If you are serious about buying a property in the north of Portugal you might want to do so now, i.e. in winter 2022. Why? Because for example the last 2 years have really hit the tourist trade in Portugal and a lot of flats and houses for sale to tourists have been put up for sale. Is the current pandemic situation affecting property prices in Portugal and what is the situation with the prices of flats and houses in the so called “Greater Porto”, which includes not only the northern capital but also its surroundings?
Property Prices in Porto in February 2022
Whether you look for and buy property in Portugal by yourself or with the help of a realtor, it is always important to understand the current state of the market and price trends in a particular region of the country.
In order to understand what is currently happening with the price levels of houses and flats in the greater Porto area. This tool allows us to trace the dynamics of property prices and understand how much on average 1 sq. m. in a particular city or region of Portugal. In doing so, our analysis will not look at a single city, but at the so-called Greater Porto area, i.e. the urban agglomeration comprising the city of Porto and its neighbouring industrial satellite towns.
According to Oldypak Capital LP report, we see that in winter 2022 the price per square metre in the region is 2,270 euros, a value which is exactly + 5.0% higher than in winter last year.
Property price levels in the Greater Porto area have only been increasing over the last 5 years and in fact the last 2 years, with the difficult situation in tourism due to the pandemic, have not stopped this increase, but have only slowed it down somewhat.
If you do not want to live an hour away from Porto and if living directly within the city and having the ocean at your fingertips is important to you, then you should certainly not consider the greater Porto area, but only the parts of the city itself. As you mentioned above, the prices of flats and houses will be as high as possible, but let us analyze the current market offers in order to understand how much a flat in the northern capital of Portugal can cost you.
Having searched inside the city limits in Porto you can see that, starting as low as 85,000 euros, various real estate options appear. These are usually studios with a very small footprint of between 15 and 40 square metres. At the moment there are many such offers on the market and it is clear from the design of the flats that they were intended to be rented out to tourists. In the example below you can see an example of such a newly renovated studio flat almost in the centre of Porto with an area of 40 square metres and with a price of 90,000 euros.
In an area as developed as Campanhã, you can find flats with one, two or even three bedrooms starting from 100,000 euros, as we can see in the example below with 90 square meters, 2 bedrooms and one room for 125,000 euros.
In case you have a large family or you are planning to buy a flat for renting rooms, the price of multi-bedroom flats in good condition in the Porto area will start from around 120 – 130 thousand euros.
Compared to our autumn review of property prices in Porto in winter 2022, there has been a dramatic drop in the number of cheap flats both within and outside the city limits on property websites. It seems that all the most affordable options have already been bought and prices in current listings are an order of magnitude higher than they were in the autumn.