Property and the Portugal
Golden Visa: the honest position
Real estate was removed as a qualifying investment in October 2023
Under the Mais Habitação housing legislation, property acquisition ceased to be an eligible route to the Portuguese Golden Visa. That includes residential purchase, commercial purchase, and renovation-linked property investment. It has not been reinstated.
Buying a Portuguese apartment today, at any price, does not by itself entitle you to a residence permit. If you have been shown a Portuguese property marketed as a Golden Visa qualifying asset, that offer describes a programme that closed nearly three years ago.
Source note: the property route was closed by the housing package commonly known as Mais Habitacao, enacted in 2023, which amended the qualifying investment categories under the residence permit for investment activity. Rules in this area have changed repeatedly and we verify the current position before any client proceeds.
What still qualifies for a Golden Visa
| Route | Indicative minimum | Status |
|---|---|---|
| Qualifying investment funds | €500,000 | Open, and now the principal route |
| Cultural heritage contribution | €250,000 | Open |
| Research and development | €500,000 | Open |
| Job creation | 10 posts, thresholds apply | Open |
| Residential property purchase | Any amount | Closed since 2023 |
| Commercial property purchase | Any amount | Closed since 2023 |
Why people actually buy
property in Portugal
With the investment route closed, Portuguese property is bought for three reasons, and they lead to genuinely different purchases. Being clear about which one applies to you is the single most useful thing you can do before viewing anything.
To satisfy a visa
The D7 and D8 both require accommodation evidence at application. A twelve month lease satisfies that, and so does a deed. Buyers on this path frequently overspend, because they treat a documentary requirement as a housing decision made under time pressure.
Our advice: rent first, buy later
To live in it
Relocation, retirement, a second home on the coast. The dominant motive among our clients, and the one where location matters far more than yield. Winter matters more than summer, insulation matters more than view, and proximity to a hospital matters more than most people expect.
Our advice: test a winter before buying
To let it
Gross apartment yields nationally averaged around 4.3 percent in May 2026, having eased from about 4.6 percent a year earlier. Lisbon sits at the bottom of that range and secondary markets at the top, which inverts most buyers' instincts about where to put money.
Our advice: check Alojamento Local rules first
Yield figures are indicative, drawn from Global Property Guide survey data for May 2026, and vary considerably by area, building, unit and management. Past growth is not a guarantee of future returns.
Portugal real estate
by location
The spread between Lisbon and the interior is wider than the spread between many European countries. Select a market to see indicative pricing, the areas worth knowing, and current listings.
Lisbon real estate
The most expensive market in Portugal and the deepest. INE recorded a median around €5,198 per m² in the capital in Q4 2025, with Idealista asking prices regularly above €5,900. It also carries the country's lowest gross yields, near 3.8 percent, which is the trade for liquidity and depth.
Chiado and Príncipe Real
The prime central districts. Around €7,650 per m² in Chiado on indicative figures. Restored stock, strong resale, thin supply.
Indicative €6,500 to €8,500/m²Parque das Nações
Modern riverside, built for the 1998 Expo. Around €6,800 per m². Family friendly, good schools, easy airport access.
Indicative €5,500 to €7,000/m²Alfama and Graça
Historic, characterful, and hard work. Older buildings frequently need structural, wiring and damp work. Price reflects it.
Indicative €4,000 to €6,000/m²Campo de Ourique
Residential, well served, and the district Lisbon families actually choose. Less international attention than the centre.
Indicative €4,500 to €6,000/m²Porto real estate
A genuine second city rather than a discount Lisbon. The Porto metropolitan area sits near €4,052 per m² on 2026 figures, with median asking rents around €16.4 per m². Yields run above Lisbon and the entry price is materially lower.
Ribeira and Baixa
The UNESCO riverfront core. Tourist demand, restoration stock, and the tightest short let regulation in the city.
Indicative €4,000 to €5,500/m²Foz do Douro
Where the river meets the Atlantic, and Porto's most expensive residential address. Established, quiet, family oriented.
Indicative €5,000 to €7,000/m²Cedofeita and Boavista
Central, well connected, and the practical choice for people who work in the city rather than visit it.
Indicative €3,500 to €4,800/m²Campanhã
Around €3,100 per m² and the cheapest entry inside the city. Regeneration underway around the transport hub.
Indicative €2,800 to €3,400/m²Algarve real estate
The region with the strongest recent price growth outside the capital, near €4,550 per m² across the Algarve on 2026 figures. It is also the most internally variable market in Portugal, running from about €3,000 per m² inland to well beyond €10,000 in the Golden Triangle.
