The national average price of a 2,000-square-foot home in Portugal is $278,000. Buying a house in Portugal as an American is about 40% cheaper than the U.S. median home price, which is roughly $455,000. Affordable real estate and a simple homebuying process are among the top reasons that Americans have chosen Portugal as their favorite country in Europe for moving abroad.
The average price of a home in Portugal by region
House prices in Portugal can vary greatly from region to region. The Algarve region in the south is the most expensive area to purchase real estate in Portugal, with an average price of $438,000, a price that is comparable to the median U.S. home price.
At the other end of the spectrum is Alentejo, the most affordable region to buy a house in Portugal. In Alentejo, you could buy a house for around $160,000, about a third of the median home price in the United States.
To calculate the average price of a house in Portugal, My Dolce Casa analyzed the latest data published by Statistics Portugal, converted the price per square meter into the price per square foot, then multiplied this by 2,000 square feet, which is considered an average-sized house in the United States. Additionally, all prices were converted from euros into U.S. dollars.
The most expensive cities to buy a house in Portugal
Exploring different areas to buy a house in Portugal? The most desirable areas to live in Portugal require the highest budget and possibly a mortgage loan. The capital city of Lisbon is the most expensive place to buy a house in Portugal. A 2,000-square-foot home in Lisbon will set you back $736,000. The second most expensive homes are in Cascais, a coastal city located 30 minutes away from Lisbon. Homes in Cascais cost on average $652,000. The third most expensive homes in Portugal are in Lagos, on the southern coast of Portugal. The average price of a house in Lagos is $506,000. Porto and Albufeira wrap up the top five most expensive cities to buy a house in Portugal.
The most affordable cities to buy a house in Portugal
Looking for the cheapest cities to own a house in Portugal? The most affordable homes are in Castelo Branco, in central Portugal, where a 2,000-square-foot home costs on average $144,000. The second most affordable homes are in Santarem, located one hour north of Lisbon. A house in Santarem costs on average $162,000. The third most affordable houses in Portugal are in Guimaraes, a city located 45 minutes north of Porto. The price of a house for sale in Guimaraes is $212,000.
The average house price in Portugal in 2023 in the case of foreign buyers who are not tax residents is EUR 3,119/m2 and in the case of Portuguese buyers it is EUR 2,458/m2. The average house price in the Lisbon Metropolitan Area in 2023 is EUR 2,306/m2 that is an +11.1% increase compared to 2022.
The average house price in Portugal in 2023 in the case of foreign buyers who are not tax residents is EUR 3,119/m2 and in the case of Portuguese buyers it is EUR 2,458/m2. The average house price in the Lisbon Metropolitan Area in 2023 is EUR 2,306/m2 that is an +11.1% increase compared to 2022.
Today, the average price of a property in Portugal stands at approx. $135 per square foot. Studio and one-bedroom homes will cost you around $168 per square foot, whilst two-bedroom properties are priced at around $144/sqft.
As a family of four, you can expect to pay monthly living costs in the region of €2055 (excluding rent). And if you're single, you can expect to pay monthly living costs in the region of €600 (excluding rent). Let's take a closer look at the cost of living in Portugal.
Living in Portugal means you can enjoy a high-quality life without breaking the bank. In its quaint towns, a monthly budget of $1,500 to $2,000 is enough for a comfortable lifestyle, while life in bustling cities like Porto or Lisbon might require a bit more, around $2,500 to $3,000.
The average price per square meter in Portugal is €2,950. Investors buy real estate for at least €280,000 if they want to get a Portugal Golden Visa. However, a luxury villa on the coast is worth at least €1,000,000. Learn what kind of property and where to buy to become a Portuguese resident.
Buying property in Portugal does not have to break the bank. As one of the most affordable countries in Western Europe, Portugal offers a variety of housing at various prices to suit all manner of budgets and needs.
Cheapest towns to buy house in Portugal? The towns of Gavião and Nisa located in the district of Portalegre and Figueira de Castelo Rodrigo in Guarda are the cheapest places to buy property in Portugal, according to Idealista study from June 2023.
If you're moving to Portugal as a couple, you should be budgeting around $2,500 (€2,332) to $3,000 (€2,798) per month to cover yourself. If you want to live in the heart of the city center, you're going to be looking closer to €3,000 per month.
How much do I need to retire in Portugal in 2024? Portugal is one of the most affordable European countries, and you'll find many things are low-cost. You can retire in Portugal with an income of between €1,400 to 2,400 per month, depending on which part of the country you choose to live in.
A single person's estimated monthly costs are 712.3$ (661.1€) without rent. The cost of living in Portugal is, on average, 36.3% lower than in the United States.
Can you live in Portugal for $1000 a month? Yes, if you live frugally, you should be able to live on $1000 a month in Portugal. However, it may not be possible if you live in Lisbon as costs are increasing, and rental costs are now quite high. If you want to live comfortably in the country, we would recommend €1,200.
Social Security Benefits are taxed at the same rate as your salary but not higher than 52%. This amount is determined by multiplying a percentage of the total Social Security tax paid by your income bracket. The Portuguese government also provides a rebate program to return money to the expat.
If you have social security credits in both the United States and Portugal, you may be eligible for benefits from one or both countries. If you meet all the basic requirements under one country's system, you will get a regular benefit from that country.
On average, housing in Portugal costs around 1,100 EUR (1,200 USD) in rent per month. This number grew considerably from the 800 EUR (880 USD) registered just a year before. 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.
Limited supply: The housing market in Portugal has been slow to catch up with the growing demand, resulting in a limited supply of properties available for sale or rent, contributing to higher prices.
“There simply aren't enough homes to fulfill demand, even as sales have slowed.” While the end of the cheap-money era hit buying power across Europe, a lack of supply is impacting prices in many cities. Six out of the ten markets monitored by the Bloomberg City Tracker are rising.
The Balancing Act - Rising House Prices and Market Dynamics
Brussels has gone so far as to warn that the Portuguese residential market is "strongly overvalued." The question of a real estate bubble lingers, countered by DBRS, stating that Portugal is not in a bubble, but prices may be reaching a "ceiling."
It's worth noting that the Portuguese property market has been relatively stable throughout 2020, despite the Covid pandemic, and has continued to gain value throughout 2021/2022. If you're thinking of buying property in Portugal, now is the time to do it.
Introduction: My name is Pres. Lawanda Wiegand, I am a inquisitive, helpful, glamorous, cheerful, open, clever, innocent person who loves writing and wants to share my knowledge and understanding with you.
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