Summer 2022 could be an excellent opportunity to buy a home in Portugal because the pandemic is gradually declining, and the tourist flow is starting to grow. Therefore it is worth waiting for a new price increase for Portuguese real estate. How are things going with the cost of apartments and houses in the so-called "great Lisbon" zone, which includes not only the capital of the country but also its surroundings? In this article, we will answer all these questions and briefly overview prices for various categories of real estate in the Lisbon area in July 2022.
Do you want to buy a property in Lisbon in the summer of 2022?
Suppose you decide to buy a house or apartment in Portugal. In that case, we recommend that you constantly monitor current offers in the following most popular websites in the country for finding and selling real estate:
We will use these sites when analyzing the real estate market in Lisbon, which you will get acquainted with in this article.
Suppose you do not want to dive into and understand the nuances of the Portuguese real estate market. In that case, you can always simplify your life by contacting professional realtors in Portugal, which you can find without leaving our website WithPortugal.
Real estate prices in Lisbon in July 2022
Whether you are looking for and buying property in Portugal on your own or with the help of a real estate agent, it is always essential to understand the current state of the market and price dynamics in a particular region of the country.
To understand what is currently happening with the price level for houses and apartments in the Greater Lisbon area, let's use an extraordinarily convenient and understandable Idealista website tool. This tool allows us to track the dynamics of real estate prices and understand how much one sq. meter is in a particular city or region in Portugal.
Using this tool to analyze prices in the Lisbon region, we see that in the summer of 2022, the cost of one square meter in the area is 3,832 euros, while this value is + 9.8% higher than in the summer of last year.
As we can see in the chart above, the level of real estate prices in the Lisbon region has only been growing over the past five years, and, the last two years, with the problematic situation in the tourism sector due to the pandemic, did not stop this growth, but only slowed it down somewhat.
Given that the pandemic has subsided, we can see in the chart above how the rise in property prices in Portugal has accelerated. In this article, we will try to find the best options for buying a house or apartment in the Lisbon area in the summer of 2022.
Cheap real estate in the Lisbon area in the summer of 2022
Let's start our search with the cheapest real estate options in the greater Lisbon area because, as you know, for many people, the price is a determining factor. In this case, we will need to search not in the capital, where prices will be maximum, but in the surrounding areas, which, although located at some distance from the capital of Portugal, are nevertheless part of the Lisbon municipality. With the help of the familiar Idealista website tool, we can sort the list of areas where real estate prices are the lowest. The picture below shows you the list of the cheapest places within the "big Lisbon" at the end of June 2022.
Let's go through this list and see what offers in these areas can be found on sites for finding and selling real estate.
For example, starting from 65,000 euros in the city of Cadaval, an hour's drive from Lisbon, you can find many options for apartments in excellent condition. In the photo below, you can see an example of a studio apartment with an area of 30 m² and a swimming pool in a residential complex for 65,000 euros.
Moreover, if you want to buy not an apartment, but a house, within a 1-hour drive from Lisbon, you can easily find affordable options. For example, in the town of Azambuja, which can be reached 50 minutes from the capital of Portugal. In this place, starting from 25,000 euros, you can buy a small private house for restoration and reconstruction.
So, for example, in the photo below, you can see 102 sq. meters and cost 27,500 euros.
Having paid twice as much, you can purchase a modular (frame) house with an area of 56 sq. meters, and there are such offers on the market all the time and in all regions of the country. An example of such a frame house can be seen in the photo below for 63,000 euros.
If in the same city we want to buy a house in good condition, ready to move in, then we will have to pay for it starting from 70 thousand euros. In the example below, you can see a house in good condition, albeit with a rather old renovation, with three bedrooms in the town of Azambuja with an area of 82 sq. meters and a cost of 73,000 euros.
You can find houses in the region of 200 thousand euros or more in the same city, but with modern renovation. So, in the photo below, you can see an example of a house with a new premium renovation and two bedrooms for 165 thousand euros.
The closer we move in our search to the center of Lisbon, the higher the cost of real estate will be, so we offer to evaluate the cost of apartments and houses directly in Lisbon.
The cost of real estate in Lisbon in the summer of 2022
If you don't want to live an hour from Lisbon and you need to live directly within the capital of Portugal, then, of course, you need to consider not the "big Lisbon" zone but only the areas of the city itself. We have already mentioned above that in this case, the prices for apartments and houses will be as high as possible, but let's analyze the current offers on the market to understand how much an apartment directly in Lisbon can cost us.
By searching inside the city limits in Lisbon, you can see that there are various real estate options for 90-100 thousand euros.
