Are you planning to settle in Portugal and on the lookout for the cheapest places in Portugal to buy property? Well, you are in the right place to be. Here in this blog we unravel the cheapest places in Portugal to buy property and all you need to know about these places.
Continue reading and hop on to the journey of exploring the real estate market in Portugal and figure out the cheapest places in Portugal to buy property.
Real Estate Market in Portugal
Recently, Portugal has secured its place as the hotspot for expats to settle in, being the most affordable place to live. The growing number of people immigrating to Portugal is living proof of Portugal being the expat’s attraction site.
The expats move to Portugal not only for affordable life but also for several other factors like its charm, quality of life, safety, and sometimes to pitch a start-up in its stable industry. All these aspects compel people to move to Portugal and settle there for the rest of their lives. Thus, the number of people looking for the best property is growing fast.
People moving to Portugal from the US are settling in Portugal because of its pleasant climate, which resembles that of California. In addition to the climate, Portugal has also drawn masses for its breathtaking landscapes and rich culture. Likewise, people are also settling in Portugal to pursue higher education from internationally recognized institutes.
Not only that the living costs in Portugal are driving expats from all over the globe to portugal, but also the affordable real estate rates. There are specific areas where one can get residency at quite affordable rates.
The real estate industry in Portugal is currently experiencing its golden period with increasing demand. A recent statistical study reveals that real estate properties in Portugal have increased by double digits.
To be more specific, the 2023 year witnessed a 6% increase in the real estate property rates when compared to the year 2022. This increase has attracted most of the real estate investors to explore options in the Portuguese real estate industry.
The real estate investments in Portugal have skyrocketed in recent years despite the increasing price rates. Mostly investors from countries like the United Kingdom, Germany, France, and the United States are showing their immense interest in the real estate market of Portugal.
The personnel from different countries are showing their growing interest in the real estate market of Portugal also because the country fosters stable political conditions. Furthermore, the tax incentives for expats are also quite attractive and prove to be an effective factor in drawing more investors in Portugal. Here is a list of the cheapest places in Portugal to buy property:
- Lisbon, Lisbon Metropolitan $1,132,000
- Porto, North $718,000
- Vila Nova de Gaia, North $488,000
- Amadora, Lisbon Metropolitan $540,000
- Braga, North $366,000
- Coimbra, Center $380,000
- Funchal, Madeira $656,000
- Setubal, Lisbon Metropolitan $468,000
- Almada, Lisbon Metropolitan $562,000
- Sintra, Lisbon Metropolitan $494,000
The rise in investors’s interest in the Portuguese real estate industry is not a fling that might fade away in an eternity. Rather, it indicates how the living standard, educational and health facilities, and landscape of Portugal add to its affordability, making it an attractive place to settle in.
To get a deeper insight into the affordability of the cheapest places in Portugal to buy property, we listed down the price rates of properties in Portugal and their annual changes.