The Golden Triangle
Quinta do Lago, Vale do Lobo and Almancil. Indicative figures run from €6,000 to €13,000 per m², and beyond that at the top.
Indicative €6,000/m² and aboveLagos and the west
Historic town, strong year round community, and a less resort-driven feel than the central strip.
Indicative €3,500 to €5,000/m²Tavira and the east
Quieter, closer to Spain, and noticeably cheaper. Popular with buyers who find the central Algarve too developed.
Indicative €2,800 to €4,000/m²Albufeira and the centre
The letting heartland, and where seasonality bites hardest. Ferreiras nearby offers entry around €3,080 per m².
Indicative €3,000 to €4,500/m²Cascais real estate
The second most expensive municipality in Portugal after Lisbon, near €5,000 per m², with Oeiras behind it at about €4,511. Coastal, international, and the default choice for families relocating with school-age children.
Cascais town and Monte Estoril
Marina, restaurants, and direct rail into Lisbon. The most liquid part of the market and the most competed for.
Indicative €5,000 to €7,500/m²Quinta da Marinha and Birre
Villas, golf, and the international schools. Where most relocating families with children end up looking.
Indicative €5,500 to €9,000/m²Estoril
Slightly softer pricing than Cascais proper, with the same coastline and rail line. Frequently better value.
Indicative €4,500 to €6,500/m²Oeiras
Around €4,511 per m², closer to Lisbon, and the pragmatic alternative for buyers priced out of Cascais.
Indicative €4,000 to €5,500/m²Silver Coast real estate
The stretch of Atlantic coast north of Lisbon, running roughly from Ericeira to Nazaré and inland to Caldas da Rainha. The best value on the Portuguese coast, at a fraction of Algarve or Cascais pricing, with a smaller but growing foreign community.
Ericeira
A World Surfing Reserve, forty minutes from Lisbon, and the most established international pocket on the coast.
Indicative €2,500 to €4,000/m²Nazaré
Known globally for the winter waves. A working fishing town for the rest of the year, with pricing to match.
Indicative €1,800 to €2,800/m²Caldas da Rainha
Inland, a real town with a hospital and a market, and the practical base for people who want the coast without resort pricing.
Indicative €1,500 to €2,400/m²Óbidos and Peniche
A walled medieval town and a surf peninsula, fifteen minutes apart. Limited stock in Óbidos itself.
Indicative €1,800 to €3,200/m²Costs and fees on a
Portuguese purchase
Budget 7 to 10 percent above the purchase price for transaction costs. The largest single item is IMT, the property transfer tax, which is charged on a sliding scale and rises steeply on higher values.
| Item | Indicative cost | Note |
|---|---|---|
| IMT, property transfer tax | Sliding scale, up to about 7.5% | Rate depends on value, property type and whether it is a main residence |
| Stamp duty | 0.8% | On the purchase price |
| Notary and registration | €500 to €1,200 | Deed execution and Land Registry |
| Legal fees | 1% to 2% | Independent lawyer, strongly advised |
| Agency commission | Usually seller paid | Confirm in writing who pays |
| Mortgage arrangement | 0.5% to 1% | If financing. Non resident loan to value is typically lower |
| Survey | €400 to €1,000 | Not customary in Portugal, and worth doing anyway on older stock |
| IMI, annual council tax | 0.3% to 0.45% urban | Ongoing, charged on the rateable value |
| AIMI, wealth surcharge | Above €600,000 per owner | Additional annual charge on higher value holdings |
Indicative only. IMT is calculated on a banded scale with different tables for main residence, second home and rural property, and the effective rate varies considerably. Obtain a calculation from your lawyer or accountant on the specific property before committing. TODO: confirm current IMT bands at publish.
Letting, and the Alojamento
Local question
Short term letting in Portugal operates under the Alojamento Local regime, and it is licensed rather than free. Several municipalities, Lisbon and Porto among them, have restricted new registrations in defined zones, and the rules have been amended more than once in recent years.
If your purchase depends on short let income, establish before you buy whether the specific property can be licensed, not whether the building next door already is. An existing licence does not always transfer cleanly on sale, and a zone can close between offer and completion.
Long term letting is unrestricted by comparison, and it is what the national yield figures of roughly 4.3 percent describe. Furnished short let gross yields can be higher in tourist areas, before management, void periods, licensing and the considerably higher wear.
