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Whether you’re looking for the most lavish place in the land to call home or hoping to avoid the pricey areas, knowing which locations are the most costly is handy. After having a look at the data, we’ve identified the most extravagant places to live in Portugal.
Portugal’s property market has faced some serious challenges over the last 18 months. Much like the rest of the world, the impact of the coronavirus pandemic has created a few problems.
But despite Covid-19 sticking its ugly nose in, Portugal’s pricier areas have maintained their popularity. And none more so than Lisbon.
Lisbon
Taking the top spot for Portugal’s most extravagant place to live in is Lisbon. On average, property will cost you a chart-topping €4,898 per square metre. Of course, with this being the average price, some areas are harder on the bank than others.
Belém: the priciest place to buy property
According to data from Casafari, Belém is the most expensive district to buy an apartment in Lisbon – making it the dearest place in the whole country.
In Belém, the average price of an apartment is around €866,000. This blows aside other rival Lisbon districts tussling for the top. The second most expensive location is Avenidas Novas with an average apartment price of €795,000. And, in third, Parque das Nações at €722,000.
Cascais: the highest cost of living
Past the city of Lisbon, but still within the Lisbon district, Cascais takes the medal for having the highest cost of living.
According to Numbeo, €3,073 in Lisbon would give you the same standard of living as €3,600 in Cascais. This considers factors such as rent, transport, a meal out and groceries.
Rent for a one-bedroom apartment in the centre of Cascais will cost you around €1,087 per month. Outside the centre it’s slightly less, costing €785 per month. The same rent in Lisbon would set you back €841 and €643 per month, respectively.
How does Portugal compare to the rest of the world?
Lisbon wears the crown as the most extravagant place to live in Portugal, but when compared to everywhere else, its figures are hardly eye-watering.
London is the most expensive city in Europe to buy an apartment (based on figures from Statista). The average price per square metre is €15,430 – more than three times that of Lisbon.
Additionally, Paris, Munich and Amsterdam will all set you back more for an apartment: you’ll be forking out €10,300m², €9,300m² and €8,000m², respectively.
But, when compared to the rest of the world, . An apartment in the city centre will cost an average of €28,813 per square metre. Outside the city centre, although not as steep, will still cost you €19,720m².
Lisbon’s cost of living is more affordable than a lot of places too. Mercer’s Cost of Living Ranking 2021 lists Lisbon in 83rd place. This is below Zurich in 5th, London in 18th, Milan in 36th and Berlin in 60th. The annual report from Mercer compares 209 cities from around the world, ranking them from highest cost of living to lowest.
Portugal house prices vs the coronavirus pandemic
Portugal has seen its house prices continually climb since 2014. The higher prices and increased demand made for a healthy market. When Covid-19 swept across the world, fears of a loss of momentum ran through the country.
However, property prices in Portugal rose by an average of 5.9% in 2020. The market was able to continue its progression despite the colossal economic impact of the pandemic. That being said, the increasing prices did begin to slow down towards the end of the year.
Data in the first quarter of 2021 was positive for the market. House prices grew 6.7% which, despite being 3.6% smaller than the same quarter in 2020, shows a good comeback in the wake of the virus.
Portugal’s continuously rising house prices have given the impression that the property market has ridden the wave of Covid’s damages. But there’s every chance the cracks run deeper than the statistics show.
2020 saw a sharp slowdown in residential construction growth. Data from Portugal’s national statistics office (Instituto Nacional de Estatistica, INE) shows only a 2.6% increase in licensed dwelling permits for the year. In 2019 this figure was 18.4%. With the foundations of the property market taking a hit, it could be cause for concern for the future.
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Sources:
https://www.theportugalnews.com/news/2021-09-15/most-expensive-places-to-buy-property-revealed/62373
https://www.mercer.com/our-thinking/career/cost-of-living.html#contactForm
