As the second largest city in Portugal, Porto has many selling points that make it an excellent place to live: stunning scenery, a great climate, excellent food and low cost of living are just a few reasons why Porto real estate is so sought after.
There has been a surge in property investments in Porto over the years and the city is one of the main destinations chosen by real estate investors in 2022.
Continuous growth in the real estate market
Despite the global pandemic in 2020, the fundamental market trends in Portugal’s vibrant second city make for a compelling property investment case. In fact, since the beginning of 2022, the demand for commercial real estate in Porto has grown by an impressive 20%.
Furthermore, Porto real estate is comparatively low considering the steep prices in other prime locations around Europe. It is a good time to invest in Porto as prices look like they will continue to rise.
Path to European Citizenship (Golden Visa Scheme)
The Portugal Golden Visa program is a residency-by-investment scheme designed for non-EU citizens. Under this program, you can qualify for residency by purchasing a qualifying property in Porto from a minimum of €350,000—which is one of the lowest investment thresholds in Europe.
You don’t have to move to Portugal to keep your residence permit; you just have to stay in the country for seven days on average per year. This is a great benefit since Brexit, as you’d be eligible to apply for Portuguese citizenship in just five years which provides you with visa-free entry to the countries within the Schengen area, along with access to education and healthcare systems.
Porto has been voted as the best city to live in as a family, according to a survey by Sumo Finans. The city is filled with an abundance of green spaces and family-friendly sites, and offers a very safe environment to live in. In fact, not only did Portugal land the top spot on the Global Peace Index of 2020 as the safest country in Europe, but Porto itself boasts a reputation of being one of the safest cities, too.
It doesn’t take long for visitors to discover why Porto real estate is so sought after; the city is filled with a charming culture, bustling atmosphere and stunning architecture. An eclectic selection of museums, theatres, restaurants and shops await, and a range of fun international festivals are held throughout the year.
A Range of Neighbourhoods
Porto is home to a variety of lovely neighbourhoods, each unique in their scenery, history and charm. The Ribeira neighbourhood is incredibly picturesque and is great for those wanting to immerse themselves in Portugal’s history, while Foz do Douro has some of the city’s most beautiful beaches and promenades. If you’re looking for great transportation links, Campanha is where Porto’s railway station and airport are located. The most popular neighbourhood for expats however is Vila Nova de Gaia, a town just outside of Porto with a calmer, less urban atmosphere. (This is also where all the port wine in the world originates from.)
And last but by no means least, Portugal’s population enjoys a delightful Mediterranean climate with hot, dry summers and mild winters. Anywhere from April to mid-October is a great time to visit for some sunshine, making it the perfect spot for a second home.