The most affordable place to buy real estate in Portugal 2024.

Moving to Portugal is an affordable option for foreigners wishing to live abroad compared to other European countries. However, high housing prices in major cities and on the coast have led many to turn to the outskirts when it comes to buying property. In 2024, many are choosing to move inland, seeking peace, close contact with nature and more affordable house prices to match their income. This is because the 10 cheapest cities to buy a home in Portugal are mostly inland, in the districts of Guarda, Viseu and Castelo Branco.

Houses sold in Portugal

from October 2022 to September 2023 had an average price of €1,579/m2, up 2.5% from the previous year to June. But only 49 of the country's 304 cities have higher prices, with Lisbon, Cascais and Oeiras topping the list, according to data from the National Statistics Institute (INE) published in early February 2024. What is clear to see is that the vast majority of the 304 cities with available data (out of 308) have much lower house prices. This indicates that this high cost of housing in municipalities located in major urban centers such as Lisbon, Porto and Faro has driven up prices across the country. Let's take a closer look at the cheapest place to buyreal estate in Portugal in 2024.

Where is the cheapest place to shop in Portugal?

If you are looking for a more affordable home to buy and are willing to change location, there are several inland municipalities worth considering for real estate in Portugal. The cheapest of these is Figueira de Castelo Rodrigo (in the district of Guarda), where average house prices are the lowest (140 euros/m2). In other words, you can buy a 100 m2 house for 14,000 euros.

The second place is Meda, in Guarda, with an average house sale price of 163 euro/m2. And in third place is Sernancel (district of Viseu), where buying a house costs 197 euro/m2 for the last 12 months until the third quarter of 2023.

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 more affordable housing options, you should also consider factors such as accessibility, infrastructure and the potential for appreciation before making a purchase. Additionally, real estate prices can fluctuate over time, so it is important to do thorough research and possibly consult with local real estate agents for up-to-date information.

The most expensive cities to buyreal estate in Portugal

As expected, it is mainly in the country's major urban centers, namely Lisbon, Faro and Porto, where buying a house is most expensive. The most expensive municipality is Lisbon, where houses were sold at an average price of €4,151/m2 in the last year to September 2023. This means that an average of €415,000 was spent on housing in the capital.

It is followed by Cascais and Oeiras, also in the Lisbon district, where prices of houses for sale in this period amounted to 3,831 euros/m2 and 3,177 euros/m2, respectively, according to data from the Portuguese Statistical Institution.

In the Faro District of the Algarve, 6 municipalities are on the list of the most expensive cities to buy a home in Portugal: Loulé, Lagos, Vila do Bispo, Aljezur, Tavira and Albufeira. Porto ranks eighth, with an average price of 2,798 euros/m2 for homes sold.

What are the forecasts for the real estate market in Portugal in 2024?

In 2024, the Portuguese real estate market is experiencing a significant shift, offering valuable opportunities for both seasoned investors and potential homeowners. The anticipated increase in property values, projected to be 8.7%, opens up a promising future for investors, indicating a favorable environment for thriving investments. From the tranquil landscapes of the Algarve to the vibrant atmosphere of Lisbon, the market is brimming with opportunities for profitable ventures.

This growth period is characterized by a dynamic landscape, where strategic investments have the potential for significant returns, representing an ideal moment to enter the Portuguese real estate market.

A deeper analysis of regional differences shows that in some areas, sharper price jumps are expected due to increased demand and limited construction of new properties. This shortage of new developments in sought-after locations further drives up the value of existing real estate, highlighting the current market phase as an ideal time for investment.

The diversity of regions in Portugal, each with its own characteristics and investment prospects, offers a wide range of opportunities for potential buyers to explore and capitalize on.

Affordable housing in Portugal for 100,000 euros

For more affordable housing in Portugal, check out our selection of the best cheap properties in Portugal for 100,000 euros, including inexpensive homes near the beach, affordable rural real estate in Portugal, cheap houses in Lisbon, and much more.