Porto is among the best cities to buy property in Europe in 2022. Alongside Braga, Porto has been identified as one of the “Euroepan 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 and 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, including Porto tapping into Porto real estate market prices:
- Ribeira, Miragaia, and Baixa
- Cedofeita and Boavista
- Foz do Douro
- Bonfim and Campanhã
- Vila Nova de Gaia
- Vila do Conde
Porto real estate: Property types in Porto
Foreign buyers turning their heads towards Porto 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 and student hub, you should easily be able to do so.
Property acquisition can be an excellent investment in Porto. Here a 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.
- Farm homes, land for sale
- Charming cottages or townhouses
- Apartments and condo units
- A new development
Note that the average house price in Porto Portugal in 2020 was €3328/m2 for the city iself and €2402/m2 for Porto Municipality.
Which neighborhood in Porto should I invest in?
While the Portuguese real estate property 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 real estate provides a wide array of choices.
What is it like to live in Ribeira, Miragaia, and Baixa in Porto?
The most recognizable and popular neighborhood 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.
Real estate prices
In the neighborhood of Ribeira, Miragaia, and Baixa, the property is valued at an average of €3.850 per square meter (sqm).
If you prefer to buy property in a bustling area where you can find many restaurants and shops, then the city center 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 and Boavista?
As a historic neighborhood in central Porto, this area surrounds the pedestrianized Rua de Cedofeita. The prices of rehabilitated apartments in the area start at €229.600 in state-of-the-art building projects such as Cedofeita 630, a 19th-century building rehabilitation development.
Real estate prices
At Cedofeita and Boavista, the property is valued at an average of €3,850 per sqm.
Modernization has stood out in recent years, as the result of an influx of rehabilitation projects that have added value to the surrounding urban landscape and the Porto real estate market.
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 €2.051 per sqm, houses in the upscale Foz do Douro can fetch up to 3 million euros. Since housing demand is much higher than supply, the average property prices in Matosinhos Sul, Avenida da Boavista and Parque da Cidade are rising and in some top developments can easily reach €4.500 to €5.000 per sqm.
If you are looking to buy a property in large, spacious developments and have even thought about the possibility of buying an old mansion to renovate, then Foz do Douro might be a suitable option.
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.
Real estate prices
The average price of a property in Bonfim is €1.121 per sqm, whereas in Campanhã it is €801 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.
Most property to buy around Greater Porto is located in coastal parishes.
Where should I live near Porto?
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.
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 Gaia are concentrated in the union Santa Marinha and São Pedro da Afurada and in Mafamude and Vilar do Paraiso.
Real estate prices
Prices in Gaia range from an average of €1.196 per sqm to €2.000 per sqm, but can reach €4.000 per sqm —in more exclusive developments and apartments.
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.
Real estate prices
The average price of a property in Vila do Conde is €1,235 per sqm for a house.
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 is a charming place to live in not only due to the impressive architecture and the promising real estate market but also in terms of the high living standards it offers. The cultural quality of life also makes 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 and 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. Freezing temperatures are almost never recorded and snowfall is just as rare. The average lows are 5.1 degrees (41.18°F) on January nights. Even then, during the day, spring-like temperatures of around 13 degrees (55.4°F) prevail. 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 life 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.
Lifestyle 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.
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.
Get in touch
If you have found your dream property in Portugal, seek help from a specialized property investment firm such as Goldcrest. As an independent local’s buyers agent, Goldcrest helps international families acquire sound property investments in their desired locations in Portugal.
Contact the team to access exclusive information on the property market in Portugal and find out just 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.
The following articles may be of interest to you:
- Should I Buy Property in Porto or Lisbon?
- Portugal Real Estate Investment: Is it Worth It?
- Should I Buy Property in Spain or Portugal?
- Portuguese Urban Regeneration Areas
- Waterfront Homes in Portugal: The Best Locations
- What are the Main Types of Luxury Properties in Portugal?
- Braga Portugal Real Estate
Tips for internationals
When buying Porto real estate, it’s easier to go through the buying process in smaller, more manageable steps.
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.
Buying real estate in Porto to invest
Porto is buzzing downtown. That’s where 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.
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 10-30% of the purchase price must be made.
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 finding property for sale 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. 2022 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.
Unfortunately, the Portugal Golden Visa changes that rolled out on 1 January 2022 mean that Porto is no longer eligible for residential real estate investments. Note that commercial real estate is still a viable option.
You can see our article on Invest in Portugal’s Low Density Areas for more information.
What is rental RIO if I invest in Portugal?
If you want to invest in Porto, then you’ll find that Porto is a very good location to consider. Renting out your property during a busy season can reap yields of approximately 4-6%. 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.