| City | Price per sqft | Average home price | Annual change |
| Lisboa | $566 | $1,132,000 | 8% |
| Porto | $359 | $718,000 | 7% |
| Vila Nova de Gaia | $244 | $488,000 | 14% |
| Amadora | $270 | $540,000 | 4% |
| Braga | $183 | $366,000 | 11% |
| Coimbra | $190 | $380,000 | 10% |
| Funchal | $328 | $656,000 | 18% |
| Setúbal | $234 | $468,000 | 4% |
| Almada | $281 | $562,000 | 6% |
| Sintra | $247 | $494,000 | 8% |
| Gondomar | $178 | $356,000 | 12% |
| Barreiro | $202 | $404,000 | 6% |
| Aveiro | $253 | $506,000 | −1% |
| Odivelas | $278 | $556,000 | 5% |
| Guimarães | $145 | $290,000 | 5% |
| Leiria | $148 | $296,000 | 9% |
| Faro | $299 | $598,000 | 12% |
| Matosinhos | $305 | $610,000 | 1% |
| Loures | $271 | $542,000 | 4% |
| Portimão | $264 | $528,000 | 6% |
| Póvoa de Varzim | $211 | $422,000 | 8% |
| Seixal | $240 | $480,000 | 6% |
| Maia | $205 | $410,000 | 10% |
| Évora | $210 | $420,000 | 3% |
| Montijo | $221 | $442,000 | 8% |
| Ponta Delgada | $186 | $372,000 | 3% |
| Santa Maria da Feira | $135 | $270,000 | 11% |
| Valongo | $166 | $332,000 | 1% |
| Viana do Castelo | $192 | $384,000 | 25% |
| Vila Nova de Famalicão | $135 | $270,000 | 6% |
| Castelo Branco | $89 | $178,000 | 6% |
| Vila Franca de Xira | $210 | $420,000 | 3% |
| Santarém | $124 | $248,000 | 7% |
| Figueira da Foz | $157 | $314,000 | 6% |
| Vila do Conde | $194 | $388,000 | 10% |
| Olhão | $285 | $570,000 | 9% |
| Caldas da Rainha | $185 | $370,000 | 9% |
| Guarda | $81 | $162,000 | 9% |
| Bragança | $94 | $188,000 | 7% |
| Beja | $93 | $186,000 | −2% |
| São João da Madeira | $140 | $280,000 | 14% |
| Albufeira | $341 | $682,000 | 8% |
| Chaves | $100 | $200,000 | 8% |
| Espinho | $245 | $490,000 | 3% |
| Santa Cruz | $207 | $414,000 | 18% |
| Barcelos | $132 | $264,000 | 3% |
| Entroncamento | $109 | $218,000 | 15% |
| Lagos | $390 | $780,000 | 6% |
| Torres Vedras | $189 | $378,000 | 14% |
| Loulé | $407 | $814,000 | 7% |
5 Cheapest Places in Portugal to Buy Property
Although the real estate industry has numerous cheapest places in Portugal to buy property, here we will focus on only a few of them. These cheapest places in Portugal to buy property will not only be good for your pockets but will also serve you with high living standards.
Here, we break down the five cheapest places in Portugal to buy property and all that you need to know about these places. Let’s go:
1. Coimbra
Coimbra is a city near the Mondego River. It boasts a vintage culture and is also affordable. The affordability and historical sites in this city make it an intelligent choice for real estate investors.
The city was a university town in the medieval ages and hence is an appealing place to be for those who worship history. However, if you are one of those who are reflecting on their decision of whether to shift to Coimbra or not, we assure you that Coimbra has everything for anyone. Along with the vibrant bustle, the city also serves the tranquility you need in your hectic life.
The town’s ambiance is quite welcoming for expats who are moving away from their families. Furthermore, the real estate market in Coimbra is diverse, which implies that you will have plenty of options and will be served according to your preferences.
The cultural roots of Coimbra stand out and are one factor that draws most real estate investors. You can tour the historical heritage of Coimbra throughout the year without any restrictions. Furthermore, you can enjoy events throughout the year to make your life more happening and interesting.
The real estate market here is also affordable and is known for its budget-friendliness. Hence, if you are planning to buy a property without breaking the bank, you should buy a residential or commercial property in Coimbra.
One of the cheapest places in Portugal to buy property is Coimbra, where the real estate rate is, on average, $189 per square foot.
In addition to this, the average price rate of a residential property in Coimbra is $378,000 for a 2,000-square-foot home. However, you will get a two-bedroom apartment in one of the cheapest places in Portugal to buy property for $150,000, which is the best option for young families or couples.
2. Covilha
Covilha is located in the heart of Portugal, at the center of the Serra da Estrela mountainous range. It is the cheapest place in Portugal to buy property, with a population of almost 50,000.
Covilla, better known as one of the cheapest places in Portugal to buy property, is a pleasant blend of urban amenities and natural landscape. Affordable residential properties are one of the city’s attractions for real estate investors.