For example, in the photo below, we can see an example of an old fund apartment with two bedrooms, with an area of 48 sq. meters, and cost 79,000 euros in Lisbon, which is called Santa Clara. Yes, you will have to do a thorough renovation in such an apartment, but it is located near the airport and within the city.
Current trends in the real estate market in Lisbon. Compared to our autumn review of real estate prices in Lisbon over the past year in the summer of 2022, the number of T1-T2 apartments in the city's historic center increased by around 100 thousand euros on real estate websites. It is unclear if this is because many people do not want more rent apartments to tourists or if there is a gradual decline in the elderly population (for example, due to a pandemic). Still, on the websites in the summer of 2022, you can find much more exciting objects T1-T2 in the region of 100 thousand directly in the historical center or next to it is a fact.
In a popular area like Belém, you can find apartments for as little as 149,000 euros, as shown below in the example of a two-bedroom apartment with 71 sq. meters.
Although this does not happen often, if you want to buy an apartment in the very center of Lisbon, this is also possible. Usually, these are studios with a tiny area from 15 to 30 square meters. meters and with a cost of 100-120 thousand euros. At the moment, there are a lot of such offers on the market, and the design of the apartments shows that they were intended for renting to tourists. The example below shows an example of such a studio apartment in the historic center of Lisbon, in the Castelo de São Jorge area with an area of 15 sq. meters and cost 121,500 euros.
From the point of view of permanent residence, such apartments are unlikely to be a good alternative because. They are usually located on very narrow streets, often pedestrians. Plus, the small area of apartments is hardly suitable for family life or even one person permanently. However, if you are looking for an investment property or want to have an apartment for your summer vacation, then these apartments can be a good option.
Luxury housing in the Lisbon area in the summer of 2022
If the cost of real estate is not a determining factor for you, then we can start analyzing the most expensive properties in Lisbon in the summer of 2022. But, first, let's see what is currently the most expensive housing, both within the city and beyond.
With the help of the familiar Idealista website tool, we can sort the list of areas where real estate prices are the highest. For example, you can see the list of the most expensive places inside the "big Lisbon" in the picture below.
Well, it is not surprising that the most expensive price per square meter - 5,000 euros - falls precisely in the center of the Portuguese capital.
Lisbon's most expensive real estate is the historic 18th-century King's Palace with seven bedrooms in the Lumiar area. The total area of the palace is 1,000 sq. meters with an adjacent territory with a garden and a swimming pool, and the house cost is 7,500,000 euros. Interestingly, this palace inside is decorated in a highly modern and technologically advanced way. Well, in my opinion, an excellent option for those who love historic real estate and are not limited in finances!
At the same time, for almost the same price, you can buy a modern apartment with six bedrooms, a spa, a gym and a swimming pool in the Estrela area, nearly 500 square meters. meters and cost almost 7,000,000 euros. This option is suitable for those who prefer more modern real estate.
If you have a budget of about 1 million euros, you will also have many options. Most often, these will be apartments with 3 or 4 bedrooms, very well renovated, private condominiums, etc., with many properties under construction. The example below shows an example of an apartment in the Marvila area with three bedrooms and a total area of 174 sq. meters, which cost precisely 1 million euros.
With a budget of 500,000 euros, apartments with 1, 2 or 3 bedrooms will be available to you, with excellent renovation and location. In the example below, you can see a fully furnished and newly renovated apartment in the historical and vivacious area of Lisbon Misericórdia, with two bedrooms and an area of 65 square meters. meters and cost 500,000 euros.
How much money do you need to buy a home in Lisbon in the summer of 2022?
The answer to this question will depend solely on your budget and preferences for the quality of housing, its location, etc. As part of this article, we briefly overview the real estate market in the "greater Lisbon" area. We concluded that an apartment or even a house could be bought for 30,000 euros if you are ready to live an hour's drive from the capital or to restore and make significant repairs in the purchased house or apartment. Directly within the boundaries of Lisbon, apartments in good condition can be found starting from 100,000 euros. The maximum price level for real estate in Lisbon at the moment is about 8 million euros for a historic palace or a luxury apartment, which will be of particular interest to those who plan to purchase luxury real estate in Portugal.
So no matter your budget, even in the Lisbon region, you can find the property that suits you, whether you are buying property as your primary residence or as an investment.
In case you want to enlist the support of a real estate professional, we recommend that you seek help from a realtor in Lisbon, which will help you in such an important and responsible matter as the acquisition of real estate in Europe.
We wish you good luck choosing the right property, and we are waiting for you in Portugal!