Moving to Portugal is an affordable option for expats looking to live abroad, compared to other countries in Europe. However, high house prices in the big urban centres and areas near the coast have pushed many to the outskirts when it comes to buying property. In 2024, many are choosing to move to the interior of the country, looking for peace, greater contact with nature and house prices that are more compatible with their income. This is because the 10 cheapest towns to buy a house in Portugal are mainly located inland, in the districts of Guarda, Viseu and Castelo Branco.
Houses sold in Portugal between October 2022 and September 2023 had a median price of 1,579 euros/m2, up 2.5% on the year ending in June. But only 49 of the country's 304 municipalities have higher prices, with Lisbon, Cascais and Oeiras topping the list, according to data from the National Statistics Institute (INE) published at the beginning of February 2024.
What is clearly visible is that the vast majority of the 304 municipalities with available data (out of 308) have much lower house prices. This indicates that it is the high cost of housing in municipalities located in major urban centres such as Lisbon, Porto and Faro that has stimulated the increase in prices nationwide. Let's have a closer look at the cheapest place to buy property in Portugal 2024.
Where is the cheapest to buy in Portugal?
If you are looking for more affordable homes to buy and are willing to change location, then there are several inland municipalities to consider buying property in Portugal. It is right in Figueira de Castelo Rodrigo (in the district of Guarda), which has the cheapest average prices of all (140 euros/m2). In other words, it is possible to buy a house of 100 m2 for 14,000 euros.
In second place is Mêda, in Guarda, which has an average price of houses sold of 163 euros/m2. And in third place is Sernancelhe (Viseu district), where buying a house has cost 197 euros/m2 in the last 12 months up to the third quarter of 2023. This means it is possible to buy a 100 m2 house in Mêda for around 16,000 euros and in Sernancelhe for less than 20,000 euros.
At the end of the list of the 10 cheapest towns to buy a house in Portugal in 2024 are Mogadouro, in Bragança, and Pampilhosa da Serra, in Coimbra, where one m2 costs 298 euros, in average terms, reveals the INE. Thus, in both municipalities it is possible to buy a house for 30,000 euros.
Cheap places to live in Portugal
The cheapest places to buy property in Portugal can vary depending on various factors such as location, amenities, and property type. Keep in mind that while these areas may offer cheaper property options, factors such as accessibility, infrastructure, and potential for appreciation should also be considered before making a purchase. Additionally, property prices can fluctuate over time, so it's essential to conduct thorough research and potentially consult with local real estate agents for up-to-date information.
The most expensive towns to buy property in Portugal
As expected, it is in the country's large urban centres where buying a house is most expensive, namely Lisbon, Faro and Porto. The most expensive municipality of all is Lisbon, where houses were sold at an average price of 4,151 euros/m2 in the last year ending September 2023. This means that households spent, on average, 415,000 euros for a home in the capital.
It is followed by Cascais and Oeiras, also in the Lisbon district, where the prices of homes sold in that period stood at 3,831 euros/m2 and 3,177 euros/m2, respectively, according to data from the Portuguese statistics office.
The district of Faro in the Algarve has 6 municipalities in the ranking of the most expensive to buy a house in Portugal: Loulé, Lagos, Vila do Bispo, Aljezur, Tavira and Albufeira. Porto appears in eighth place, with the average price of houses sold at 2,798 euros/m2.
What is the real estate forecast for Portugal in 2024?
In 2024, a significant turning point unfolds within the Portuguese real estate sector, offering a valuable opening for both experienced investors and prospective homeowners.
Anticipated increases in property values, expected to rise by 8.7%, unveil a promising future for investors, indicating a conducive environment for thriving investments. From the tranquil landscapes of the Algarve to the vibrant atmosphere of Lisbon, the market brims with opportunities for lucrative ventures.
This era of expansion is marked by a dynamic landscape where strategic investments hold the potential for significant returns, presenting an ideal moment to enter the Portuguese real estate market.
A deeper examination of regional differences reveals that certain areas are poised for sharper spikes in valuation, propelled by surges in demand and limited new construction. This scarcity of fresh developments in sought-after locations further drives up the worth of existing properties, highlighting the current market phase as a prime window for investment.
The diversity of Portugal's regions, each boasting its distinct allure and investment prospects, offers a wide array of opportunities for prospective buyers to explore and capitalise on.
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