Lisbon: home to cobbled lanes, ancient ruins, domed cathedrals and panoramic views of all this splendour atop any of its seven hills. Ok, we all know Portugal’s capital city is beautiful, captivating and steeped in history. But, other than its obvious aesthetic appeal, why should we part with our hard earned cash and buy a property there? Where do we start?
Low living costs
If you’re purchasing a pad in Lisbon for regular weekend getaways, you might be concerned that the costs will add up. Don’t be! Recent research by the British Post Office has ranked Lisbon in the top ten cheapest cities to take a short break in Europe. And of the 36 cities surveyed in its 2018 City Costs Barometer, Lisbon emerged as the second cheapest in Western Europe.
The Post Office calculated 12 typical short break expenses, including the prices of a coffee and transport, to make its comparison. Lisbon totalled £208, compared to £319 in Paris, £349 in Barcelona and a whopping £534 in Amsterdam. Best of all, you won’t need to pay for the most expensive cost of all: the hotel. Actually, best of all, the average cost of a bottle of beer in Lisbon is cheaper than any of its Western Europe rivals.
And the Oscar goes to…
Known as the travel industry Oscars, the gongs dished out at the annual World Travel Awards are a highly sought-after prize. Having donned their dicky bows and posh frocks, the representatives from Lisbon had to make not one but two acceptance speeches at this year’s awards. The city retained the Europe’s Leading Cruise Port crown, before being awarded the coveted title of Europe’s Leading City Destination 2018.
Getting to your home in Lisbon should be an enjoyable experience, after TAP Portugal, the national airline that operates most flights out of Lisbon, was nominated for serval awards: Europe’s Leading Airline 2018, Europe’s Leading Airline – Business Class 2018 and Europe’s Leading Airline – Economy Class 2018. While Lisbon Airport was nominated for the Leading Airport in Europe award.
Lisbon has undergone something of a renaissance following the global financial crisis, which left the city crippled by high levels of youth unemployment. Thanks in part to the city’s growing reputation as a creative and tech start-up hub. Burgeoning sectors that have been boosted by government funding, newly refurbished co-working spaces and the arrival of the annual Web Summit conference (previously held in Dublin).
Government grants have encouraged home owners and businesses to renovate and transform the historic city centre. While the Golden Visa scheme has encouraged direct foreign investment in residential property, driving up property prices by nearly 20% in the last three months of 2017 compared to the same period a year earlier.
City centre or revived resorts?
Where will you live? Deciding which neighbourhood best suits you, depends entirely on your lifestyle requirements and the depth of your pockets. Big budget buyers tend to head to salubrious Lapa; those searching for the city’s infectious energy are drawn to Barrio Alto and Chiado; while Príncipe Real is too cool for school, attracting an increasingly young population.
Perhaps you’d prefer to live just outside the city away from the hustle and bustle, but close enough to pop in whenever you choose. Unlike London where the closest seaside is 80 kilometres away, in Lisbon it’s on the doorstep. For example, the resort of Quinta da Marinha, at Cascais, just 30 kilometres outside the city, is growing in popularity with well-heeled international visitors who are snapping up new villa developments.
If you are ready to buy in Portugal download the Portugal Buying Guide
Why not split the cost and double the fun of owning a holiday in Portugal by buying with family or friends? Read our guide to Buying Abroad with Family
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