Prosperous Porto: property purchases up by 58% in 201920 December
Lisbon’s property market has steadily grown in the past few years and shows no signs of slowing down. With foreign investment in residential properties reaching €343.4m in the first six months of 2019, Lisbon’s property market is still going strong.
However, the Portuguese capital has got itself a new, neighbouring challenger in little brother Porto which is following in Lisbon’s footsteps. Lisbon’s city centre has been undergoing a major period of renovation whereby old buildings were given a new lease of life and transformed into beautifully restored apartments. Recently, the same renovation process has been taking place in Porto, leading to a rise in house prices in the historic centre by 8.1% year-on-year in the second half of 2018. In other words, Porto is one to watch.
A prosperous property market
In 2018, real estate transactions totalled €146.9m, 24% more than in 2017. In the first quarter of 2019, Porto saw €231.9m worth of investments in this sector, an increase of 58% compared to 2018, with a total of 623 transactions taking place. Following the same path as the capital, the future looks nothing but bright for Porto which means that it should be on every serious investors’ radar. With prices in some areas of the city being similar to those in Lisbon five years ago, now is the time to invest in up-and-coming Porto.
Porto Best European destination
There’s no doubt that Lisbon is still booming. However, for those who are interested in investing in or relocating to a smaller city, vibrant Porto is a great option. The city currently represents a rare property investment opportunity, where market prices do not yet reflect the city’s true value.
With an impressive gastronomic culture, an eclectic mix of architecture and lots of hip bars, this is a city of diversity. Porto, as well as Lisbon, has recently been named a tech hub and is a city that encourages startups. It’s not surprising that Porto was named the best European destination twice in the past five years. Those who invest in Porto can also benefit from the acclaimed Portuguese Golden Visa programme. Lisbon has already established itself as a vivid metropolis, and it’s only a question of time until the hype of under-the-radar Porto will be even bigger. The Portuguese property market is definitely one to count on.
Discover our handpicked selection of properties for sale in Porto.