To your pleasant surprise, not only the real estate prices but also the living costs in Covilha are low compared to other cities in Portugal. Here is a comparison of living costs in Covilha and Lisbon:
| Restaurants | Lisbon | Covilha | Difference |
| Meal, Inexpensive Restaurant | 13.25 € | 9.00 € | -32.1 % |
| Meal for 2 People, Mid-range Restaurant, Three-course | 48.00 € | 40.00 € | -16.7 % |
| McMeal at McDonalds (or Equivalent Combo Meal) | 8.80 € | 7.50 € | -14.8 % |
| Markets | Lisbon | Covilha | |
| Milk (regular), (1 liter) | 0.96 € | 0.89 € | -6.4 % |
| Loaf of Fresh White Bread (500g) | 1.42 € | 0.87 € | -39.0 % |
| Transportation | Lisbon | Covilha | |
| One-way Ticket (Local Transport) | 2.00 € | 1.05 € | -47.5 % |
| Monthly Pass (Regular Price) | 40.00 € | 38.95 € | -2.6 % |
| Utilities (Monthly) | Lisbon | Covilha | |
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment | 133.22 € | 104.70 € | -21.4 % |
| Mobile Phone Monthly Plan with Calls and 10GB+ Data | 23.12 € | 17.90 € | -22.6 % |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | 38.77 € | 34.99 € | -9.8 % |
| Childcare | Lisbon | Covilha | |
| Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child | 544.00 € | 75.00 € | -86.2 % |
| International Primary School, Yearly for 1 Child | 13,487.88 € | 7,287.22 € | -46.0 % |
| Rent Per Month | Lisbon | Covilha | |
| Apartment (1 bedroom) in City Centre | 1,311.55 € | 550.00 € | -58.1 % |
| Apartment (3 bedrooms) Outside of Centre | 1,662.50 € | 700.00 € | -57.9 % |
| Buy Apartment Price | Lisbon | Covilha | |
| The price per Square Meter to Buy an Apartment in the City Centre | 5,929.61 € | 1,600.00 € | -73.0 % |
| Price per Square Meter to Buy an Apartment Outside of Centre | 3,084.21 € | 600.00 € | -80.5 % |
With this data in hand, we know why Covilha is counted among the cheapest places in Portugal to buy property.
3. Santarem
Santarem is located in the premises of Algarve and in hence in the center of Portugal. It is also amongst the cheapest places in Portugal to buy property as the average price per square foot is $115 here.
The city has vintage cobblestone streets and historical buildings at every corner, creating a romantic ambiance for new couples. Not only the romance factor but its minimal distance from the capital of Portugal also makes it the most feasible option for real estate investors, as it is only a 45-minute drive away from Lisbon.
The average house price in Santarem is almost $230,000, making it among the cheapest places in Portugal to buy property. In addition to this, you can get an average-sized apartment located in Santarem for under $100,000.
4. Castelo Branco
Castelo Branco, although known for its beautiful Ponsul river, is among the cheapest places in Portugal to buy property. The average real estate price in this welcoming and quite affordable city is $84 per square foot and $168,000 for a house. In addition to this, you can get an average-sized apartment for $67,000. While living in Castelo Branco, you can access historical places throughout the year and enjoy your time to the fullest.
5. Aveiro
Aveiro is also among the cheapest places in Portugal to buy property as the price rate of real estate properties in Aveiro is $245. The average house price in Aveiro, one of the cheapest places in Portugal to buy property, is $490,000, and the average apartment price is $196,000. The property prices in Aveiro are more affordable than other cities in Portugal.
Real estate investors are attracted to the city for its affordability, coastal charisma, and a blend of vintage and modern ambiance.
FAQs
Q: Where is the Cheapest Place for Property in Portugal?
The cheapest places in Portugal to buy property are Coimbra, Castelo Branco, Aveiro, Santarem, and Covilha.
Q: Which Part of Portugal has the Lowest Cost of Living?
Santarem is among the cheapest places in Portugal to buy property and has the lowest cost of living.
Q: Where is the Cheapest Place to Live in Portugal in 2024?
The cheapest place to live in Portugal in the year 2024 is Castelo Branco with its most affordable cost of living.
