As a booming market, Lisbon real Estate Market 2020 is attracting many kind of investors to Portugal. A country where an apartment rental wouldn’t get close to 500€, now there’s a bubble and a wild struggle for locals to keep living in Lisbon with the Portuguese salary.
How much does a house in Lisbon costs?
Lisbon’s property average prices are between 2,000€ per meter quarter out of the central zone up to 5,000€ in the most central zones (Santo António e Misericórdia). Some neighbourhoods are quickly developing and getting also speculated by investors looking for cheap properties, such as Beato and Marvila, regions where new buildings and new promise of living are being constructed.
You can check the prices per meter using INE.PT website.
Where is the cheapest region to buy a house in Lisbon?
Marvila is the cheapest region in Lisbon to buy a house. If not considering metropolitan areas outside Lisbon, such as Barreiro, Montijo, or anywhere on the south side of the River Tagus. The meter quarter in Marvila is around 2,225€ (data from SIR-Sistema de Informação Residencial).
How long does it takes to sell a house in Lisbon?
It takes more or less 6 months, statistically, to sell a house in Lisbon area, on the first trimester of 2018.
What do I need to renovate a house in Lisbon?
As an old city who requires renovation specially in habitations, Lisbon municipal cameras has made easier the procedure to renovate a property. It is mandatory to have a license to renovate a house in Lisbon and it can take from 1 to 3 months to get it. The renovation should be approved by the camera and it is mandatory the assistance of an architect.
What’s the situation of Lisbon real estate market 2020?
Lisbon real estate Market is booming since 2014, the capital of Portugal is attracting tourists and investors from all over the world.
For the first time in Portuguese history the city is overwhelmed hence prices are rising way too fast, forcing people to be evicted. It may indicate a clock bomb to Lisbon real estate Market 2020. For an European Capital, Lisbon had one of the lowest prices in Europe, this fact is no longer true.
The salaries are very low (630€) and apartment rentals for one person (T1-One bedroom) is around 600€. You can check some of these websites to buy or rent a house:
Best areas to buy a property in Lisbon.
The central areas are the easiest to rent, for living or for business. Lisbon is a cramped city, no need to walk or drive long distances to get somewhere. Very different than London, for example, where the sense of distance is huge.
It’s important to understand a bit about how Lisbon neighbourhoods are to be sure of what you are looking for:
- Mouraria: Small neighbourhood, very local and traditional, this area is getting invaded by tourism and investors. A very conservative area where tourists want to stay because of its tradition. Hilly, lots of stairs, accessibility is limited, no bus nor metro.
- Chiado: Central area, very busy, comercial and spread. Nearby the river so it’s a flat part of the city, easy to walk and find transportation. Lots of buildings and huge stores like Vodafone, McDonalds, etc. Lots of local accommodation, airbnb and hotels.
- Graça: Up in the hills, Graça is one of the highest quarters of Lisbon, it’s charming and bohemian, some famous bars and clubs are around what brings a good nightlife in Lisbon and also the biggest Lisbon flea Market. The neighbourhood is struggling with the French investors mainly, who has bought lots of Patios and buildings and making local living difficult in order to promote local exodus.
- Alfama: One of the most speculated areas because of its charm, lots of typical Portuguese tiles buildings and local music, mainly Fado. The oldest neighbourhood in Lisbon and one of the most visited by tourists. Lots of Airbnbs and local living is getting extinguished.
Which nationalities are buying properties in Lisbon?
In 2020, 13% of the properties in Lisbon are being bought by foreigners. As a booming market, many are investing on Lisbon real estate market to rent later or for local accommodation.
The nationalities which are buying most of the properties in Lisbon are:
- France (19,7%)
- UK (16,9%)
- Brazil (8,3%)
- China (5,1%)
- Germany (4,9%)
- Switzerland (4,8%)
- U.S (3,9%)
- Belgium (3,7%)
- Sweden (3,2%)
- Netherlands (3,2%)
Buying a house for living in Lisbon.
The bank loans services made accessible to everyone who has incomings monthly to buy a house in Lisbon for living.
As the rents are increasing faster than a blink, many people has chosen to buy a property during certain amount of years by the same price (monthly) instead of paying rent to a landlord, using bank loans to get the house.
How to buy a house with bank loan in Lisbon?
For Europeans living in Lisbon it’s easier than for non-Europeans. Anyways it’s necessary to have all declarations of Incoming Taxes in the country, Fiscal number, Social security and incomings from your activity in a Portuguese bank account.
If you are Brazilian you can also have some Visa facilities, which allows to proceed with the legislations easier. For other nationalities, there are options like investor Visa or permanent residence in case you work with a contract and contribute with social security and have declared all income tax.
What to expect about living in Lisbon in 2020?
The popular belief is that Lisbon will be soon a city only for tourists. Unlike Barcelona, Paris or London who had massive tourism but still kept their own people and roots, Lisbon is getting wildly devastated by the massive tourism. Young locals are barely building careers because it’s more profitable to earn tips in a restaurant.
A huge part of the population is working in jobs like this, not developing qualified professions for the country. Lisbon real Estate Market 2020 is forcing local Portuguese people to move away from central areas, gaps in laws and greedy landlords are building their empire above the opportunity that tourism is giving. Albeit tourism brings money to the country, the government is highly corruptive, public services also, hence the population is being damage like never before in Lisbon.
Lisbon is receiving 23 million tourists per year. On cruise ships, plans and cars. The city is being moved by the touristic demanding, which is creating a feeling of “no-one’s-city”, specially in the port area, which receives enormous cruise ships everyday polluting the river, the air, and the sound. Trending jobs in Lisbon 2020 are fully related with this “new Lisbon”
To understand better the actual political and social scenario in Lisbon, watch this documentary called “O que vai acontecer aqui?” (“What is going to happen here” for Portuguese)
This article is just an introduction of Lisbon real Estate Market in 2020, to understand its history and get deeper on it check a full analysis of Lisbon real Estate Market.
Enjoy and respect Lisbon!