Source note: Alojamento Local is governed by the national short term accommodation regime as amended, with municipalities empowered to impose containment zones. The position differs by municipality and has changed repeatedly. Verify with the relevant camara municipal before relying on short let income.
Routes that do still
lead to residency
Property will not get you a permit. These will, and for most buyers one of the first two is the honest answer.
| Route | For | Financial test | Property relevance |
|---|---|---|---|
| D7 | Passive income, retirees | €920 per month | Accommodation evidence required. A lease suffices |
| D8 | Remote workers | €3,680 per month | Accommodation evidence required. A lease suffices |
| D2 | Entrepreneurs, self employed | No minimum investment | Commercial premises may support the business plan |
| HQA, D3 | Highly qualified employees | Salary threshold | None. The permit follows the job |
| Golden Visa | Investors not relocating | €250,000 to €500,000 | Property does not qualify |
The pattern worth noticing: on the two routes most buyers use, a twelve month lease satisfies the requirement exactly as well as a deed. Buying before you have lived somewhere converts a documentary formality into an irreversible decision, at 7 to 10 percent in costs. We advise almost everyone to rent through a winter first.
We live here. Every price band on this page is one we have watched move, and every winter caveat is one we have sat through.
Portugal real estate
market data
The figures below are drawn from the public and market sources listed at the foot of this section, are indicative, and are current to July 2026.
Indicators
| Indicator | Figure | Basis |
|---|---|---|
| National median transaction price | €2,337 per m² | INE, Q1 2026. Indicative |
| National median transaction price, prior quarter | €2,198 per m² | INE, Q4 2025. Indicative |
| Annual price growth | 19.8% | INE, Q1 2026 year on year |
| House Price Index, 2025 | 17.6% | INE, strongest in the available series |
| National median asking rent | €16.3 per m² | Idealista, May 2026. Indicative |
| Lisbon median asking rent | €21.8 per m² | Idealista, May 2026. Indicative |
| Porto median asking rent | €16.4 per m² | Idealista, May 2026. Indicative |
| Average gross apartment yield | 4.29% | Global Property Guide, May 2026, from 4.57% a year earlier |
| Highest surveyed yield | 4.89%, Setúbal | Global Property Guide, May 2026 |
| Lowest surveyed yield | 3.76%, Lisbon | Global Property Guide, May 2026 |
| Most expensive municipality | Lisbon, ~€5,292 per m² | Indicative, municipal level |
| Transaction costs | 7% to 10% | Indicative, above purchase price |
- Instituto Nacional de Estatística, house price statistics and the House Price Index. ine.pt
- Idealista, median asking prices and rents by city. idealista.pt
- Global Property Guide, Portugal price history and rental yield survey. globalpropertyguide.com
- OECD Economic Survey of Portugal, April 2026, on housing affordability relative to incomes. oecd.org
- Banco de Portugal, household credit and mortgage series. bportugal.pt
- Autoridade Tributária e Aduaneira, IMT, IMI, AIMI and stamp duty. portaldasfinancas.gov.pt
The figures in this section are indicative, drawn from the sources listed above and from public data. Ranges vary considerably by area, building and unit. Past growth is not a guarantee of future returns, and the OECD has noted that Portuguese housing costs have roughly doubled over a decade relative to family incomes, which is a risk as well as a return. The position is re-verified before any client proceeds.
The Portugal property portfolio
The projects below were assembled while real estate qualified for the Golden Visa, and they remain the clearest picture of what institutional-grade Portuguese stock looks like by city and by category. They no longer produce a Golden Visa; they are still property, and several are still available.
