of the advantages of living in Porto, the northern capital of Portugal, is the cost of living and high quality of life. Porto is a relatively cheap city to live in when compared with other Western European cities. The average price for property will vary depending on which neighborhood you choose to buy in. In Foz do Douro and in the historic center, you will find the properties that come at maximum price, but elsewhere, you will find very reasonably priced properties.
Whether you are looking to spend your weekends in the city park or by the beach, you’ll find the lifestyle in Porto to be very high.
Is Porto a good place to live?
You can be sure to live a high quality of life in Porto, that is also very affordable. Due to its relaxed pace of life, excellent food, and some of the best wines in the world hailing from the River Douro, the city is a very good place for retirees, families, digital nomads, and students. The city boasts a lively cultural scene, with many museums, art galleries, and various events that take place throughout the year. If you like the outside, then there are many lovely parks and outdoor spaces, and there are many beaches close to the city to enjoy.
Compared to other Western European cities, you will find villas for sale in Porto, Portugal to be quite affordable.
Is buying real estate in Porto expensive?
Porto is an excellent place for property acquisition in Portugal. You’ll find that property is significantly cheaper here than in Lisbon.
The average asking price in Porto, Portugal, in 2022 was €4,000 per square meter for the city itself and €3,186 for Porto Municipality.
In Foz do Douro and in the center of Porto, you will find the properties that come at maximum price, but elsewhere, you will find very reasonably priced properties.
You will also come across some incredible luxury homes in this part of the country. If you are thinking about buying luxury homes here, the prices will be higher, but compared to other European cities, you should find luxury homes to be quite affordable for foreign investment.
How much does a house in Porto cost?
The average asking price for Porto homes in 2022 was €4,000 per square meter when buying in the city itself and €3,186 for Porto Municipality.
Can foreigners buy property in Porto?
Foreigners will face no restrictions when it comes to buying property in Porto. Foreign investment is made easier when you choose to pursue a residency by investment program like the Portugal Golden Visa. Due to recent changes to the program, property investment is no longer a qualifying investment option for the Portugal Golden Visa, however, working with a partner like Goldcrest can make the buying process easier for foreign investors. Learn more in this guide to foreign purchase of property in Portugal.
Which are the best regions to look for property sale in Portugal?
Porto, Lisbon, and the Algarve region are some of the top areas where international property investors and European Union citizens purchase property in Portugal.
Each region has a great selection of property options, whether you are seeking residential properties such as an affordable apartment or townhouse located near the ocean or looking for something more private and upmarket, like a villa with a modern interior, multiple bedrooms, and an inviting swimming pool.
The exciting city of Baixa and the captivating charm of Alfama in Lisbon make these areas two of the best neighborhoods to consider for property purchase. In Porto, Foz Do Douro offers contemporary coastal living with the beauty of the Atlantic sea. The Algarve is a sought-after tourist destination offering experiences at stunning resorts like Vale do Lobo. In Central Algarve, Lagos and Faro offer a balance of vibrant city and coastal living, while the bustling Albufeira and upscale Vilamoura areas attract international buyers. From the Eastern Algarve to the Western Algarve, buyers have many options to choose from.
Discover your dream property investment in Portugal with the help of our guide, What Are the Best Places to Buy Property in Portugal, compiled for your reference.
How can email alerts help you stay updated on the latest Porto real estate listings?
You can receive email alerts on properties that meet your requirements by setting up email notifications. These email alerts ensure you’re promptly informed about new properties, price changes, and exclusive deals so that you can stay updated on real estate investment in Porto.