Lisbon, the capital city of Portugal, has become an increasingly popular destination for tourists and expats alike. With its warm climate, rich history, stunning architecture, and vibrant culture, it’s no wonder that so many people are drawn to this city. In addition to its many attractions, Lisbon is also known for its affordable real estate market. In this article, we’ll take a closer look at why Lisbon is such a great place to invest in property.
Location, Location, Location
Lisbon is located on the western coast of Portugal, overlooking the Atlantic Ocean. This strategic location has made it an important city throughout history, as it was a hub for trade between Europe, Africa, and the Americas. Today, Lisbon is still a major transportation hub, with its airport serving as a gateway to Europe, Africa, and the Americas. This makes it an ideal location for those who want to explore the rest of Europe or even the world.
In addition to its proximity to other destinations, Lisbon also has a lot to offer within the city limits. It has a rich cultural heritage, with many museums, art galleries, and historical landmarks to explore. The city is also known for its nightlife, with a variety of bars, clubs, and music venues to choose from. Lisbon also has a thriving food scene, with a wide range of restaurants offering traditional Portuguese cuisine as well as international options.
Affordable Real Estate Market
Despite its many attractions, Lisbon is still an affordable place to live and invest in property. According to Numbeo, the cost of living in Lisbon is 43% lower than in London and 50% lower than in New York City. This means that expats and tourists can enjoy a high quality of life at a fraction of the cost of other major cities.
In terms of real estate, Lisbon’s property market is still relatively affordable compared to other European cities. According to Idealista, the average price per square meter for property in Lisbon is €3,845, compared to €14,800 in London and €9,358 in Paris. This makes Lisbon property an attractive destination for those looking to invest in property, whether it’s for personal use or as a rental investment.
Variety of Properties Available
Another advantage of investing in property in Lisbon is the variety of properties available. Whether you’re looking for a small apartment in the city center or a spacious villa in the suburbs, Lisbon has something to offer for every taste and budget.
One of the most popular neighborhoods for expats and tourists is the historic district of Alfama. Located in the heart of Lisbon, Alfama is known for its winding streets, colorful buildings, and traditional Fado music. Properties in Alfama range from small apartments to larger houses, with prices starting at around €100,000.
For those looking for a more upscale neighborhood, the area of Chiado is a great option. Located in the center of Lisbon, Chiado is known for its high-end shops, restaurants, and cultural attractions. Properties in Chiado tend to be more expensive, with prices starting at around €500,000.
For those looking for more space and privacy, the suburbs of Lisbon offer a variety of options. The areas of Cascais and Estoril, located on the coast just outside of Lisbon, are popular with expats and tourists due to their beautiful beaches, golf courses, and marinas. Properties in these areas range from apartments to villas, with prices starting at around €200,000.
Growing Tourism Industry
One of the reasons why Lisbon’s property market has been thriving in recent years is the growing tourism industry. According to the Portuguese National Institute of Statistics, the number of foreign visitors to Portugal reached a record high of 12.8 million in 2019, with Lisbon being one of the most popular destinations.
This increase in tourism has had a positive impact on the city’s economy, with more jobs being created and more money being invested in infrastructure and public services. It has also had a positive impact on the property market, as more people are looking to invest in rental properties or second homes in Lisbon.
In addition to the growing tourism industry, Lisbon has also been attracting more international investors in recent years. According to the Portuguese Real Estate Association, foreign buyers accounted for 20% of all property transactions in Portugal in 2020. This has been driven in part by the country’s Golden Visa program, which offers residency permits to non-EU citizens who invest in Portuguese property.
Sustainable Development
Despite its growing popularity, Lisbon has also been committed to sustainable development. The city has implemented a number of initiatives to promote sustainable living, including investing in public transportation, reducing waste, and promoting renewable energy.
This commitment to sustainability has also been reflected in the city’s property market. Many new developments in Lisbon are being built with sustainability in mind, with features such as energy-efficient appliances, green roofs, and rainwater harvesting systems. This not only benefits the environment but can also lead to cost savings for property owners in the long run.
Conclusion
Lisbon’s property market has a lot to offer for those looking to invest in real estate. With its strategic location, affordable prices, variety of properties, growing tourism industry, and commitment to sustainable development, it’s no wonder that more and more people are choosing to invest in Lisbon.
Whether you’re looking for a small apartment in the city center or a spacious villa in the suburbs, Lisbon has something to offer for every taste and budget. With its warm climate, rich history, stunning architecture, and vibrant culture, Lisbon truly has it all.