Lisbon Golden Visa Property
Commercial Golden Visa Properties Lisbon
Find out more→
Avenida Lisbon Co-Working Investment for €350,000
Find out more→
Liberdade Tower - Fractional Freehold Ownership for €350,000
Find out more→
Alcantara Condominium - Ground Floor Shop for €830,000
Lisbon Golden Visa Eligible Hotel Projects
Find out more→
Marriott Lisbon Downtown
Find out more→
The Palace Lisbon Hotel Shares from €350,000
Find out more→
Lisbon Airport Hotel - €350,000 Hotel Shares with Guaranteed Buyback
Find out more→
Marriott Moxy Park - €350,000 Hotel Shares with Guaranteed Buyback
Lisbon Golden Visa Touristic Apartments
Find out more→
Ourique Luxury Serviced Apartments from €400,000
Find out more→
Arroios Luxury Serviced Apartments from €350,000
Find out more→
Martinhal Residences - Lisbon Golden Visa from €500,000
Find out more→
Riverview Residences by Hyatt Regency from €770,000
Find out more→
Sheraton Cascais Residences from €600,000
Find out more→
Obidos Golf Resort from €500,000
Porto Golden Visa Hotels & Touristic Apartments
Porto Golden Visa Hotels & Touristic Apartments
Find out more→
LM Luxe Porto Serviced Apartments
Find out more→
TNAP Serviced Apartments Porto from €350,000
Find out more→
University of Porto Student Housing €350,000 Investment
Find out more→SAM Student Housing
Porto Student Housing Investments
Find out more→
University of Porto Student Housing €350,000 Investment
Find out more→SAM Student Housing
Algarve Golden Visa Property
Algarve Golden Visa Residential Apartments
Find out more→
South Beach Apartments - Golden Visa from €280,000
Find out more→
San Antonio Golf Apartments from €400,000
Algarve Golden Visa Hotels Investments
Find out more→
Hard Rock Hotel Portugal - €280,000 Golden Visa
Find out more→
Faro Hotel Investment with €280,000 Buyback
Find out more→
Algarve Thermal Boutique Hotel & Spa - Hotel Rooms for €280,000
Find out more→
Lagos Marina Hotel with €280,000 Buyback
Algarve Golden Visa Touristic Apartments
Find out more→
Nomad Bay Serviced Apartments from €450,000
Sagres Beach Family Resort - Touristic Apartments from €450,000
Wydham Grand Hotel Residences
Algarve Golden Visa Eco-Resort Apartments from €500,000
Algarve Luxury Villas
Alentejo Plots with Planning Permission (Land)
Find out more→Oriole Village
Pine Cliff Villas
Alentejo Golden Visa Properties
Alentejo Golden Visa Touristic Apartments & Hotels
Grand Vista Hotel & Residences - €280,000 Golden Visa
Find out more→
Relais Chateaux Evora €280,000 Hotel Shares
Pestana Comporta
Alma Lusa Comporta
Find out more→
OceanView Santo Andre Hotel - €280,000 Golden Visa
Alentejo Golden Visa Residential Properties
Find out more→
Alcacer Residences - Low Density Area Golden Visa €400,000
Alentejo Residences with Private Vineyards from €695,000
Find out more→
Grandola Residences - Golden Visa Eligible Apartments from €280,000
Find out more→
Grandola Residences - Golden Visa Eligible Apartments from €280,000
Madeira Golden Visa and Azores Golden Visa Properties
Madeira Golden Visa Residential Properties
Azores Golden Visa Residential Properties
Find out more→
Madeira Palace Residences
Previously Sold Portugal Golden Visa Properties
Find out more→
Marriott Renaissance Hotel Shares for € 350000 with Guaranteed Buyback
Find out more→
Express Evora Hotel- Golden Visa 280,000 EUR
Find out more→
Condo in Alcacer- Golden Visa 280,000
Hotel in Vila Viçosa - Golden Visa 280,000
Antara Residences - Freehold Apartments for 395,000
Portugal real estate: frequently asked questions
Can I get a Golden Visa by buying property in Portugal?
How much does property cost in Portugal?
Are Portuguese house prices still rising?
What rental yields can I expect?
Do I need to buy property to get a D7 or D8 visa?
What are the buying costs in Portugal?
Can I rent my property out on Airbnb?
Can foreigners buy property in Portugal?
Where is the best value in Portugal?
Should I buy before or after moving?
Where this comes from
- Lei n.º 23/2007, Article 90-A, the residence permit for investment activity, as amended by the 2023 Mais Habitação reform that removed real estate from the qualifying categories. dre.pt (English)
- Instituto Nacional de Estatística, house price index, median prices per square metre by municipality and transaction volumes. ine.pt
- Registo Nacional de Alojamento Local, the short-let register, municipal containment zones and the rules that decide whether a yield model is legal where you are buying. rnal.turismodeportugal.pt
- Autoridade Tributária, IMT, stamp duty, IMI and the taxation of rental income. portaldasfinancas.gov.pt
Property listings are shown for reference: the projects below were assembled when real estate qualified for the Golden Visa, and prices, availability and terms change. Nothing here is investment or tax advice.
Last reviewed 19 August 2026. Programme terms are set by the relevant government and can change; confirm any figure before acting on it.
